Business News

Saturday, 26 October 2019 05:40

Zenith Bank reaffirms market dominance, leadership with Q3 2019 results

PRESS RELEASE Zenith Bank Plc has announced its unaudited results for the period ended 30 September, 2019, with numbers that clearly demonstrates its market dominance and leadership. From the unaudited account which was presented to Nigerian Stock Exchange (NSE), gross earnings increased by 4% percent from N474,607 billion recorded in Q3 2018 to N491,268 billion in Q3 2019. Profit Before Tax (PBT) grew by 5% from N167,307 billion in Q3 2018 to a record N176,183 billion in Q3 2019. Also, profit after tax rose by 5% from N144,179 billion in Q3 2018 to N150,723 billion in Q3 2019. Despite a…

Wednesday, 23 October 2019 05:32

Bank MDs disclaim MTN on proposed USSD charges

PRESS RELEASE Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC(“MTN”) to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also asks customers to contact their banks for more information. We wish to state as follows: • That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether, and what amount, to charge a customer for accessing USSD is entirely that of the…

Wednesday, 23 October 2019 05:31

Leaked memo reveals bank MDs lied in claims that they didn’t ask MTN, others to charge for USSD

Nigerian banks proposed to telecom companies to charge customers directly for USSD services, a memo seen by TheCable has revealed. This seems to contradict the public denial by bank CEOs on Monday. They said the decision “on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data”. In a letter to Association of Licensed Telecommunications Operators of Nigeria (ALTON) by Body of Banks’ Chief Executive Officers (BOBCEO) dated September 16, 2019, the bank MDs had proposed an “orderly implementation”…

Monday, 21 October 2019 04:48

MTN won’t be allowed to charge subscribers for money transfer - CBN

Central Bank of Nigeria has opposed plans by MTN to charge their subscribers for Unstructured Supplementary Service Data access to banking services from October 21. Governor of CBN, Mr Godwin Emefiele, gave the bank’s position at a news briefing by the Nigerian delegation to the just-concluded World Bank/IMF Annual Meetings, in Washington on Sunday. MTN, in an SMS message to its subscribers, had said the decision was on the request of the banks and would take effect from October 21. “Yello, as requested by your bank, from October 21, we will start charging you directly for USSD access to banking…

Saturday, 19 October 2019 05:57

CBN vows to impose stiffer sanctions on banks that fail to meet Loan-to-Deposit Ratio

Central Bank of Nigeria (CBN) has vowed to impose stiffer sanctions on any commercial bank and blacklist customers that flout its minimum loan-to-deposit ratio (LDR) policy focused on increasing lending to the real sector of the economy. Director, Corporate Communications, CBN, Mr Isaac Okoroafor, disclosed these in a chat on the sidelines of the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC, United States. Specifically, it warned that any bank found to be disbursing loans to customers who subsequently invest such funds in treasury bills and other money market and capital market securities, would be sanctioned and the…

Friday, 18 October 2019 06:06

Nigerians to pay taxes on coke, pepsi, malt drinks, others

Nigerians should brace for new taxes on soft drinks, Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, said on Thursday. Responding to reporters’ inquisitions on the sidelines of the ongoing Annual Meetings of International Monetary Fund (IMF) and World Bank in Washington DC, the minister said the new tax is part of plans by the government to widen the revenue net. She, however, disagreed that revenue generation was the motive behind the closure of Nigeria’s land borders with its West African neighbours. Rather, she said the lack of cooperation from neigbhouring countries in checking the influx of goods into…

Friday, 18 October 2019 06:02

James Hope College acquires American International School Lagos property, offers full scholarship to 40% of students

James Hope College (JHC) has announced acquisition of American International School Lagos (AISL) Lekki Campus facility to establish James Hope College in Lagos. This was disclosed at the signing ceremony held yesterday at Civic Centre, Victoria Island, Lagos. The event had Governor of Lagos, Mr Babajide Sanwo-Olu, United States Ambassador represented by Carol Cox, Chairman of AISL Board, Ali Safieddine and other prominent persons in attendance. While giving his speech at the event, Founder/Chairman of James Hope College, Mr Jim Ovia stated that the College would continue to offer full scholarship based on merit, to 40% of all the students…

