Strong economy, weak currency model for Nigeria?
Sunny Chuba Nwachukwu
October 18, 2021
By Sunny Chuba Nwachukwu The economic growth or development problems, with the attendant social equity challenges facing the nation’s business space, are significantly better imagined than witnessed. What do I mean? The ailing economy and the constantly sliding value of the exchange rate of the local currency, the naira, is something to seriously worry […]
Red Star Express appoints Aletor, Ndu directors, as turnover reaches N9.46bn in FY2021
Ben EguzozieSeptember 20, 2021
Records PBT of N220.79m, PAT of N150.07m Grows balance sheet by 2.9% to N211m Declares 5kobo dividend; appoints new directors Red Star Express Plc, one of the leading logistics companies in Nigeria, recorded a turnover in excess of N9.46 billion for the financial year ended March 31, 2021, the company’s chairman, Suleiman Barau announced during […]
Dangote Cement taps another LafargeHolcim chief as deputy CEO
Charles AbuedeSeptember 15, 2021
In just just five months shy of two years after head-hunting Michel Puchercos, then Lafarge Africa chief executive, to cross carpet and lead its cement business, Dangote Industries (parent company of the group) has tapped another former LafargeHolcim executive, Phillip Mathew, as deputy group managing director and deputy chief executive officer of Dangote Cement Plc. […]
NNPC’s 2020 revenue dips marginally to N3.7trn, but operating profit prints N63.61bn
Charles AbuedeSeptember 9, 2021
The Nigerian National Petroleum Corporation recorded a 19.8 percent year on year decline in its annual revenues from contracts with customers to N3.72 trillion as at the end of 2020 from N4.63 trillion reported in 2019. The national oil company, in its audited financial statement as at December 2020 revealed, which it has now […]
Nestle Switzerland in aggressive share buy-back of N10bn worth in Nigerian arm
Charles AbuedeSeptember 9, 2021
7.44 million shares bought within four months On income loss fears Parent company thinks share undervalued Global foods company, Nestle SA, the Switzerland majority shareholder in Nestle Nigeria Plc, has aggressively been involved in a share buy-back programme from the Nigerian subsidiary that has seen shares worth over N10 billion bought back within […]
Total Nigeria appoints Seye as new managing director
Businessam StaffSeptember 1, 2021
Samba Seye is the new managing director of Total Nigeria Plc following the approval of his appointment by the board of the oil company. In a statement signed by Bunmi Popoola-Mordi, the company’s secretary, Seye whose appointment takes effect from September 1, 2021, is replacing Imrane Barry, the outgoing managing director who has been […]
Ministry seeks PIA’s amendment over weight measure in oil pre-shipment
Onome AmugeAugust 30, 2021
By Onome Amuge The Federal Ministry of Industry, Trade and Investment (FMIDTI) has indicated intensifying efforts towards pushing for the amendment of the newly passed Petroleum Industry Act (PIA) to address certain conflicts with the mandate of the Weights and Measures Department, particularly in the area of pre-shipment inspection activities at the crude oil […]
ASR Africa grants Sokoto N2.5bn to support health service institutions
Onome AmugeAugust 26, 2021
By Onome Amuge The Abdul Samad Rabiu Africa Initiative (ASR Africa), a philanthropic establishment founded by Abdul Samad Rabiu, chairman of BUA Group, has presented a N2.5 billion tertiary health infrastructure grant to the Sokoto State government. According to a statement by the corporate social responsibility organisation, the grant is to facilitate construction of […]
Nigerian firm, Sargittarius, affiliates, banned by AfDB over fraudulent practices
Ben Eguzozie & Charles AbuedeAugust 18, 2021
By Ben Eguzozie & Charles Abuede African multi-lateral financial institution, African Development Bank Group (AfDB) has debarred Nigerian company, Sargittarius Nigeria Limited and its affiliates, Sargittarius Henan Water Conservancy Engineering Limited from participating in the bank’s projects for an 18-month period. The bank cited fraudulent practices by the firm and its subsidiaries. The […]
Daraju Industries N10bn debt capital raise to close on Friday
Charles AbuedeAugust 11, 2021
Daraju Industries Limited, a subsidiary of Ashwah Holdings Limited and one of the leading companies within the fast moving consumer goods sector, with products in the personal care, oral care, household cleaning and laundry care segment, has announced the commencement of its book building process to its 5-year N10 billion fixed rated senior bond issuance […]