Business News

Business and economic news from Nigeria and around the world.

It’s official: NIBBS, NEFT generate N80B online transfers daily

It appears cash-less banking is finally delivering on its promises. The CBN has just confirmed that online banking transfer between the two popular platforms,...

Ugometrics blog get official twitter handle @ugometricsblog

Ugometrics blog has for the last 18months been providing readers with quality personal finance tips, business news, investment tips and analysis of quoted companies...

UACN Concludes Transaction For Sa Firm To Acquire 49% Equity Stake

  The NSE confirms that "UAC of Nigeria Plc (‘UACN’) and Imperial Holdings Ltd, South Africa (‘imperial’) through its subsidiary, Imperial Mobility International B.V. Netherlands,...

Two Nigerian Firms Approved To Print Cheques And One Is A Quoted Company

Pursuant to the CBN local content policy they have selected to Nigerian companies who have the mandate to print cheques in Nigeria. They are...

Dangote Sugar Reduced Sugar Prices By 25% In December 2012 Yet Volume Increased In...

  When I reviewed Dangote Sugar Q1, 2013 I mentioned that the revenue was flat. However, the MD on a recent ABN Digital interview last...

Nestle Confirms N18.5 Per Share Final Dividend Payment For 2012 FY

Nestle Plc shareholders have approved a dividend of N18.5 per share following the release of their 2012 audited accounts. They company had paid N1.5...

Official – Lending Rate For Q1 2013 Still High At 23.8%Pa

Inflation like we are made to understand is single digits, bond yields, TB'S are also going down but as expected lending rates remain high....
Pension funds

Difference Between A Pension Fund Administrator And A Pension Fund Custodian

  PENSION FUND ADMINISTRATORS A Pension Fund Administrators in Nigeria are licensed to manage Pension Fund Assets on behalf of pension fund contributors. According to the...

Vulcanizer, Spare Parts Dealers, Mechanics, Shope Owners All Valued At N7.62tr According To Lagos...

I found this funny. Anyway the Lagos State Government believes the informal sector in Lagos is currently valued at ₦7.62trillion ($48billion). The informal sector...

Another Witch-Hunt? ==>> Cbn Spent N73million On Governors Residence

I just scooped this off Premium Times.... The committee said on Tuesday that the bank spent N23 million on the residence of its governor, while...

Food Concepts (Chicken Republic) Set To Allot 86.6m Ordinary Shares To IFC

  Food Concepts the owners of Chicken Republic announced in the papers today that they will be having an Annual General Meeting (AGM) on Thursday...

NIGERIAN BANKS PARTICIPATE IN A N470BILLION ($3BILLION) SYNDICATED LOAN TO MTN NIGERIA

  A consortium of Nigerian and foreign Banks have lent telecommunication Giant MTN, a sum of N470billion to help finance its expansion and modernization plans....

TAYO OVIOSU – “PAGA PROCESSED OVER 918,000 TRANSACTIONS WORTH OVER N9.8BILLION” IN 2012

  A few weeks back (April 10, 2013) to be preciser, Businessday ran a cover that suggest Mobile Money was slow on getting traction in...

Top Ten Potential Ipo’s I Want To See In Nigeria

  Most advanced economies have as their backbone great businesses that have become part and parcel of the heritage of the country and one that...

CBN Set To Establish Mortgage Refinance Company To Help Make Loans More Affordable For...

  The CBN has approved a draft Regulatory and Supervisory framework for the establishment of Mortgage Refinancing Companies in Nigeria (MRC). From the draft framework posted...

NOKIA APPOINTS NICK IMUDIA AS MD FOR WEST AND CENTRAL AFRICA

  Nokia has appointed Nick Imudia as managing director for its West and Central Africa operations. Covering a territory that includes Nigeria, Ghana, Ivory Coast, Cameroon,...

Meaning Of Franked Investment Income

  SEC "Investment income on which tax has already been paid (usually deducted at source) and thus exempted from additional tax by the investor. Income...

Is It Time To Dump Or Buy The Pounds Sterling??

On a recent impromptu trip to the US, I borrowed about about £680 from a friend promising to repay on my return. I had...

Samsung Buys Stake In Sharp

The Financial Times reports Samsung is buying a 3% stake in Sharp for a sum of about $107million (Y10billion). Sharp supplies Samsung with panels...
Union Bank

UDO UDOMA IS NEW CHAIRMAN OF UNION BANK.

  One of Nigeria's oldest bank has announced Senator Udo Udoma as their new Chairman. Union Bank announced the appointment today on their website following...

Do You Own Transcorp Shares? Then Get Ready For A Rights Issue

  The Transnational Corporation of Nigeria, Transcorp, announced today that it plans to increase its authorized share capital from N18billion to N22.5billion. It also plans...

Hyundai Stops The Production Of Veracruz

For lovers of Hyundai, the Korean Car company has decided to stop the production of the Hyundai Veracruz line. They sight the boom in...

CBN SAYS “WE DO NOT HAVE THE CAPACITY TO BAN — USE OF DOLLAR...

  In response to the House of Reps resolution that the CBN should ban the use of dollars for transactions in Nigeria, the CBN has...

Airtel Yet To Break Even After 12 Years?

Bharti Airtel, the operators of Airtel in Nigeria and much of Africa expects to break-even this year according to their estimates. The company has...

Jos Breweries Gets N700M Bailout From State Government

Leadership Newspapers reports the Plateau State Government has repaid about N700million debt owed by Jos Breweries. The Debt which was renegotiated from about N1.3billion...

NIGERIAN TREASURY BILLS YIELD NOW AT 16 MONTH LOW

The CBN announced that its one year Treasury Bill Yield fell to its lowest in about 16 months as off shore demand swarmed bids.?The...
Revenues

NIGERIANS NOW TRANSFER N40B DAILY VIA NEFT AND NIP

"The Nigerian Inter Bank Settlement System (NIBSS) under its NIBSS Instant Payment (NIP) and Nigerian Electronic Fund Transfer (NEFT) claims transactions have increased significantly...

OFFICIAL – ERNEST NDUKWE JOINS ACCESS BANK BOARD

According to Thisday, Ernest Ndukwe has just joined the board od Access Bank Plc as a Non-Executive Director. Ernest Ndukwe if you recall was...

PPMC Makes Loss Of N687.1Billion In 2012

According to Newspaper reports, the Petroleum and Product Marketing Company (PPMC) made a loss of N687billion in the financial year ended December 2012. They...

AMCON REPORTS N2.37 TRILLION LOSS

The Chief Executive Officer of the Asset Management Company of Nigeria (AMCON), Mustapha Chike-Obi AMCON bought bad loans worth N4 trillion “with the acquisition costs...

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