Berger Paints delivers 136% profit growth to ht N299m in Q2’23
Isaac Jayeola
August 21, 2023
Berger Paints Nigeria Plc, has reported a 136.5 per cent increase in profit to N299 million in the first half of 2023 from N126.4 million recorded in the corresponding period of 2022. The leading brand in the coating and allied industry, said the strong turnover was driven by a 98.36 percent drop in finance […]
MAN seeks urgent govt. intervention to tame soaring inflation
Onome AmugeAugust 21, 2023
By Onome Amuge. The Manufacturers Association of Nigeria (MAN) said the current inflationary trend is adversely affecting the operations of the manufacturing sector and requires urgent implementation of government policies to address constraints on the manufacturing industry. This is as Nigeria’s inflation rate rose for the seventh straight month in the year to 24.08 per […]
GTPro unveils services to structure lobbying as instrument of economic revival
Onome AmugeAugust 21, 2023
By Onome Amuge. Africa’s foremost government relations consultancy firm, GTPro, has unveiled a set of services to top business leaders in the oil and gas, telecommunications, manufacturing, and financial services sectors, in what is set to give form to the age-long practice of government lobbying in Nigeria. The services were announced during a masterclass on […]
FBS Re grosses 110% premium growth to N16.6bn in 2022
Isaac JayeolaAugust 18, 2023
By Cynthia Ezekwe. FBS Reinsurance Limited (FBS Re), a recently established reinsurer company, recorded a stellar performance of N16.6 billion gross written premium in its second year of operation, a significant increase of 110 per cent from N7.906 billion it recorded in 2021. The reinsurer company disclosed this in its 2022 financials, noting that underwriting […]
FCMB offers N10m clean energy loan to Nigerian households,small businesses
Cynthia EzekweAugust 16, 2023
By Cynthia Ezekwe. First City Monument Bank (FCMB) has unveiled an energy finance loan initiative designed to enable Nigerian households and small businesses to gain access to as much as N10 million to purchase assets such as batteries, inverters, and other green energy equipment. The bank stated that the product was created to lessen the […]
US partners Emzor to build groundnut paste processing plant in Nigeria
Onome AmugeAugust 16, 2023
By Onome Amuge. The United States government, through the U.S. Agency for International Development (USAID), has signed a private sector partnership with Emzor Food and Beverages Limited, to build a medical-grade groundnut paste processing facility, an essential ingredient in life-saving Ready-to-Use Therapeutic Food (RUTF), to tackle malnutrition in Nigeria. A statement made available to Business […]
NAICOM eyes $25trn global Takaful to deepen insurance penetration
Cynthia EzekweAugust 15, 2023
By Cynthia Ezekwe. The National Insurance Commission (NAICOM) said that it is navigating the global Takaful insurance market, which is projected to hit $25 trillion in 2025 to deepen Nigeria’s insurance market penetration. Sunday Thomas, the commissioner for insurance, stated this recently at a two-day conference, organised by Noor Takaful Insurance Limited, tagged […]
Wema Bank partners EDC, MasterCard to empower 10,000 female entrepreneurs
Business a.m.August 14, 2023
Business A.M Wema Bank has announced a strategic partnership with the Entrepreneurial Development Centre of Pan-Atlantic University (EDC) and MasterCard, to support and train 10,000 young women in various businesses and vocations. This was disclosed at an event tagged: “Transforming Nigerian Youth Programme,” held at Wema Bank headquarters in Marina, Lagos. Tunde Mabawonku, executive director, […]
CBN’s long awaited financials reveal $7.5bn owed Goldman Sachs and JP Morgan
Business a.m.August 11, 2023
Business A.M The Central Bank of Nigeria (CBN) said it owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022, and another $6.3 billion included as liabilities owned in foreign currency forwards. This is according to the apex bank’s consolidated financial statements covering the 2016, […]
Cooking gas prices to rise next week, says marketers
Onome AmugeAugust 10, 2023
Consumers of liquified natural gas, also known as cooking gas, have been told to brace up for tougher times ahead as marketers project a price hike of the commodity starting from next week, fuelled by rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation. Olatunbosun Oladapo,president of the Nigerian […]