Business News

Friday, 27 September 2019 06:08

Dangote is considering giving away half of his wealth. Here’s where the billions will go

Africa’s richest man, Mr Aliko Dangote, has said he is looking forward to when he would be giving out half of his wealth to humanitarian work especially in the health sector. Dangote, who is the chairman of Dangote Foundation, said on Wednesday that “he was looking forward to when he would be giving half of his wealth to charity like Bill and Melinda Gates.” Dangote, who has had his foundation in Nigeria since 1994, said he was ‘unaware’ of the magnitude of humanitarian assistance needed in the country “until he met with Mr Gates.” Dangote was on one of the…

Friday, 27 September 2019 06:06

NDIC commences payment to depositors of failed Micro Finance Banks

Nigeria Deposit Insurance Corporation (NDIC) said it had commenced payment to depositors of 154 Micro Finance Banks (MFBs) that Central Bank of Nigeria (CBN) revoked their licences in 2018 due to insolvency. Managing Director of NDIC, Mr Umaru Ibrahim, said this at the Corporation’s day at the ongoing 14th edition of Abuja International Trade Fair. The event scheduled for September 21 to 29 is with the theme “Remodelling SMEs Financing: Option and Solutions’’. Represented by Director of Research, Mr Mustapha Ibrahim, the Managing Director said the payment was extended to depositors of six Primary Mortgage Banks (PMBs). According to Ibrahim,…

Thursday, 26 September 2019 05:29

Top Nigerian artistes thrill fans at Zenith Bank Aspire Music Festival

It was a night filled with magnificence and splendor as music lovers and fun seekers were treated to topnotch entertainment at the Zenith Bank Aspire Music Festival which held on Saturday, September 21, 2019 at Harbour Point Event Centre, Victoria Island, Lagos. The musical festival lived up to its billing as the most anticipated entertainment event of the year, as the audience were treated to electrifying and captivating musical performances by Nigeria’s top artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema. Also on hand to anchor the event and thrill the audience with rib-cracking jokes was Kenny Black, while…

Tuesday, 24 September 2019 05:25

CBN sanctions four banks for money laundering, others

Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt. It was learnt that the apex bank imposed a number of sanctions on the banks for failure to comply with its Know-Your-Customers guidelines and in the anti-money laundering requirement. The banks disclosed the sanctions in their audited financial statements for the six months ended June. For its infractions, GTBank Plc was asked to pay N10 million while United Bank for Africa Plc and Access Bank Plc were asked to pay N8 million each. Fidelity Bank…

Tuesday, 24 September 2019 05:24

Production growth slows in September - CBN

Production and employment levels and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019. Central Bank of Nigeria disclosed this in its Purchasing Managers’ Index survey report for the month of September. Manufacturing PMI in September stood at 57.7 index points, indicating expansion in the manufacturing sector for the 30th consecutive month. The index grew at a slower rate when compared to the index in August. Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: cement; petroleum and coal…

Tuesday, 24 September 2019 05:19

Access Bank, Barclays, others launch Global Principles for Responsible Banking

Nigeria’s sustainability champion, Access Bank Plc., yesterday launched the Global Principles for Responsible Banking as one of the Founding Signatories alongside other global banks. This is a further commitment to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change. By signing the Principles, Access Bank is demonstrating its commitment towards using its products and services to support and accelerate positive changes in both local and international economies as well as promote lifestyles necessary to achieve shared prosperity for both current and future generations. Mr Herbert Wigwe, Group Managing Director of Access Bank Plc.,…

Monday, 23 September 2019 04:58

Competition is getting more intense among Nigerian banks. Here’s how they rank in the fierce battle

Banking was re-defined some 29 years ago in Nigeria when some young Nigerian bankers, Mr. Jim Ovia, and the duo of Mr. Fola Adeola and Mr. Tayo Aderinokun, and much recently, Aigboje Aig-Imoukhuede and Herbert Wigwe, took the Nigerian banking industry by storm to create banks today regarded as ‘new generation banks’. Zenith, GTBank and Access are indigenous banks that emerged to lock horns with the likes of First Bank, Union Bank and UBA Plc, otherwise referred to as the ‘old generation banks’. These three banks and others licensed by the Central Bank of Nigeria (CBN) in the same period…

