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Business News

FBN Holdings to divest its stakes from FBN Insurance

FBN Holdings Plc has informed it’s stakeholders and the general public about ongoing talks towards a planned divestments of its 65% stakeholding in FBN Insurance Ltd.

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FBN holdings plc, First Bank

FBN Holdings Plc has informed its stakeholders and the general public about ongoing talks regarding a planned divestment of its 65% stakeholding in FBN Insurance Ltd.

According to a brief statement that was sent to the Nigerian Stock Exchange, FBN Holdings explained that its entire holdings in the subsidiary would be sold to Sanlam PTY Limited. Sanlam PTY already owns a 35% stake in FBN Insurance.

While the divestment talks with Sanlam PTY continues in the meantime, FBN Holdings is also engaging the necessary regulatory bodies in this regard.

READ ALSO: FBN General Insurance CEO, Bode Opadokun, addresses financial result

The statement by FBN Holdings also informed stakeholders that further announcements will be made as the discussions progress.

“We are engaging the regulators on this matter and further announcements will be made as the discussions progress. Please direct all enquiries to the Chief Financial Officer, FBN Holdings Plc, Wale Ariyibi,” the statement reads in parts.

More details shortly…

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business

FG to commence construction of 4 new rail projects across the country

The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

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Rotimi Amaechi, Minister of Transport, Nigerian railway contract with CCECC and CRRC, China Civil Engineering Construction Corporation, Chinese Railway Rolling stock Corporation

The Minister of Transportation, Rotimi Amaechi, has said that the Federal Government is about to commence 4 new rail line projects in various parts of the country.

The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

This disclosure was made by Amaechi while speaking at the annual ministerial press briefing on programmes, projects and activities of the Federal Ministry of Transportation and its agencies on Friday in Abuja.

READ: FG to fully launch E-ticketing platform for NRC next week

What the Minister of Transportation is saying

Although the Minister announced that the Federal Government was about to start the rail lines project, he was not specific on the exact dates the projects would start.

Amaechi, in his statement, said, “We have awarded the following contracts and we are about to start and we have even tried to solve the financial problems. This is because we have the problem of having to hire consulting engineers.

READ: $2 billion Kano-Maradi rail would be completed in 36 months – FG

“The ones we are about to start include Ibadan to Kano, we are waiting for funds from China. We are about to start Port Harcourt to Maiduguri, we are waiting for the cabinet to approve consulting shares. We are also to start the Kano-Maradi and Lagos to Calabar.

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“But one thing that is unique about these contracts is that the president early enough directed that all rail lines must stagnate at the seaports.

“That is why there may be a bit of adjustment in the pricing of Kano-Maradi because we have to adjust it to link up to Kano-Lagos so that it can terminate at Lagos seaport.’’

The Minister pointed out that the 185.5km Lagos-Ibadan double standard gauge line with extension to Apapa seaport was nearing completion, while the 186km Abuja-Kaduna and 302km Warri-Itakpe standard gauge lines had been completed and were functional.

READ: FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

What this means

  • The various rail line projects are part of the ambitious plan by the Federal Government to create a nationwide rail network that is intended to help in the country’s diversification efforts, away from crude oil.
  • Some of these rail projects will also help to decongest the Apapa ports in Lagos and serve as a route for the import and export of goods in the West African sub-region.

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Business

Customs Tin-Can Island Command generates N112.7 billion in Q1 2021

This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

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The Nigerian Customs Service revealed that its Tin-Can Island Command has a first-quarter revenue of N112.7 billion in 2021. This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

This was disclosed by Mr Mba Musa, Customs Area Controller, in a statement on Friday.

“The comparative analysis of quarter one revenue collection from 2018 to 2021 are as follows: in 2018, N76,789,721,107.42; in 2019, N78,857,106,168.27; and in 2020, N91,635,998,490.73,” the customs boss said.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

“This improvement is despite the twin threat to lives and livelihood posed by the COVID-19 pandemic. The command has inspired their officers to continue to work hard while observing all the safety measures to achieve the best of performance.

“We kept our lines of communication open and concerted effort was made to ensure that the supply chain is not disrupted,” he added.

READ MORE: Customs officers must declare their assets annually – Customs boss

What you should know: The Nigeria Customs Service (NCS) generated a revenue of N1.5 trillion for the year 2020, a rise compared to N1.3 trillion in 2019.

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