BoI’s profit slumps on reduced gains on disposals

Bank of Industry (BoI)’s full year net income has slumped 67.42 percent due to a significant decline in gains on disposal of equity securities as the Nigerian premier development financial institution recorded improved asset quality amid a tough operating environment. Net profit of the bank declined to N14.56 billion in December 2016 from N44.69 billion […]

High cost outlay, poor investment deny Linkage Assurance shareholders of dividend

Shareholders of Linkage Assurance Plc will have to wait a little longer to earn dividend from their investment. This is as a result of the company’s high cost of doing business and lacklustre earnings from investment, which combined to whittle down profitability.  This is despite the company announcing a 1.9 percent increase in gross profit […]

Nigeria Breweries deepens cost efficiency, to source 60% raw materials locally

Federal Government’s backward integration policy appears to be taking root as Nigeria’s brewing giant, Nigerian Breweries (NB Plc.), is set to source about 60 percent of its raw material needs locally by year 2020, three years from now. The 60 percent local content of the brewer’s needs would come from sorghum, food grade starch and […]

Etisalat Nigeria repaid $500m of loan amount before default

Etisalat Nigeria reportedly repaid $500 million of $1.2 billion in loans owed to banks before it defaulted in February as a consequence of currency devaluation. A senior executive told Reuters on Thursday. Talks between Etisalat Nigeria and lenders to restructure the $1.2 billion loan agreed in 2013 have failed to produce a deal, forcing the banks to […]

Conoil records N2.84bn profit for FY 2016

Conoil Plc has recorded  a gross profit of N2.84 billion for the 2016 business year,  up from the N2.31billion it recorded prior year. The company’s ability to grow it revenues while cutting down on distribution expenses ensured that it was able to close the year on a profitable note, posting basic earnings per share of […]

Sterling Assurance records 256% rise in profit

Sterling Assurance Nigeria Limited has finally rendered and got approval of its year 2016 accounts from the National Insurance Commission (NAICOM), declaring a 256 percent rise in profit. Analysis of the company’s 2016 trading results shows that Sterling Assurance net profit rose by 255.94 percent to stand at N341.76 million as against N96.02 million reported […]

Julius Berger, Petralon venture into oil exploration despite global price instability

Still searching for growth opportunities, Nigeria’s construction giant, Julius Berger Nigeria Plc said it is venturing into crude oil exploration across the African continent. The company said it has already signed a strategic partnership and joint investment agreement with Petralon Energy Limited for the acquisition and development of oil fields in Nigeria. Petralon Energy Limited […]

MainOne launches open-connect service to position as West Africa’s largest Internet hub 

MainOne has announced a new inter-connect service for carriers, enterprises and ISPs called Open-Connect to facilitate improved interconnection, collaboration and peering. The new service is a fallout of MainOne’s data centre company’s (MDXi’s) partnership with the Nigerian Internet Exchange (IXPN). According to a statement from the company, Open-Connect guarantees the best cross connect services in […]

BEDC to publish power availability schedules to customers

Benin Electricity Distribution Company (BEDC) has indicated that in view of prevailing electricity generation limitations, it would start publishing power availability schedules for its customers in its coverage area. It said the pilot scheme would start in Edo and Delta before moving to Ondo and Ekiti states. Funke Osibodu, managing director/chief executive officer of BEDC, […]

Jaguar Land Rover to hire 5,000 staff in Brexit boost

Britain’s biggest carmaker Jaguar Land Rover (JLR) (TAMO.NS) will hire 5,000 staff as it boosts its skills in autonomous and electric technology, a welcome business endorsement as Prime Minister Theresa May starts Brexit talks after a botched election. JLR, which employs more than 40,000 people globally, said it would hire 1,000 electronic and software engineers […]