Safaricom expands mobile-money service into Nigeria, Angola after Vodafone stake sale
Businessam Staff
June 12, 2017
Safaricom Ltd., a leading communications company in Kenya is set to expand its popular mobile-banking service M-Pesa into Nigeria and Angola, it grapples with regulatory scrutiny in its home market. The expansion of the mobile-banking service would be Safaricom’s first significant move since Vodacom’s $2.6 billion stake purchase last month and will enable the company to examine […]
Forte Oil moves to raise N20bn in fresh capital
Obodo EjiroJune 9, 2017
The management of Forte Oil Plc on Friday said it was perfecting arrangements to raise the sum of N20 billion from the equity market to support operation and drive diversification strategy. Julius Omodayo-Owotuga, Forte Oil Group Executive Director, Finance and Risk Management, said this at a news conference in Lagos. Omodayo-Owotuga said that the proceeds […]
Heritage Bank affirms commitment to empower Youth Corp members
Niyi JacobsJune 9, 2017
Heritage Bank Plc, has restated its commitment to support National Youth Service Corp members and young entrepreneurs in order to grow their businesses as a start-up or prospective business owners. The MD/CEO of Heritage Bank, Ifie Sekibo disclosed this at the weekend during the Leadership Development Programme for Corps member organised by Guardians of the […]
First Bank promotes financial inclusion with introduction of quick banking service
Niyi JacobsJune 9, 2017
First Bank of Nigeria Limited has shown its commitment to drive financial inclusion further by empowering the Nigerian banking populace with a new quick banking service. The banking service, tagged *894# is set to bring new innovative to the banking industry as beneficiary accounts are credited instantly with alert notifications when operated upon anywhere and […]
Dongfeng Motor reshuffles top-level management
Businessam StaffJune 9, 2017
Chinese carmaker Dongfeng Motor Corp. has reshuffled its senior management, affecting top-level executives at its Chinese subsidiaries and joint ventures with foreign firms, an insider told Yicai Global. Liu Weidong, chairman of Dongfeng Peugeot Citroen Automobile Co. and Dongfeng Hongtai Holdings Group, will move to oversee development of Dongfeng passenger cars and technology, the source […]
Unprofitable subsidiaries becoming new tax haven for multinational corporations
Businessam StaffJune 9, 2017
Multinational corporations are moving income from their profitable, high-tax subsidiaries into unprofitable ones to save money on taxes, a University of Waterloo study has found. The study’s findings shed light on a tax planning strategy that is not currently focused on by governments, which tend to focus their efforts on firms who move their money […]
Fitch assigns final ‘B’ rating to UBA $500m notes
Niyi JacobsJune 8, 2017
Fitch Ratings has assigned United Bank for Africa Plc’s $500 million 7.75% senior unsecured notes maturing 8 June 2022 a final ‘B’ rating. Fitch said its assessment was based on expected recoveries in a liquidation scenario. It also assigned a final recovery rating of ‘RR4 (EXP)’ to the notes, implying average recovery prospects. The final […]
Sterling Bank increases social impact investment, signs Olamide brand ambassador
Businessam StaffJune 8, 2017
Sterling Bank has intensified its social impact investment with its environmental sustainability campaign where Olamide Adedeji, popularly called Olamide Baddo, was unveiled as brand ambassador. The Sterling Environmental Makeover (STEM) is the bank’s corporate social responsibility initiative, which seeks to promote practices that contribute to the quality of environment on a long-term basis. Olamide is […]
Amazon lent $1 billion to merchants to boost sales on its marketplace
Businessam StaffJune 8, 2017
Amazon.com Inc has stepped up lending to third-party sellers on its site who are looking to grow their business, a company executive said in an interview on Wednesday. The e-commerce giant has doled out more than $1 billion in small loans to sellers in the past 12 months, compared with more than $1.5 billion it […]
INTBREW in merger talks with Intafact Beverages, Pabod Brewer
Niyi JacobsJune 7, 2017
International Breweries PLC (INTBREW) has given notice of a proposed merger with Intafact Beverages Limited and Pabod Breweries Limited. The merger, which has since been approved by the board of International Breweries PLC is pending regulatory approvals. The merger between the three Anheuser Busch Inbev subsidiaries is expected to provide additional competition in the beverage […]