Saturday , May 26 2018
Breaking News

Business & Finance

Shareholders commend Transcorp on electric power in Nigeria

  Lanre Oyetade   Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the Board and management for Transcorp’s impressive contribution to transforming the Nigerian power sector, through its power subsidiary, Transcorp Power. The commendations were received at the 12th Annual General Meeting of Transcorp, held on April 30th 2018, at Oriental Hotel, Victoria Island, Lagos.   The shareholders were responding to Transcorp’s ... Read More »

Landslide: Ecobank bags 3 awards at 2018 Asian Banker Awards

Ecobank Transnational Incorporated (ETI) and its two affiliate countries – Nigeria and Ghana – have emerged winners in three strategic categories of The Asian Banker – West Africa Awards 2018. The annual awards saw ETI winning the Best Financial Inclusion Initiative Application or Programme with its innovative Xpress Account, while Ecobank Nigeria carted home the Best Transaction Bank in Nigeria, ... Read More »

Construction of Abuja Airport’s second runway to gulp N67bn – Minister

The Minister of State, Aviation, Sen. Hadi Sirika, says the construction of the second runway for the Nnamdi Azikiwe International Airport, Abuja will gulp N67 billion. Sirika made the disclosure at the ministry’s 2018 budget defence before the Joint House of Representatives Committees on Land Transport, Maritime Safety and Administration, Ports Harbour and Water-Ways and Aviation on Thursday in Abuja. ... Read More »

How Chinese businessman concealed $300,000 at Abuja Airport – Witnesses

The trial of Li Yanping, a Chinese national who is facing a one-count charge of money laundering for concealing $300,000 began on Tuesday with the Economic and Financial Crimes Commission, EFCC, presenting three witnesses. Yanping, who was arraigned on March 28, 2018 before Justice Babatunde Quadri of the Federal High Court, Abuja, was arrested on March 15, 2018 at the ... Read More »

Ocean and Cargo emerges preferred concessionaire for Terminal B Warri Old Port

  The Bureau of Public Enterprises (BPE) today announced Ocean and Cargo Terminal Services Limited as the preferred bidder for Terminal B Warri Old Port concessioning at the financial bids opening for the terminal held by it yesterday in Abuja yesterday.   The Bureau, in a statement issued by the Head, Public Communications, Amina Tukur Othman, disclosed that Ocean and ... Read More »

NERC proposes electricity tariffs parity by 2021

The National Electricity Regulatory Commission (NERC) has hinted of plans to review and restructure energy tariff system such that would ensure parity in billings by 2021. The Vice Chairman of the commission, Sanusi Garba, explained that the move was intended to attract investments and improve power supply in the country without hitches and ensure that Nigerians are satisfied with a ... Read More »

BudgIT puts Nigeria’s annual loss to gas flaring at N2.5bn

BudgIT, a civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change, today reported that Nigeria loses N2.5 billion yearly to gas flaring. The organization advised the Federal Government to deal with the menace frontally in view of its negative implications for the nation’s environment, people’s health and revenue potential. Noting that the Nigerian government ... Read More »

CBN supports forex market with $210m

In continuation of its intervention in the inter-bank sector of the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) has intervened with another sum of $210 million into the market to meet the requests of customers. A breakdown of the figures obtained from CBN on Tuesday, indicated that the CBN offered the sum of $100 million to authorized dealers ... Read More »

Nigerian Stock Exchange outshines Kenya, JSE bourses

The Nigerian Stock Exchange (NSE) has outshone bourses in Kenya and South Africa for the year 2017, underlining the West African country’s status as the continent’s biggest economy. It outpaced the Nairobi Stock Exchange and Johannesburg Stock Exchange respectively in local currency unit terms, and remains ahead year-to-date (ytd) this year. It has gained 6 per cent on that basis, ... Read More »

Sterling Bank reports 65% rise in PAT

Sterling Bank Plc has reported a profit after tax of N8.5 billion for the financial year ended December 31, 2017 as against N5.2 billion recorded in 2016, representing an increase of 65 percent in profitability. Other performance indicators showed that the lender’s gross earnings rose by 19.8 percent to N133.5 billion against N111.4 billion in 2016. The management attributed the ... Read More »