Wealth.ng

Prestige Assurance Shareholders Outs Its Chairman Because He Is Not Nigerian

Prestige Assurance Plc has approved the stepping down of its, Mr. Gopalan Srinivasan (Indian) as the Chairman of the Company while Mr. Hassan Musa...

Lafarge Nigeria To Save N9 Billion In Costs After Holcim Merger

Lafarge Africa expects to generate cost saving synergies of N9 billion ($46 million) over the next three years in Nigeria, after its parent firm...

CBN Needs To Devalue The Naira And Loosen Monetary Policy – Lamido Sanusi

Nigeria will have to devalue the naira and loosen monetary policy to stimulate the economy, former Central Bank Governor and Emir of Kano, Sanusi...

See Reasons Why MTN Hates WhatsApp

MTN South Africa boss Mteto Nyati has called on industry regulator Icasa to “level the playing field” between operators and over-the-top (OTT) services like...

MTN Is Cutting Subscriber’s Target as Nigeria Customer Numbers Slides

MTN has cut its full-year forecast for subscriber numbers after more than 5 million Nigerian customers were disconnected following a review into how they...

Operator of Spanish Supermarket Chain Plans Expansion in Nigeria

The Nigerian operator of Spanish supermarket chain, Distribuidora Internacional de Alimentacion SA (DIA), plans to open more than 100 stores...

[Corporate Action] Courteville’s Pre-tax Profit Declines By 18% To N299 million In Q3’2015

Courteville Business Solutions released its Q3'2015 financial results. The results showed revenue rose by 15% from N1.1 billion in 2014 to N1.2 billion in Q3'2015. Pre-tax Profits...

[Corporate Action] Mobil Nigeria Plc Records a 39% Drop In Profits For Q3’2015

Mobil Nigeria Plc released its financial results for the 9 months ended September 2015. The result showed dropped by 25%, from N60 billion in Q3'...

No plans to sell refineries, JV assets – Osinbajo

Vice President Yemi Osinbajo has said the Federal Government is not currently planning to sell the nation’s four refineries or part of its stakes...

CBN Denies Not Granting Petrol Marketers Access To Forex

The Director, Corporate Communications at the Central Bank of Nigeria (CBN), Mr. Ibrahim Mu’azu has said only petroleum products marketers without good...

Bulk Electricity Trader Engages Deloitte To Review Operations

The Nigerian Bulk Electricity Trading Company (NBET) Plc has engaged a consulting firm, Deloitte Nigeria, to review its organizational operations...

VP Osinbajo In London To Sign Nigeria-UK Solar Energy Partnership Agreement‏

Vice President  Yemi Osinbajo, alongside the Governor of Kaduna State, Nasir El-Rufai, on Wednesday night, left Abuja for London to...

[Corporate Action] Guinness Nigeria Posts a 75% Drop In Profits For Q1’2015

Guinness Nigeria released its financial results for the 3 months ended 30th September 2015. The result showed that revenue increased marginally by 3.3% from N21...

Forex: CBN Orders BDCs to Demand BVN from November 1

In continuation of efforts to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfers...

Why Kwara State Government Will Borrow N10 billion

The Kwara State Government has said that the proposed N10 billion loan from commercial banks is a federal government-backed-facility designed...

[Corporate Action] Guaranty Trust Bank Declares N75 billion Profit After Tax For Q3’2015

Guaranty Trust Bank released its financial results for the period ended 30th September 2015. The result showed that Gross Earnings rose 15% from N199 billion...

West African Crude Surplus is Building Up And There Isn’t Demand To Clear It

Crude oil inventory from West Africa, including Nigeria and Angola is building. The supply build-up will expand even more as the December Program gets...

[“We Will Spend To Avoid Recession”] Transcript of Osinbajo’s Interview With Bloomberg

Nigerian Vice-President Yemi Osinbajo spoke to Bloomberg Television on location in Abuja, in an interview airing on Countdown on 21th October. The Vice President...
Samsung Heavy Industries, FPSO unit, Oil and Gas

Dorman Long, INTELS Partner Over FPSO Fabrication Facility

A partnership between Dorman Long Engineering Nigeria Limited and INTELS Nigeria Limited has brought about the launch of a state-of-the-art...

NNPC Denies Links With Alleged Indian $25m Oil Block Transaction

The Nigerian National Petroleum Corporation (NNPC) is dissociating itself from the failed bid of Indian company, Oil and Natural Gas...
Access Bank and Union Bank, Access Bank, CBN, Creative Industry Financing Initiative, CIFI

[Corporate Action] Access Bank Declares N48bn Profit After Tax For Q3’2015

Access bank released its financial results for the nine months ended 30 September 2015. The results showed pre-tax profits rise by 44.62% from N41 billion...

Nigeria Is World Largest Cassava Producer, Yet With Poor Exports – AFDB

The African Development Bank (AfDB) has said that although Nigeria produces 20 per cent of the world’s cassava, the country exports...

JPMorgan Wants To Open More Branches In Africa To Build Base For Next Generation

Chief Executive Officer of JPMorgan Chase, Jamie Dimon says the bank wants a presence in more African countries to spur growth, even after regulators...

[Corporate Action] Transcorp Nigeria Plc Records 28% Drop In Profits For Q3’2015

Transcorp Nigeria Plc released its financial results for the nine months ended 30 September 2015. The result showed that revenue dipped by 3.1% from N31.4...

FG Wants To Boost Local Refining Capacity By Issuing Licences To 23 Modular Mini-Refineries

The Federal Government has concluded plans to issue 23 licences to establish modular mini refineries in order to increase local...

Why NNPC Remitted Only $607m From The $3.2b In Crude Oil Sales Generated This...

Total US dollar payment to the Federation from sales of export Crude Oil, Gas and NLNG Feedstock for the month of August 2015 was...

Nigeria’s Foreign Debt Is Up 191% Since The Paris Club Deal

Back in 2005 Nigeria did something unprecedented its history. It reached a deal with a band of external creditors to wipe out over $18...
Mobile money

FG to Link BVN with National ID Card by 2016, As Mobile Money Transactions...

The federal government has disclosed its plan to link bank customers' bank verification numbers (BVN) with their national identity card...

What the Osubi Airport deal Could Mean For NAHCO Aviance

NAHCO Aviance will begin running Osubi Airport, based in Warri, Delta State. The ground handling company only just recently signed an MoU with Shoreline...

Stallion, Olam owe N44 billion in Taxes – Senate

The Senate ad-hoc Committee on Import Duty Waivers, on Monday accused two foreign companies, Stallion Group and Olam  International, which were  involved in rice...