Etisalat gives timeline on resolution of debts to banks, restructuring

The new management team at Etisalat Nigeria has given a timeline of between three to six months to resolve the lingering multi-million-dollar debt the telecoms company owed 13 Nigerian banks and restructure the firm under new owners. This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the company […]

Joseph Nnanna named new chairman of Etisalat Nigeria

The Deputy Governor of CBN on Financial System Stability was announced the new chairman of Etisalat Nigeria in a press release by the company Tuesday, July 4. “Etisalat Nigeria today confirms that as a result of the on-going restructuring efforts, a new board has been constituted. It comprises of Joseph Nnanna – Chairman, Oluseyi Bickersteth, Ken […]

Guinness Nigeria starts $126 million share sale to cut funding costs

Guinness Nigeria on Tuesday launched a share sale to raise 39.7 billion naira ($126 million) from existing shareholders to help lower its financing costs after reporting its first annual loss in 30 years last year, according to Reuters. The beer maker, the local division of the world’s leading spirit maker Diageo, said funds raised will […]

Ethiopian Airlines inaugurates modern cargo terminal

Africa’s largest cargo operator, Ethiopian Airlines, has unveiled Cargo Terminal-II. Covering a total area of 150,000 m2 area of land, the new Cargo Terminal includes facilities such as Dry Cargo Terminal warehouse, Perishable Cargo Terminal with cool Chain Storage, fully automated with latest technology ETV (Elevating Transport Vehicle), G+2 office building, apron area which accommodates […]

Stanbic IBTC appoints Fabian Ajogwu independent non-executive director

The board of directors of Stanbic IBTC Holdings Plc has approved the appointment of Professor Fabian Ajogwu, SAN as an independent non-executive director of the company with effect from July 03, 2017, following the receipt of all required regulatory approvals. In a statement signed by Chidi Okezie, the company secretary, and released on the Nigerian […]

Lafarge appoints Edith Onwuchekwa acting secretary

Lafarge Africa Plc has announced the appointment of Edith Onwuchekwa as acting secretary. The company in a statement issued by Michel Puchercos, the Group Managing Director and Chief Executive Officer (CEO), said the appointment is pending the appointment of a substantive company secretary. “Lafarge Africa Plc has approved the appointment of Edith Onwuchekwa as acting […]

Kenya’s Barclays Bank to shut down seven branches

Barclays Bank of Kenya said on Monday it plans to close seven of its branches in the East African country in October as part of cost cutting measures, Reuters reports.  The bank is part of Barclays Africa, where majority owner Barclays Plc is reducing its stake It said the customers who hold accounts in the […]