Stanbic IBTC grows PAT 121% to N67.92bn in H1’23
Onome Amuge
September 4, 2023
By Onome Amuge. Stanbic IBTC Holdings PLC, a member of Standard Bank Group, showcased a significant increase in profitability and key financial metrics which saw the company’s profit after tax (PAT) surge 121 per cent to N67.92 billion in the first half of 2023 compared to the corresponding period of 2022. The leading end-to-end financial […]
Lekki Port commissions scanning facility to accelerate cargo examination
Cynthia EzekweSeptember 1, 2023
By Cynthia Ezekwe. Lekki Port LFTZ Enterprise Limited (LPLEL), the special purpose vehicle (SPV) awarded the concession agreement for the development and operations of the Lekki deep sea port, has commissioned a state-of-the-art scanning facility also known as non-intrusive inspections system to fast-track the examination and evacuation of containers from the port. The facility was […]
Dangote Sugar seals terms of merger with NASCON, Dangote Rice
Isaac JayeolaAugust 31, 2023
By Cynthia Ezekwe. Dangote Sugar Refinery Plc has recorded a great feat in its business combination bid with NASCON Allied Industries, and Dangote Rice Limited (DRL) after the trio agreed to the terms and conditions clearing the path for their integration into a single entity. The leading sugar producer in Nigeria made this known in […]
FX crisis, inflation dampens insurance despite 15% growth
Cynthia EzekweAugust 31, 2023
By Cynthia Ezekwe. The National Insurance Commission (NAICOM), says the country’s prevailing foreign exchange crisis and high inflation have negatively impacted the insurance sector with the life insurance segment being the worst hit. Sunday Thomas, the commissioner for Insurance, disclosed this recently, at the 2023 seminar for insurance journalists, held in Uyo, Akwa Ibom State. […]
Reps summon 54 insurance companies over unremitted N267bn
Cynthia EzekweAugust 30, 2023
By Cynthia Ezekwe. The House of Representatives Ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilization of the funds from 2011 has summoned concerned chief executive officers of 54 insurance companies over N267 billion unremitted workers’ investment in NHF in 2019. Dachung Bagos, the chairman of the committee issued the summon […]
Steel sector set on positive trajectory as FG unveils insurance coverage
Cynthia EzekweAugust 30, 2023
By Cynthia Ezekwe. The federal government has taken significant steps to provide comprehensive insurance coverage for all ongoing steel projects within the country to attract investments into the steel sector. Shuaibu Audu, the minister of steel development, stated this during a crucial meeting with key agencies under the ministry. Audu noted that the deliberate policy […]
Tinubu appoints new board, management for NDDC
Business a.m.August 30, 2023
Business A.M President Bola Tinubu has approved the appointment of a new board and management team to take up the reins of the Niger Delta Development Commission (NDDC) and implement significant changes in the commission’s organisational structure. Ajuri Ngelale, special adviser to the president on media and publicity, made the disclosure in an official communication,stating […]
Engineers recommend construction of control dams to avert looming flood
Business a.m.August 30, 2023
Business A.M The Nigerian Society of Engineers (NSE) has called for immediate construction of flood control dams along the Rivers Niger and Benue to ward off flooding likely to be occasioned by the release of Lagdo dam in Cameroon. Tasiu Gidari-Wudil,the NSE president,stated this at a news conference in Abuja on Monday. The NSE’s call […]
Access Bank unveils custody services to drive financial asset management
Business a.m.August 28, 2023
Business A.M Access Bank has announced the launch of its custody services, offering safekeeping and servicing of financial assets to its esteemed customers. The expansion into custody services, according to the multinational commercial bank, comes after obtaining regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) in December […]
AFEX,Ghana Exchange ink deal to drive cross-border commodities trading
Onome AmugeAugust 28, 2023
By Onome Amuge. Africa’s leading commodities market player, AFEX has signed a Memorandum of Understanding with Ghana Commodities Exchange (GCX), expected to strengthen the commodity trading ecosystem across Nigeria and Ghana and also support Africa’s target of $450 billion income through export. Speaking at the ceremony in Abuja, Akinyinka Akintunde, president/chief executive, AFEX Nigeria, described […]