Tuesday October 21st, 2014
Tuesday October 21st, 2014
Latest

We will help to push NIMASA’s projects through — Zainab Kure

  /   in Business 12:24 am   /   Comments

Zainab-Kure's-pix

The Senate Committee on Marine Transport last week visited Delta State to inspect facilities at the Warri Port and on-going projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Okoloba and Ekerenkoko where members also inspected the NIMASA’s Science and  Technical College, the proposed shipyard and Maritime University in Ekerenkoko in Gbaramatu

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Officers’ arrest: Freight forwarders commend CG, call for more action

  /   in Business   /   Comments

Sea-port

Freight forwarders have commended the Comptroller General of Customs, Dikko Abdullahi, for his impromptu visit to Tin-can Inland Command which resulted in the arrest of two Customs officers on Monday.

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Customs asks agents to update cargo declaration

  /   in Business   /   Comments

Vessels discharging at Port Harcourt port

The Apapa Area Command of the Nigeria Customs Service, (NCS) has called on Customs agents to update their cargo declaration in order to perfect the Pre-Arrival Assessment Report (PAAR) system.

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Corporate Trustee vows to protect investors’ wealth in capital market

  /   in Business   /   Comments

naira-Dollar

The Association of Corporate Trustees, ACT, has vowed to continuously protect the wealth of investors in the Nigerian capital market.

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Compulsory listing: Nigeria to lose N5tr tax revenue

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

Nigeria may lose N5 trillion in tax revenue if the Bill seeking to compel private companies to list on the stock exchange is passed by the National Assembly.

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Africa transformation depends on infrastructure —AfDB

  /   in Business   /   Comments

Africa

The African Development Bank Group (AfDB) has called for stronger emphasis on infrastructure by African leaders saying that the big challenge is that Africa invests only four percent of its collective GDP in infrastructure, compared with China’s 14 percent.

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Yuzos e-supermarket lights up Abuja

  /   in Business   /   Comments

supermarket

Residents of Abuja, the Federal Capital Territory are now saving themselves the cost of visiting Supermarkets as a new improved online store, www.yuzos.com began operation on Wednesday to deliver products such as groceries, drinks, household, personal and baby care products as well as over the counter pharmaceuticals through an innovative supplier management and logistics architecture right to people’s homes and offices.

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Latest

Heritage Bank completes payment to acquire Enterprise Bank

  /   in Business 9:18 pm   /   Comments

QUEUE AT AUTOMATIC TELLER MACHINES (ATM)  AT IKORODU IN LAGOS

Heritage Bank Limited Wednesday completed the payment of N56 billion to acquire Enterprise Bank.
Enterprise Bank is one of the three nationalised banks bought by Asset Management Corporation of Nigeria (AMCON) in 2011, following the failure to meet the recapitalisation deadline of the Central Bank of Nigeria. The other banks are Mainstreet Bank and Keystone Bank.

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‘Nigerian oil not needed’

  /   in Business   /   Comments

OIL-CARTOON

Propelled by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.

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Shareholders confront Conoil over shortcomings in corporate governance

  /   in Investors Forum   /   Comments

Nigerian-Stock-Exchange-(NS

Shareholders of Conoil Plc have raised concern over the shortcomings in the company’s corporate governance practices, especially the continuous absence of the chairman, Mr. Mike Adenuga, from the Annual General Meetings, AGMs.

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NSIA success result of core business values – Dozie

  /   in Investors Forum   /   Comments

insurance-pix

Chairman, Board of Directors, NSIA Insurance, formerly known as ADIC Insurance, Mr. Pascal Dozie has attributed the success of the company to its adherence, over the years, to the core business values as initially set by its founder, Prof. Joseph Irukwu, who had a burning desire to set up a model insurance company that will be known for its integrity, prompt payment of claims and pursuance of best practices.

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World Bank tasks FG to raise excess crude account to $6.3bn

  /   in Business   /   Comments

Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala

The World Bank has advised the federal government to increase its fiscal buffers by raising the excess crude account (ECA) to $6.3 billion.

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Pensioners weary of another verification exercise

  /   in Investors Forum   /   Comments

*One of the protester Mr. Felix Adewale Balogun, Chairman Shomolu Local Government Education Authority bin cary out, during  A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

The Pension Transitional Arrangement Directorate (PTAD) says it has intention of creating a new and genuine database of pensioners under the Defined Benefit Scheme, DBS, by embarking on a verification exercise in the future. However, pensioners under the scheme are skeptical of any verification going forward

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Investors fret over end of U.S quantitative easing

  /   in Business   /   Comments

naira-Dollar

A survey released yesterday by BofA Merrill Lynch Fund Manager, Bank of America has revealed that investors across the globe are concerned over the imminent end of quantitative easing (QE) in the U.S. saying that it has left investors much less confident in the outlook for the global economy and corporate profit.

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Access Bank, MoneyGram partner for outbound transfer services

  /   in Insurance and You   /   Comments

By EDIRI EJOH

Access bank plc in collaboration with MoneyGram, has launched its outbound money transfer services tagged ‘Naija sends’, with the indication of a better platform for sending funds outside the country.

