AfDB debars CHINT Electric for 36 months for fraudulent practices

Joel EneogweMay 7, 2018

The African Development Bank Group (AfDB) Monday announced that it has debarred CHINT Electric for 36 months for its involvement in fraudulent practices. CHINT Electric Co., Ltd., a power transmission and distribution equipment manufacturer and EPC contractor, upon an investigation conducted by the bank’s Office of Integrity and Anti-Corruption, confirmed that CHINT Electric engaged in […]

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

Businessam StaffMay 4, 2018

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% […]

Warren Buffett’s Berkshire Hathaway adds 75 million more shares of AAPL

Businessam StaffMay 4, 2018

Warren Buffett’s Berkshire Hathaway upped its stake in Apple in the first quarter of 2018, adding 75 million shares of the consumer tech giant’s stock. The additional shares added to the more than 165 million Apple shares Berkshire owned at the end of 2017, CNBC reported. The revelation comes ahead of Buffett’s annual Q&A meeting […]

Islamic banks, insurers eye profits, fintech after downturn, survey reveals

Businessam StaffMay 2, 2018

microfinance banks

Islamic banks and insurers are focusing on profitability and new financial products as the industry shifts away from years of containing the adverse impact of low oil prices, an industry body said on Wednesday. The findings from surveys by the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) show a strong focus on […]

Cisco to acquire business intelligence startup Accompany for $270m

Businessam StaffMay 2, 2018

Cisco, worldwide leader in IT and networking, announced Monday its intent to acquire Accompany, a privately held business intelligence start based in Los Altos, Calif. The company provides an AI-driven relationship intelligence platform for finding new prospects, navigating the selling process, and strengthening relationships. Amy Chang, Accompany Founder and CEO will join Cisco as senior vice president in […]

La Liga, Big Cola Nigeria sign regional partnership deal

Businessam StaffApril 26, 2018

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 […]

SEC confirms discussions with MTN Group on $500m initial public offering

Businessam StaffApril 25, 2018

SEC, Exchanges

The Securities and Exchange Commission (SEC) Wednesday confirmed it was in discussions with MTN Group on the company’s planned $500 million initial public offering (IPO), bringing to a close speculations that the telecoms company was yet to make a move on listing its shares on the Nigerian Stock Exchange (NSE). According to a News Agency […]

200,000 retirees get N9bn housing fund refund from FMBN

Businessam StaffApril 24, 2018

The Federal Mortgage Bank of Nigeria has made a refund of over N9 billion to 200,000 retirees who made contributions to the National Housing Fund, established to enable Nigerian workers, especially civil servants own their own houses, according to Ahmed Dangiwa, the bank’s managing director, Dangiwa said every NHF contributed by civil servants was refundable […]