Category: Business

Mr Lucky Okunzuwa, a customer with the Polaris Bank, Akpakpava branch, Benin, Edo State, has emerged as the first millionaire at the maiden draw of the bank’s ongoing nationwide Save & Win promo. The bank in a statement on Tuesday said Okunzuwa emerged alongside 60 lucky customers drawn across the six geopolitical zones, winning N100,000 each during the draw which held at its headquarters in Lagos. The promo designed to enrich Nigerians with a N26 million pay-out, will end in April 2021. The winners emerged through a transparent draw witnessed…

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The Nigerian stock market on Tuesday slipped further by N29 billion, extending its losing streak to seven consecutive trading sessions. Specifically, the market capitalisation lost N29 billion or 0.13 per cent to close at N21.715 trillion from N21.744 trillion recorded on Monday. Also, All-Share Index dropped 54.15 points or 0.13 per cent to close at 41,510.16 compared with 41,564.31 achieved on Monday. The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Northern Nigeria Flour Mills (NNFM), NEM Insurance, Niger Insurance, Japaul Gold…

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…..Says speculative, unreliable Transactions in cryptocurrencies are largely speculative, volatile and should be discouraged, the Central Bank of Nigeria (CBN) says. The apex bank gave the explanation in a statement on its official website, by Mr Osita Nwanisobi, Acting Director of Communications. The explanation is coming on the heels of widespread reactions to the CBN’s recent  directive prohibiting cryptocurrencies transactions by Deposit Money Banks (DMBs). Nwanibosi stated that the nature of cryptocurrencies created a perverse incentive that allowed for speculation and volatility “Evidence now suggests that some cryptocurrencies have become…

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Nigeria’s flagship privately operated airport terminal, Murtala Muhammed Airport Terminal 2, (MMA2) Lagos is embarking on a massive upgrading of its X-ray machine and air conditioning systems for passengers’ safety, security and comfort. The Dr. Wale Babalakin’s Bi-Courtney Aviation Services (BASL) operated MMA2, Lagos, has just spent about US $500,000 (Five hundred thousand US Dollars) importing a sizeable number of X-ray machines to enhance and accelerate the screening of passengers and cargoes, according to a press statement by Mikail Mumuni, Group Corporate Affairs Manager of BASL. Mumuni added that “massive…

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The National Agency for Food, Drug Administration and Control (NAFDAC) says it has shut down every warehouse and factory of Rose Ltd., a manufacturing company that produces Somgeo Brand of spices, for revalidating already expired products. The warehouses, which were shutdown, are located at Petu Village, Cele 2, Bus Stop Off Ibeju-Lekki, and No. 23, Tunji Lekki, Bello Street, Penuncular Stream 2, Lekki, Lagos. A statement signed and issued by NAFDAC Media Consultant in Abuja, on Sunday, Mr Olusayo Akintola, identified the revalidated expired products as Curry and Thyme spices.…

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Governor Bello Matawalle of Zamfara State has reiterated his administration’s commitment to complete the Cargo Airport project it initiated in 2019  in Gusau. In a statement signed by the Director-General of Media to the governor, Yusuf Idris, issued in Gusau on Sunday, the governor made the remark when he paid an unscheduled visit to the ongoing project site along Kaura Namoda road on the outskirts of Gusau. Idris said that the governor expressed satisfaction with the quality of work having cautioned the contractor against the use of substandard materials for…

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The United Bank for Africa (UBA) on Friday received a parcel of land to construct a permanent site at the university of Lagos after over 30 years of operation from a makeshift building. The plot donated by the University of Lagos (Unilag) is for construction of a four-storey building by UBA. Receiving the piece of land, UBA’s Deputy Managing Director, Mr Ayoku Liadi, said that the bank would continue to improve on its long standing relationship with the university. Liadi said that the donation would usher a stronger partnership between…

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The Nigerian Stock Exchange extended its losing streak on Tuesday following investors’ sell off of Lafarge Africa and some banking stocks. As a result, the All-Share Index declined by 314.11 points or 0.74 per cent to 42,043.79 against 42,357.90 achieved on Monday. Consequently, the month-to-date loss increased to -0.9 per cent, while the year-to-date gain moderated to 4.4 per cent. Also, the market capitalisation which opened at N22.157 trillion shed N164 billion or 0.74 per cent to close at N21.993 trillion. The market loss was driven by price depreciation in…

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Siemens Energy plans to cut 7,800 jobs worldwide by 2025, the company said on Tuesday when presenting its results for the first fiscal quarter, which were positive. Roughly one in 12 positions will go at the company, with 3,000 to be cut in Germany. The company was spun off from the German engineering giant Siemens in 2020. From October to December, the company earned 99 million euros on the bottom line, bringing it back to the profit zone. In the previous fiscal year, Siemens Energy had made billions in losses.…

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FBN Holdings Plc has announced the appointments of Mr Seni Adetu and Mrs Juliet Anammah as Independent Non-Executive Directors. The company also appointed Mr Otu Hughes as a Non-Executive Director. Group Chairman of FBN Holdings, Dr Oba Otudeko, disclosed this in a statement issued on Saturday in Lagos. Otudeko said the appointments were subject to the approval of the Central Bank of Nigeria (CBN). He said: “On behalf of the board, management and staff of FBN Holdings, I am delighted to welcome the trio of Seni Adetu, Mrs Juliet Anammah…

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