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 […]

Stanbic IBTC introduces high interest yielding savings product

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has launched Max Yield Savings Account (MYSA) in a bid to reward customers with better returns on their savings The bank, in a statement over the weekend, said that MYSA is a high interest paying account that offers interest at fixed deposit rate (currently up […]

McDonald’s ends Olympics sponsorship deal after 41 years

McDonald’s deal would have run through the Tokyo Olympics in 2020, and bowing out will likely to save it hundreds of million of dollars if it had continued into the next four-year Olympics cycle and beyond. McDonald’s has been trying to hold down costs as it invests in improving food quality, restaurant service and online […]

Berger Paint explains gratuity, pension policy to NSE over staff demonstration

Fired up by a near shutdown following staff dispute over gratuity and pension issues, Berger Paints Plc has assured stakeholders and the Nigerian Stock Exchange (NSE) in particular that the peaceful demonstration by some sections of its staff on deadline for the end of gratuity payments would not have adverse effects on the company’s business […]

Rolls-Royce sees demand for a new mid-market jet

Engine maker Rolls-Royce (RR.L) believes there is a market for a new mid-priced jet such as the one Boeing (BA.N) is currently exploring and would consider working with Boeing on it, an executive said on Friday. Boeing is studying a gap in the market between narrow-body jets and long-haul aircraft for a potential new airplane […]

Nigeria’s newest airline prepares for take off as storm clouds gather

Nigeria’s aviation industry has suffered a prolonged spell of violent turbulence. The nation’s leading carrier was recently taken over by the government to prevent it collapsing. A crumbling runway closed the capital’s international airport for six weeks. The whole sector has been battered by Nigeria’s recession that has driven up costs and made foreign currency […]

FBN Holding cleans books to achieve single digit non-performing loan portfolio

FBN Holdings has said it is cleaning its books to achieve single digit non-performing loan portfolio. Urum Kalu Eke, group managing director of FBN Holdings, said Thursday that the group is aiming to achieve a single digit NPL before 2019 business year-end, adding that the first step to achieving the target the restructuring of the […]