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Business and economic news from Nigeria and around the world.

Okomu Oil Palm Plc

Q1 2018 Results: Okomu Oil Palm Plc posts 24% increase in revenue

Okomu Oil Palm Plc today released its financial statements for the period ended Q1 March 31st 2018. Here are the key highlights of the results; Revenue The...
Herbert Wigwe

Access Bank obtains shareholders’ consent for capital raise

Access Bank's shareholders on Wednesday approved the Board of Directors' new debt issue, which will see the bank raise up to ₦459 billion ($1.5 billion). Prior...
Photo by Markus Spiske on Unsplash

REVEALED: How Nigerian hackers steal from shipping firms

Networks security firm, SecureWorks, has raised an alarm over a group of Nigerian hackers group called Gold Galleon. The report revealed that Gold Galleon is...

Why Dangote Cement is considering an IPO in London

Dangote Cement Plc could be  considering  a London listing in the next two years as it seeks more funds for its expansion. According to Bloomberg, the...
NEM Insurance

Q1 2018 Results: NEM Insurance Plc posts ₦889.9 million pretax profit

NEM Insurance Plc recently released its financial statements for the period ended Q1 March 31st 2018. Here are the key highlights of the result; Revenue The company...

NNPC, States meet over underpayment into Federation Account

The Federation Account Allocation Committee meeting, which was scheduled to hold yesterday to consider as well as approve statutory allocation for the month of...

Here is why Diamond Bank is selling its UK subsidiary

Diamond Bank Plc has announced the share sale and purchase agreement with a member of GFG Alliance for disposal of entire shareholding in its...

UPDC Plc appoints new acting Managing Director

UACN Property Development Company UPDC Plc has announced that its Managing Director, Hakeem Ogunniran will proceed on a retirement leave on May 1, 2018,...

Farmcrowdy to link UK-based Nigerians with investments in the Agri-Sector

UK-based Nigerians are investing in Nigeria’s booming agricultural sector from the comfort of their homes, thanks to one and half year-old, VC-backed agritech platform,...
Access Bank

Q1 2018 profit: Access Bank Plc records ₦22.1 billion

Access Bank Plc today released its financial statements for the period ended Q1 March 31st 2018. Here are the key highlights of the results; Revenue The bank...

SEC raises alarm over investors apathy to Direct Cash Settlement

The Acting Director-General of the Securities and Exchange Commission, SEC, Mary Uduk has lamented the continued apathy of investors in registering for the Direct Cash...

FBNQuest Merchant Bank records ₦6.17 billion profit before tax

FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, has declared a profit before tax (PBT) of ₦6.17 billion...

Banks repay ₦654 million excess charges on FAAC accounts

Commercial banks in the country refunded about ₦654 million which was illegally deducted from accounts linked to the Federal Government of Nigeria. This was...
Globacom Limited

Glo signs MOU with Huawei on broadband penetration in Nigeria

Globacom limited has announced the signing of a Memorandum of Understanding MOU with Huawei for the construction of Glo 2 submarine optic fiber cable. According...

Custodian and Allied Plc has a new name

Shareholders of Custodian and Allied Plc have approved the change of the group’s name to Custodian Investment Plc. This resolution was reached at the company...

FIRS posts ₦1.17 trillion revenue in Q1 2018

The Federal Inland Revenue Service FIRS says it has generated a total of ₦1.17 trillion in the first quarter of this year from the...

Kachikwu responds to Sanusi over absence at investors summit

The Minister of State for Petroleum Resources Resources, Dr. Ibe Kachikwu, has debunked claims credited to the Emir of Kano, Alhaji Muhammad Sanusi that the...
Godwin Emefiele CBN

IFRS 9 rules could cause lower Q1 2018 profits for banks

Deposit Money Banks in Nigeria could report lower profits for the first quarter of 2018 ended March 31st, due to IFRS 9 rules which requires...
Trans-Natiowide express Plc

Trans-Nationwide Express Plc posts N174.7 million revenue in Q1 March 2018

Trans-Nationwide Express Plc has released its financial statements for the period ended Q1 March 31st 2018. Here are the highlights:   Revenue: Q1 2017: ₦183.6 million Q1 2018: ₦174.7...

Nigeria’s crude oil export under threat as US increases oil output

There are reports that Nigeria’s crude oil exports are under pressure as the United States is flooding Europe market with a large volume of...
Dangote Cement Plc,

Dangote Cement Plc revenue up 16% to ₦242 billion Q1 March 2018

Dangote Cement Plc has released its financial statements for the period ended Q1 March 31st 2018. Here are the highlights: Revenue: Q1 2017: ₦208 billion Q1 2018: ₦242...
Jim Yong Kim

Nigerians in diaspora remitted US$22 billion in 2017

Nigerians in diaspora remitted a total of US$22bn back home in 2017. This is according to the World Bank  Migration  and Development Brief which was...
Abbey Mortgage Bank Plc

Abbey Mortgage bank Plc posts N297.9 million revenue in Q1 March 2018

Abbey Mortgage bank Plc has released its financial statements for the period ended Q1 March 31st 2018. Here are the highlights:   Gross Earnings: Q1 2017: ₦338.6 million Q1...

FAAC disbursed ₦647.39 billion for the month of March

The National Bureau of Statistics has released the Federal Account Allocation Committee for the month of March. The Federation Account Allocation Committee (FAAC) disbursed the...

Truecaller records 100 million daily active users, 20% reside in Africa

Swedish call filtering service Truecaller has announced that it has reached over 100 million daily active users. According to the company, it grew to its...

Addax Petroleum issues ‘no work no pay’ letter to striking workers

The industrial action embarked upon by the senior staff of Addax petroleum has taken a new dimension as striking members were allegedly served a...

CWG Plc reveals new listing plans

The Chief Executive Officer, CWG Plc, Mr. James Agada has revealed plans by the company be listed on either New York, London or NASDAQ. The CEO,...
Transcorp Nigeria Plc

Transcorp Nigeria Plc posts N5.9 billion pretax profit in Q1 March 2018

Transcorp Nigeria Plc has released its financial statements for the period ended Q1 March 31st 2018. Here are the highlights:   Revenue: Q1 2017: ₦15,768 billion Q1 2018: ₦26,302...
Nigerian breweries

Nigerian Breweries Plc posts N15.2 billion pretax profit in Q1 March 2018

Nigerian Breweries Plc has released its financial statements for the period ended Q1 March 31st 2018. Here are the highlights:   Revenue: Q1 2017: ₦91,289 billion Q1 2018: ₦82,966...
Cherie Blair

Dangote Cement appoints Cherie Blair and Mick Davies as Non-Executive Directors

Dangote Cement Plc, today announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors of the company effective April 20, 2018. Cherie...