The Department of Petroleum Resources has faulted the claim by the Nigeria Customs Service that it was partly responsible for the continued smuggling of Premium Motor Spirit popularly called petrol, which has been subsidized by the Federal Government. The Head, Downstream Department, DPR, Bashir Sodiq, said filling stations along the land borders now get less […]
SMUGGLING: NCS, NSA grant border stations waivers —- DPR Read More »
While there are a wide range of agritech innovations that could propel African farmers to profitability, only 23% of youth engaged in agriculture are using any form of agricultural technology-noting a lack of financing and training, according to a new 11-country survey by Heifer International (www.Heifer.org). The report, “The Future of Africa’s Agriculture: An Assessment
Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement onboard has run aground on coral reefs at night on August 7, 2021, according to FleetMon. It stated: “Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement on board ran aground on coral reefs at night August 7, 2021, while approaching Manokwari, West Papua,
Cement carrier stuck on coral reefs in West Papua Read More »
By Dr. Chinyere Almona At the Council Meeting of the Lagos Chamber of Commerce & Industry on Wednesday 4th August 2021, there were deliberations on what practical steps can be taken by the Government to boost revenue and foreign exchange inflows. Nigeria’s fiscal and financial challenges have been of concern to several stakeholders including the
Practical Steps Toward Boosting Nigeria’s Revenue and Foreign Exchange Inflows Read More »
By Eyo Nsima Wema Bank Plc, a leading commercial bank, has concluded plans to acquire a fintech firm or a merger with another commercial bank. Moruf Oseni, the bank’s deputy managing director, said, Friday, in Lagos during the company’s half-year 2021 investors/analysts presentation, that this was targeted at bringing about growth. He said: “In organic
Wema Bank plans acquisition, N40bn rights issue in September Read More »
CBN introduces guidelines for Payments Service Holdcos By Eyo Nsima The Central Bank of Nigeria, CBN, has introduced guidelines for the regulation of Payments Service Holding Companies, PSHCs, in the nation. The guidelines, stated: “The regulation requires companies desirous of operating more than one license category, to set up a PSHC, with activities of subsidiaries
CBN introduces guidelines for Payments Service Holdcos Read More »
DBN increases loan portfolio to N215bn The Development Bank of Nigeria (DBN) has increased its loan portfolio to N215.1 billion. DBN’s Managing Director, Mr. Tony Opkanachi, who provided the loan portfolio data in a statement, stated: “Notably, the Bank maintains a BASEL II capital ratio of 75.2 percent, several multiples of the minimum 10 percent
DBN increases loan portfolio to N215bn Read More »
By Eyo Nsima Dangote Sugar Refinery recorded strong improvements in performance indices in half year ended June 30, 2021, as group revenue increased by 27.8 percent to N131.95 billion in contrast to N103.23 billion recorded at the same period in the preceding year. According to the refinery’s unaudited results for the period, Gross profit grew
2021 first half: Dangote Sugar records strong growth Read More »
By Eyo Nsima Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt. According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance
Dangote Cement posts resilient performance in first half 2021 Read More »
At the heart of Africa’s global and regional competitiveness is the textiles and clothing sector It has been brought to the attention of the African Continental Free Trade Area (AfCFTA) Secretariat that our strategic partner, a leading African financial institution supported a $200 million bid by Made in Africa to purchase Vlisco, a textile company