Monday, 23 September 2019 04:57

GenCos threaten to shut down operations over FG’s new admin charge

Power Generation Companies of Nigeria (GenCos), at the weekend, vowed to declare force majeure on their operations if the Federal Government’s 0.75 per cent administrative charge is implemented. Nigeria Bulk Electricity Trading (NBET), is a public liability company created by Federal Government to incentivise private investment in power and act as the buffer to the GenCos. But it was, however, discovered that the thermal GenCos are not making pro-rata payments of 15 per cent of the gas invoice to gas suppliers and transporters and so decided to take over the payment through the compulsory 0.75 per cent per cent charge.…

Monday, 23 September 2019 04:55

Tour company Thomas Cook collapses, global bookings cancelled

Veteran British tour operator Thomas Cook collapsed after failing to secure rescue funding, and travel bookings for its more than 600,000 global vacationers were canceled early Monday. The British government said the return of the firm’s 150,000 British customers now abroad would be the largest repatriation in its peacetime history. The process is set to begin later Monday. The Civil Aviation Authority said Thomas Cook has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs. The company had several months ago blamed a slowdown in…

Sunday, 22 September 2019 05:54

Daily petrol consumption reduces by 11m litres after border closure - FG

Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed yesterday that the country’s daily petrol consumption dropped from about 61 million litres to 50.22 million litres following the partial closure of Nigeria’s western border with Benin Republic. PPPRA said between August 5 and September 8, it observed a marked reduction in the volume of petrol trucked out from inland depots to various parts of the country, where they were needed. “Petroleum Products Pricing Regulatory Agency (PPPRA) has observed with keen interest the Premium Motor Spirit (PMS) supply trend since the partial closure of the country’s border, as indicators point to the gradual…

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Sunday, 22 September 2019 05:52

Euphoria as Access Bank opens new branch in Osun

There was profound jubilation among the people of Ipetu-Ijesha, in Oriade Local Government of Osun State, as Access Bank opened its new branch in the sleepy community. Speaking at the event, which was graced by many dignitaries across the country, Group Managing Director/CEO of the Bank, Mr Herbert Wigwe reiterated the commitment of the Bank to the welfare of many inhabitants of the town through inclusive banking system. He promised to positively engage the people of the community in terms of provision of credit facilities for small scale businesses as well as employment for the youths. According to him, such…

Saturday, 21 September 2019 06:03

FG to reduce shares in oil JVCs - Minister

Minister of State for Petroleum Resources, Mr Timipre Sylva, on Friday outlined the deliverables of his ministry on which Nigerian National Petroleum Corporation and other departments and agencies under his watch should take a cue. In a presentation at the commencement of a two-day retreat of the minister for directors of Federal Ministry of Petroleum Resources and heads of agencies under his purview, Sylva listed the priority areas he would focus on. They include the implementation of reduction of Federal Government’s equity stakes in joint venture participation to 40 per cent and curbing petroleum products cross border leakages. Others are…

Wednesday, 18 September 2019 05:58

Nigeria loses 150,000 barrels per day oil export due to pipeline shut down

The 150,000 barrels of oil per day Nembe Creek Trunk Line (NCTL), which exports Nigeria’s Bonny Light crude oil, has been shut down and placed under force majeure since last week, a spokesman for operator of the line, Aiteo, told Reuters on Tuesday. The Trunk Line, situated in the Niger Delta region, is one of Nigeria’s major oil transportation arteries that evacuate crude from Niger Delta to the Atlantic coast for export. The spokesman did not give a reason for the shutdown. The pipeline is one of two that exports Bonny Light, so the terminal is currently loading only from…

Wednesday, 18 September 2019 05:57

CBN begins charges on deposits, withdrawals above N500,000

Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this in a circular to all Deposit Money Banks in the country. It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts. For corporate accounts, the apex…

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