Business

Union Bank of Nigeria Plc announced its unaudited financial statements for the nine month period ended September 30 2018, showing improvement in top and bottom-lines. Gross earnings stood at N122.2 billion, up by 12 per cent from N109.5 billion, while net interest income rose from N46.9 billion to N49.4 billion in 2018. Credit impairment charges rose from N5.9 billion to …

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The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October. The present position of the manufacturing PMI, indicated an increase for the 19th consecutive month. The CBN disclosed this in its October PMI report that was posted on its website. The index grew at a faster rate when compared to the index in …

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Stanbic IBTC Holdings, a member of Standard Bank Group, has announced its nine months unaudited group results for the period ended 30 September 2018 reporting profit after tax of N59.76 billion, an increase of 59 percent for the corresponding period in 2017. Speaking on the Group’s performance, Yinka Sanni, Chief Executive of Stanbic IBTC Holdings, said: “Our business continued to …

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The management of the Nigerian Stock Exchange (NSE) on Thursday suspended trading in the shares of Unity Bank Plc, Fortis Microfinance Bank Plc and four others over their continued delay in releasing their financial statement for verification by the exchange after several couple of months Other companies that came under the hammer of the self-regulatory body includes Thomas Wyatt Nigeria …

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The Nigerian Aviation Handling Company Plc (nahcoaviance) has announced the appointment of Mr. Sehinde Fadeni Oladapo as its Chairman, Board of Directors. Oladapo takes over from Arc Usman Arabi Bello, who resigned from the position on Thursday, October 25, 2018. In a notice sent to the Nigerian Stock Exchange, (NSE),the Company stated that the appointment of Mr. Oladapo, who is …

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The Peoples Democratic Party’s governorship candidate in Lagos State, Mr. Jimi Agbaje, has announced a lawyer, Mrs. Haleemat Busari, as his running mate. The law graduate from the University of Lagos is a Director on the board of several blue-chip companies. She was a director in Zain Nigeria Ltd (now Airtel Nigeria, a leading telecommunications company) and a serving director …

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President Muhammadu Buhari on Thursday said Nigerian economy under his watch was looking good. He, however, promised his administration’s commitment to making it better. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while receiving the new Ambassador of the Kingdom of Denmark to Nigeria, Mr. Jesper Kamp, at the Presidential …

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Defending the naira has become more expensive as Nigeria’s foreign reserves declined by $2.2 billion in October 2018 alone — the largest monthly drop since 2015. Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018. The country’s …

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The Nigerian Civil Aviation Authority (NCAA) has said that its attention has been drawn to a report titled Controversy trails renewal of defunct CHANCHANGI Airways Air Operating Certificate published in one of the daily newspapers dated 31st October 2018. It said the agency wishes to state that there is no controversy at all concerning the Air Operators Certificate (AOC) of …

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In the light of NNPC’s proposal to construct two 100,000 bpd greenfield refineries in Delta and Imo States, BudgIT, a civic technology organization at the forefront of raising the standards of transparency, citizen engagement and accountability, has asked the Federal Government to first do a root cause analysis on the abandonment of Nigeria’s greenfield refineries earlier announced for Kogi, Bayelsa, …

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