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Insurers to consider involvement in disaster mgt

  /   in Insurance and You   /   Comments

Insurance involvement in disaster management is to take centre stage at the 2014 National Insurance Conference to be organised by the Nigerian Council of Registered Insurance Brokers (NCRIB).

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FG to promote creation of 1,500 SMEs via new technologies

  /   in Business 2:05 am   /   Comments

economy

The Director General of Federal Institute of Industrial Research Oshodi, FIIRO, Dr. Gloria Elemo, has said that an estimated 1,500 small and medium scale enterprises are expected to be set up across the country in the next one year through the 250 Research and Development (R&D) technologies/outputs developed by the institute.

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PPMC exports N117bn fuel oil in one year

  /   in Energy   /   Comments

Gas Pipeline

The Pipelines and Product Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, exported 1.33 billion litres of petroleum products, valued at N116.672 billion in 2013.

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Lagos educates residents on energy conservation

  /   in Energy   /   Comments

Electricity-new

As part of activities marking the 2014 Energy Conservation Month, the Lagos State Government has embarked on a community sensitisation road show to educate people on how to conserve energy.

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Nigeria needs 6.5m pre-paid meters in five years — Onyema

  /   in Energy   /   Comments

gas tanks

Techno Gas and Power, a subsidiary of Techno Oil Limited has hinted that Nigeria’s power sector needs at least 6.5 million prepaid meters to meet the energy needs of electricity consumers and help investors in the sector recoup their investment.

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Latest

Forcados Terminal records 14-year export safety milestone

  /   in Energy   /   Comments

Gas pipeline

The Forcados Terminal operated by the Shell Petroleum Development Company, SPDC-operated Joint Venture in the western Niger Delta recently recorded a 14-year safety operation in oil exports.

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Aiteo acquires Shell’s OML 29, Nembe pipelines

  /   in Energy   /   Comments

refinery 7

The Aiteo Group has finally confirmed the acquisition of 85 per cent equity in Oil Mining Lease, OML 29, being divested by the Shell Petroleum Development Company, SPDC.

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Shareholders okay Access Bank’s N68bn rights issue

  /   in Business   /   Comments

1000-naira-notes

Shareholders of Access Bank Plc, yesterday endorsed the proposal by its Board of Directors to raise N68 billion additional capital by way of rights issue.

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Investors’ right under CAMA on new issues

  /   in Business   /   Comments

The Companies and Allied Matters Act (CAMA) has provided opportunity for both existing and prospective shareholders of a company to partake in new issues.

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Tanker drivers explain suspension of strike in Rivers

  /   in Energy   /   Comments

Standstill at Mile-2 to Tincan, along Oshodi-Apapa expressway yesterday. Photo: Joe Akintola, Photo editor.

The Petroleum Tanker Drivers, PTD, branch of the National Union of Petroleum and Natural Gas, NUPENG, said it has directed its members currently on strike to suspend the two-week industrial action following the intervention of some relevant authorities.

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Angola to overtake Nigeria as highest crude producer by 2016

  /   in Energy 12:40 am   /   Comments

File Photo: Crude Oil

Angola will overtake Nigeria as the largest crude oil producing country in Africa by 2016, the International Energy Agency, IEA, declared yesterday.

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Access Bank records N42.2bn profit in 9 months

  /   in Business   /   Comments

Access Bank Plc has recorded a profit of N44.2 billion for the nine months ended 30 September 2014 based on improved efficiency, rising market share and strong risk management practices.

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Latest

Stanchart-Premise Price Tracker reveals downward trend in prices

  /   in Business   /   Comments

Mobile Money

The newly introduced Standard Chartered-Premise Consumer Price Tracker (SC-PCT) has revealed a downward trend in consumer prices between August and September.

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LAPO increases access to finance with AfDB’s $12m credit

  /   in Business   /   Comments

Mobile Money

LAPO Microfinance Bank (MfB) has said that the reason behind the $12 million (N1, 980,000,000) African Development Bank’s (AfDB) Line of Credit (LoC) granted it is to increase access to finance for small business owners especially women.

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Bank customers defraud their banks —FITC

  /   in Business   /   Comments

BANK

Financial Institution Training Centre, FITC has said that customers have also been found to be defrauding their banks.

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Ecobank, Citibank, others support UK exporters with £3bn

  /   in Business   /   Comments

BANK

United Kingdom Export Finance (UKEF), an arm of the UK Government that works as an export credit agency, has named Ecobank Nigeria as one of its partnering financial institutions to help deliver £3 billion Direct Lending Facility (DLF) support to UK exporters. Under the DLF, UKEF will provide loans to overseas buyers in order to finance the purchase of goods and services from UK exporters.

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PZ Cussons Q1 profit drops by 31%

  /   in Business   /   Comments

PZ Cussons Nigeria (PZ) has released its first quarter, Q1 2015 results, which showed that while sales of N15.0 billion was flattish , Year on Year, y/y, both Profit Before Tax, PBT and Profit After Tax , PAT declined markedly, both by 31 per cent y/y to N872 million and N555million respectively.

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