Category: Business

    Heritage Bank Plc has disclosed plans to revolutionise the agricultural value-chain field, particularly the rice farming that will enhance agribusiness and aid economic development through its direct participation in the much lauded Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria. Group Head, Agriculture Finance, Heritage Bank, Olugbenga Awe, in a speech delivered at 3rd edition of Rice Investment Summit in Abuja in collaboration with New Partnership for Africa Development (NEPAD), said the bank’s drive to support rice production was borne out of the conviction that agribusiness is…

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Volume of shares traded by some banks, especially Fidelity Bank Plc and Diamond Bank, last week, lifted the volume of shares traded at the NSE, as a turnover of 1.117 billion shares worth N9.041 billion was recorded in 16,482 deals by investors on the floor of the Exchange. This volume of shares traded, was, however, higher than a total of 4.319 billion units, worth N7.376 billion that changed hands in 9,330 deals during the preceding week. Specifically, the financial services industry (measured by volume) led the activity chart with 903.696…

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Aliko Dangote, Africa’s richest man and foremost entrepreneur, is setting up a $100 million vehicle assembly plant in Lagos, to tap the opportunity provided by the scarcity of forex and help tackle employment crisis in the country. The plant will be churning out heavy duty trucks on which his conglomerate, the Dangote Group spends huge amount to import , distribution of its products both locally and across the continent. Chief Corporate Communication Officer of Dangote Group, Mr. Anthony Chiejina confirmed the project, saying Dangote would be partnering a leading Chinese…

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Reports indicate that the Naira on Friday depreciated further at the parallel market as dollar scarcity worsened. Naira may be seeing its worst times as the CBN will be resuming dollar sales to Bureau De Change (BDC) operators next week. The Nigerian currency exchanged at N497 to a dollar at the parallel market, losing two points from Thursdays posting; while the Pound Sterling and the Euro traded at N597 and 515 respectively. At the BDC window, the Naira was sold at N399 to a dollar, while the Pound Sterling and…

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The Lagos State government, at the weekend brought down the Olorunsogo market in Oshodi. The demolition of the popular curtain and interior decoration material market commenced around 12:00pm. Traders stared in grief and disbelief as the 14-building plazas housing 368 units of shops, 144 open stores and 129 small units stores for meat sellers, household items traders among others, became rubbles in a hail of dust. Destroyed commodities varied from curtain materials to hanging poles, sewing machines, electrical appliances, beauty kits, etc. The police and Lagos Task Force officials were…

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At the Alaba International Market, Igbo traders under the aegis of New Site Shopping Mall and Warehouse Section, have cried out over the alleged illegal eviction from a property under litigation. The traders, in a petition by their chairman, Eze Ezebuadi and Secretary, Ikechukwu Umeuhabike, called on the Inspector General of the Police, Mr. Idris Ibrahim to give them protection over the use of armed thugs and suspected members of the Oodua Peoples Congress, OPC, to violently chase them away from the property, the subject matter of a suit pending…

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At the Nigeria Electronic Fraud Forum (NeFF) Annual Dinner and Awards, which held in Lagos recently, Skye Bank Plc has emerged “The Most Committed Watch Listing Bank in Nigeria” This was confirmed in an industry-wide survey administered by the Central Bank of Nigeria (CBN), in conjunction with NIBBS. NeFF is a forum where financial services stakeholders – banks and other organisations within the financial and payment systems meet on a quarterly basis to deliberate on issues of electronic fraud and its prevention. The prestigious award, which is in recognition of…

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Forbes reports has it that exactly half of Africa’s 20 billionaires got richer in 2016. The continent’s biggest gainer — in both dollar and percentage terms – is Nigerian oil and telecom tycoon Mike Adenuga, whose net worth increased from $2.7 billion to $5.8 billion since December 31, 2015. No other African billionaire added more than $1 billion to his or her net worth in the past year. Overall, the combined net worths of African billionaires decreased by $3.1 billion in 2016. The increase in Adenuga’s net worth is largely…

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Naira again weakened yesterday to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. Reports has it that the Naira lost 5 points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and N502, respectively. At the Bureau de Change, BDC, window, the Naira traded at N399 to a dollar CBN-controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively. The Naira traded at N305.25 to a…

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N80 billion has been paid by MTN Nigeria as part of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. The Minister of Communications, Mr Adebayo Shittu, said in Abuja that the company paid the sum as the first instalment out of the three years given for the completion of the payment. MTN was initially fined $5.2 billion dollars (N1.04 trillion) but the fine was later reduced to N330 billion. “For the first year, they paid N80 billion, after paying the…

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