Category: Business

Erisco Foods Limited, an indigenous tomato manufacturer, has announced the plan to shut down its manufacturing businesses in Nigeria owing to unfavourable operating climate. President/CEO of the company, Chief Eric Umeofia who addressed the media in Lagos on Wednesday said the cost of running both the Nigerian farms in Katsina and fresh tomato paste processing plant business in Lagos had become so exorbitant given the high cost of sourcing for foreign exchange (forex) as well as the inability of regulatory agencies to halt the high rate of importation and dumping…

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Ntel, Nigeria’s advanced 4G/LTE network provider, Ntel, has announced the launch of its VOXHD application on Google Play Store. The Voice Over LTE (VoLTE) application allows customers who have 4G/LTE devices supported on the ntel network, to experience the unique voice service provided by ntel. Speaking on the launch of the application, Kamar Abass, ntel Chief Executive Officer said: “This is the first time a Voice Over LTE application that is native to a Nigerian network is being hosted on Google Play Store.” He added that: “The application avails our…

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Heritage Bank Plc indeed lived up to its slogan of being the ‘Timeless Wealth Partner’ to its investors and customers when recently it took them through a journey of all the transformation activities that have made the bank what it is since inception till date, ‘a single bigger and better financial institution’. And so, within the walls of the Orchid Hall of the Eko Hotel and Suites, Lagos, resonated these words: “We have a story, how we started and where we are going”; “All that defines us!”;“Whatever our purpose, we…

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One of the nation’s leading financial institutions, Access Bank Plc has announced an impressive profit of N72 billion for the nine months ended 30 September 2016 based on enhanced business efficiency as a result of the effective execution of its long-term strategy. The Bank’s Profit Before Tax (PBT) showed an increase of 19% from N60.4 billion recorded during the same period in 2015. Profit After Tax (PAT) grew by similar margin from N48.1 billion in 2015 to N57.1 billion in 2016. Access Bank Group’s unaudited nine-month results released to the…

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Yesterday, the Naira depreciated further to N466 per dollar in the parallel market prompting the Central Bank of Nigeria (CBN) to meet with Bureaux De Change (BDC) operators and Travelex to evolve measures to halt the persistent slide of the currency. Investigations revealed that the parallel market exchange rate rose yesterday from N460 per dollar on Wednesday to close at N466 per dollar. Hence the naira depreciated by N11 against the dollar this week, up from N455 per dollar at the close of business last week. BDC sources said that the…

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The Central Bank of Nigeria (CBN), Heritage Bank Plc, Nigeria’s most innovative banking services provider and The National Youth Service Corps (NYSC) have disbursed a whopping sum of N774million to 310 beneficiaries under the Youth Innovative Entrepreneurship Development Programme (YIEDP). Speaking at the flag-off ceremony for the disbursement of funds to young entrepreneurs under the YIEDP, on Thursday, the CBN Governor, Mr. Godwin Emefiele, commended Heritage Bank for its painstaking effort to buy into the vision of job creation and piloting the programme to a successful stage. The governor, who…

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Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2016, to the Nigerian and London Stock Exchanges. A review of the 3rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 44% to N329.3billion from N229.4billion reported in the corresponding period of September 2015; driven by growth in fee & commission income as well as foreign exchange income. Profit before tax stood at N140.84billion, representing a growth…

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Chief Executive Officer, CEO of Oando Marketing Limited, Yomi Awobokun, has announced a change of the company’s brand name to OVH Energy Marketing Limited to reflect the recent recapitalisation and corporate restructuring aimed at  admitting new shareholders. He disclosed that the name change was necessitated by the entrance of two investors, Vitol and Helios, world renowned oil trading companies. He stated: “Notwithstanding, the name change the company will continue to use the existing Oando brand name in conducting its retail activities by virtue of a brand license granted by Oando…

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Year-to-Date, YtD, returns of the United Bank for Africa, UBA, had galloped to 3.7 per cent from a zero bottom out just before the announcement of the result last Tuesday, but receded to 2.0 per cent at close of trading yesterday. It is believed the stock was resilient against the general bearish trend in the market in the past one week with yesterday’s closing positions for NSE All Shares Index, ASI, depreciating 3.52 per cent. Despite the receding bullish sentiment yesterday, UBA stock still remained significantly above NSE ASI’s YtD…

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The Acting Group Managing Director of Dangote Group, Mr. Abdullahi Sule has said that Dangote Sugar Refinery Plc, a member of Dangote Group, plans to produce between 1.5 and 2 million metric tons of refined sugar annually from locally produced sugarcane. The Acting Group Managing Director, made the disclosure at the 2016 World Food Day celebrations organised by Lagos State Government. Sule, who was represented by the company’s manager, Mr. Braimah Ogunwale said that the target was in line with its backward integration master plan. He said, “Our efforts are…

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