Business

The board of directors of Honeywell Flour Mills Plc said its Sagamu factory will commence commercial production in October this year. Chairman of the company chief Oba Otudeko disclosed this on Thursday September 20, 2018, at the 9th Annual General Meeting (AGM) in Lagos. Just as shareholders approved a dividend payment of 6 kobo for every 50 kobo ordinary share, amounting to …

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The Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan has reaffirmed that his mandate in Nigeria is to grow the Ecobank brand by delivering it as a brand of choice. The bank Managing Director stated that Ecobank service will be available and within the reach of every Nigerian either in their homes or locality through any of the bank’s versatile touch …

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Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has announced the withdrawal of the operating license of Skye Bank. Emefiele, who announced the decision today, in Lagos said depositors’ funds remain safe. Polaris Bank has been established to assume ownership of the assets and liabilities of the Bank. The Nigeria Deposit Insurance Corporation has injected N786bn in …

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EU member states lost almost 150 billion euros (177 billion dollars) in Value Added Tax revenues in 2016, with a third of that estimated to be due to fraud, the European Commission announced on Friday. VAT is a consumption tax charged on most goods and services and is an important contribution to national budgets helping to fund domestic public services …

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The Nigerian National Petroleum Corporation (NNPC), has recorded trading surplus of N17.16 billion in April, 2018. NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, who made this known in a statement, on Thursday September 20, 2018, said the development was part of the highlight of the Corporation’s Monthly Financial and Operations Report for the review period. The report, …

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The country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively at the end of the second quarter of this year, according to figures released by the National Bureau of Statistics. Figures from the NBS obtained by our correspondent on Thursday revealed that Lagos State had the largest share of the foreign and local debts among the 36 states …

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The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks. In a statement released Wednesday, September 19, 2018, the apex bank said the parties involved have submitted fresh documents in response to the sanctions. CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular …

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Milost Global Inc-an American private equity firm, has appointed a Nigerian escrow agent and placed funds in escrow account to back up its investment in Resort Savings & Loans Plc. Milost had indicated it plans to invest $250 million, about N76.5 billion, on Resort Savings & Loans. Milost, combining its traditional equity and debt approach, will be staking $100 million …

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The Federal Government has welcomed the Sahel Initiative by the United Nations aimed at tackling development challenges of countries in the Sahel Region of Africa, noting that security challenges ravaging the region have taken much of the resources that would have been channeled to development programmes. The Minister of Budget and National Planning, Senator Udoma Udo Udoma, while receiving the …

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Photo Caption: LEFT TO RIGHT: Acting Director General, Securities and Exchange Commission, SEC, Ms. Mary Uduk, CEO Kenya Capital Market Authority, CMA and Chair African and Middle East Regional Commission, Mr. Paul Muthaura and Acting Executive Commissioner Legal and Enforcement, SEC, Mr. Reginald Karawusa during the Growth and Emerging Markets Committee Meeting in Cayman Islands, Thursday.

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