Category: Business

Through its National Biosafety Management Agency,the Federal Government of Nigeria has issued a seven-day ultimatum to retail store giants, Shoprite and Next Cash ‘N’ Carry to withdraw any product that contains Genetically Modified Organisms from their stores or risk a total shutdown. The Director-General, NBMA, Dr. Rufus Ebegba, said the complaints has come from the public about the sale of GMO foods in the two stores. He stated, “Recently, we carried out a survey of likely GMO products and we have been able to have some collections, some materials that…

Managing Director/CEO of Guaranty Trust Bank plc; Segun Agbaje has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 9th annual Ai CEO Investment Summit which took place on the sidelines of the UN General Assembly. Launched in 2007, the Ai Institutional Investment and Capital Market Awards is the only pan-African Awards designed to recognize Africa’s best performing stock exchanges, listed companies, investment banks, research teams, regulators, socially responsible companies and sovereign wealth and pension fund investors. The investment and business leadership awards…

One of Nigeria’s biggest financial institutions, FirstBank of Nigeria has announced the appointment of Mr. Patrick Iyamabo as its new Chief Financial Officer (CFO). The appointment came as a result of the elevation of the former CFO, Dr. Adesola Adeduntan to Managing Director/CEO of the Bank. Iyamabo’ s appointment, which is still subject to approval by the Central Bank of Nigeria (CBN), is consistent with FirstBank’s focus on corporate governance and best practice, and ensuring a balance of knowledge, judgment and experience at the highest decision making level in the…

The Federal Inland Revenue Services (FIRS) on Tuesday stepped up its tax enforcement duties, shutting companies in Kano, Lagos and Onitsha for outstanding tax liabilities. In Onitsha, the warehouse of Next International Company was sealed. The company is owned by former Anambra Governor, Peter Obi. The company has tax liabilities of N20.4million. The breakdown showed that the company has failed to pay Company Income Tax, Withholding Tax and Education Tax since 2006. In Kano, the FIRS enforcement team, led by Umar Garba, sealed Sani Brothers Transport Company Limited, Triumph Nigeria…

Previously embattled Fidelity bank boss, Nnamdi Okonkwo has resumed work as the bank’s CEO. Okonkwo was arrested and quizzed by the EFCC 2 weeks ago for his alleged involvement in the receipt of $115 million dollars from ex-petroleum minister,Diezani Allison Madueke. Alhaji Mohammed Lawal Balarabe, who was appointed Acting Managing Director pending when Okonkwo is now the bank’s Deputy Managing Director, subject to regulatory approval. Share on: WhatsApp

Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period. In late February the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 FY results and declared an attractive dividend of N3.45 per share. However, as at close of trading today (Tuesday), its share…

In the absence of the Managing Director/Chief Executive, Mr.Nnamdi Okonkwo, the Board of Directors of Fidelity Bank Plc has appointed the Executive Director, North, Alhaji Mohammed Lawal Balarabe as the Acting Managing Director/ Chief Executive Officer of Fidelity Bank Plc. with immediate effect subject to regulatory approval. The Bank reassures all its stakeholders including over 400,000 shareholders of its continued seamless services. Share on: WhatsApp