Chevron thrives on excellence as company wins multiple awards at SPE’s conference, exhibition

Chevron Nigeria Limited Wednesday lauded its team for winning multiple awards at this year’s Nigeria Annual International Conference and Exhibition (NAICE) of the Society of Petroleum Engineers (SPE) in Lagos. Esimaje Brikinn, Chevron General Manager (Policy, Government, and Public Affairs), commended the team for emerging the best exhibitor and the best technical paper presented at […]

Mobil Oil new owners take “11 plc” as new name for operation

The new owners of Nigeria-based petroleum marketer, Mobil Oil Nigeria, have taken on a new name for the on-going and future operations of the business, it emerged Tuesday. The company is now to be known as 11 plc (pronounced as “Double One Plc”). The name change is coming within a year of the successful completion […]

Lafarge Africa announces merger with UniCem, Atlas

The board of leading sub-Saharan Africa building materials company, Lafarge Africa Plc, has approved and authorised the merger of the company with both United Cement Company of Nigeria (Unicem) and Atlas Cement Company Limited. In a statement signed Friday by the company’s secretary, Edith Onwuchekwa, the board was waiting for the approval of the necessary […]

Presco reports Q2 2017 results; sales up by 30.4% YoY

Presco reported its Q2 2017 results this afternoon showing sales growth of 30.4% y/y to N5.7bn. Similarly, PBT and PAT increased by 10.1% y/y and 2.5% y/y respectively. The topline growth surprised slightly. The company continued to benefit from increased demand following encouraging government policy on crude palm oil imports. This has also given it […]

Nestle Nigeria: In line to deliver strong earnings growth in 2017

FBNQuest Research Neutral rating maintained Nestle Nigeria (Nestle) posted earnings of N8.2bn compared with a loss of –N6.2bn in Q2 2016. We draw many positives from these results such as gross margin expansion and a strong interest income line, which was up by more than 600% y/y to N2.5bn during the quarter. Gross margin which […]

Winners emerge in Union Bank’s Centenary Innovation Challenge

“Biodegradeable Starch Bags” by Ized Uanikheli emerged as the winner of the Union Bank Centenary Innovation Challenge – an initiative set up in partnership with Co-Creation Hub to socially impact Nigeria by unearthing and supporting innovative ideas that address the Sustainable Development Goals (SDGs). The pitch event held on Thursday, 27th July 2017 at the […]

Nigeria’s Bank of Industry bags Karlsruhe sustainable devt award

Olukayode Pitan, Nigeria Bank of Industry managing director

Nigeria’s Bank of Industry (BoI) has bagged a Karlsruhe sustainable development award in Germany. The bank was awarded for its pioneering role in the deployment of electrification projects in some rural communities across Nigeria. The prestigious ‘Outstanding Sustainable Project Financing’ award was given to the bank at the 2017 edition of the Global Sustainable Conference, […]

Transcorp appoints Mutiu Bakare chief financial officer

Transnational Corporation of Nigeria (Transcorp) has appointed Mutiu Adekunle Bakare as its chief financial officer effective August 7, 2017. In a note to the Nigerian Stock Exchange (NSE), Tuesday August 1, 2017, Transcorp described Bakare as an astute finance professional with over 15 years’ experience in finance management. “Bakare Mutiu brings enormous wealth of financial […]

Wal-Mart shuffles U.S. leadership teams in food, merchandising

Wal-Mart Stores Inc has announced changes to its food leadership team in an internal memo, as it prepares for increased competition with grocery rivals and remains caught in a price war. Charles Redfield, executive vice-president for food at Wal-Mart U.S., unveiled the changes in the memo dated Friday and seen by Reuters. He said Wal-Mart […]