Nigerian insurers attract stable rating despite rising operating costs, claims expense

Confidence in the underwriting capacity of insurance companies operating in Nigeria has started attracting a boost from credit ratings agencies, affirming clients of the insurance firm’s stability, in the wake of stringent regulatory stance and anticipated capital enhancements. Although the industry continues to be plagued with pressure points such as rising claims expenses, high underwriting […]

Ellah Lakes makes full, final settlement of N589.5m debt

The management and board of directors of Ellah Lakes Plc, a listed company which specialises in fish farming, has announced the approval of a full and final settlement of a N589.5 million debt owed to J.W Ellah Sons & Company Limited. The announcement was made via the Nigerian Stock Exchange (NSE) in a regulatory filing […]

Kellogg’s acquire $420 million stake in Nigeria’s Tolaram Africa Foods

Kellogg’s has exercised an option to acquire a stake in packaged food manufacturer Tolaram Africa Foods (TAF), a subsidiary of Tolaram Group, for $420 million, as the company seeks to expand its presence in the African market. Kellogg’s formed a joint venture agreement with Singapore-based Tolaram in 2015, which saw both companies take a 50% […]

La Liga, Big Cola Nigeria sign regional partnership deal

LaLiga, the men’s top professional association football division of the Spanish football league system and AJEAST Nigeria, makers of Big Cola, have signed a strategic regional partnership deal for an intensified engagement with the league’s fan base in the country. The strategic deal announced Thursday at a press conference in Lagos makes the multinational beverage company the […]

ViaDerma Inc. signs $250,000 initial sales agreement with Vage Nigeria Ltd.

ViaDerma, a pharmaceutical company, announced entering a $250,000 initial sales agreement with Vage Nigeria Ltd, a brand support company that specialises in product sourcing. According to the terms of the agreement, Vage will pay a 50 percent deposit to ViaDerma upon completion of the registration of Vitastem with the National Agency for Food and Drug Administration […]

Heritage Bank partners GAC Motors on vehicle finance scheme, Go CAR-razy

Heritage Bank Plc has an agreement with the Choice International Group Motors Limited to introduce a new vehicle finance scheme aimed at assisting interested and pre-qualified customers to buy brand new GAC Vehicles with ease and at affordable prices. The initiative, tagged: “Go CAR-razy,” was facilitated by the sole representative of GAC Motors in Nigeria, […]

WorldRemit partners Lebara on money transfer service to Africa, targets first profit next year

WorldRemit, the online money transfer service start-up that provides international remittance services to expatriates and migrant workers, is partnering Lebara, a telecommunications company providing pay-as-you-go mobile SIM cards, targeted toward the needs of international communities and migrant workers, on money transfer service to Africa. The partnership would ensure the money transfer start-up leverage the over […]