Thursday, 17 October 2019 06:32

Allow our goods to enter Nigeria, Ghana begs FG

Ghanaian Foreign and Regional Integration Minister, Mrs Shirley Ayorkor Botchwey, has appealed to the federal government to allow goods from her country into Nigeria. Federal government had closed its borders since August for the purpose of checking smuggling. Speaking during a meeting with Nigeria’s High Commissioner to Ghana, Mr Olufemi Abikoye, Botchwey said goods from Nigeria are entering Ghana. She said Ghanaian government would deploy all diplomatic channels to ensure that Nigeria reopens its borders to the sub-region for free movement of goods. The minister said Ghanaian traders had incurred huge losses because their goods have been detained for weeks…

Tuesday, 15 October 2019 05:36

Oil prices extend losses as weak China data compounds U.S.-China trade deal doubts

Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China trade deal announced by President Trump late last week. Brent crude futures (LCOc1) fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) was at $53.38 a barrel, down 21 cents or 0.4%. “China’s exports and imports shrunk more than expected in September, as ongoing tariffs and a slowdown in global trade undercut demand,” analysts at ANZ bank wrote in…

Monday, 14 October 2019 04:48

6 ways to gracefully handle the most difficult people in your life

Co-workers or any difficult people in your life don't have to cause you so much angst. The only certainties in life may be death, taxes, and the presence of difficult people. Whether it's co-workers or anyone you find hard to deal with, we all go through it. Regarding the former, a study among 5,000 office workers titled "The Global Human Capital Report" indicated that 85 percent of co-workers have to deal with interpersonal conflict of some sort at work. Interacting with difficult people drains our energy, productivity, and even happiness. But those that are oil to your water don't have…

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Saturday, 12 October 2019 06:04

Nigeria set to recover $62bn from oil majors – FG

Federal government says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the country’s joint operating agreement, Nigeria is authorised to review the existing profit-sharing formula with its partners once crude oil prices at the international oil market rise above $20 per barrel. But, the Minister of Justice, Mr Abubakar Malami, was quoted to have said that Nigeria was unable to enforce the law since October 1998 when oil prices rose above the agreed threshold. Reuters reported the Minister as confirming that the joint venture partners with the Nigerian…

Saturday, 12 October 2019 06:02

After decades of search, oil found in northern Nigeria

Nigerian National Petroleum Corporation (NNPC) says it has discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of the country. The corporation disclosed this in a statement signed by its acting spokesperson, Mr Samson Makoji, in Abuja on Friday. It would be recalled that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on February 2nd. Makoji said NNPC acquired 435.54km2 of 3D Seismic Data over Kolmani Prospect in Upper Benue Trough, Gongola Basin. He said this was to evaluate Shell Nigeria Exploration and…

Saturday, 12 October 2019 06:01

Uber launches boat service in Lagos

Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously congested roads. United Nations predicts that Nigeria’s population will more than double to 400 million by 2050, which would make it the third most populous country in the world after China and India. The combination of population growth and congestion has made Nigeria, and more broadly West Africa, attractive to foreign transport companies. Uber’s chief business officer told Reuters in June the company planned to launch the service to carry…

Friday, 11 October 2019 05:08

Here's when you should (and shouldn't) apologise at the office

Express your remorse because you've genuinely grown, not to manipulate and pacify. Done properly, saying "I'm sorry" is a beautiful thing. It does, after all, take courage to admit that you had a negative influence on someone else. But if you spew apologies too profusely when they aren't really warranted, you actually can corrode how well people think of you. Here are a few cases when saying "I'm sorry" isn't called for: 1. You need authority Women are often guilty of this one, but it often happens to new hires or those with less experience in their careers, as well.…

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