Business

Ecobank Trans International has announced that it made a ₦88.3bn profit before tax in 2017 as against a ₦33.7bn loss before tax in 2016. The bank also announced that its gross earnings in naira increased from ₦665 billion in 2016 to ₦763 billion in 2017. Meanwhile, the group’s total equity appreciated by 24 percent N664.7bn, total assets increased by 10 …

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More than 150,000 Africans from 114 countries worldwide applied to join the 4th ‎cycle of The Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme. Meanwhile, the Foundation has announced  African entrepreneurs with the most innovative, high-potential business ideas. The 2018 cohort includes an additional 250 entrepreneurs to the standard selection of 1,000 – thanks to: a $1,000,000 partnership …

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The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman has reiterated her commitment to sustain periodic engagement with stakeholders in the sector.  Addressing Onne Port Stakeholders on Thursday, Bala Usman explained that the engagement is aimed at promoting efficiency and business development. Represented by the Executive Director,Finance and Administration, Mohammed Bello-Koko,Bala Usman disclosed that the Federal Executive Council (FEC) has …

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Photo Caption: From Left: Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse; Minister of Finance, Mrs. Kemi Adeosun; Co-Chair of Bill and Melinda Gates Foundation, Mr. Bill Gates; Country Director, Nigeria Office of Bill and Melinda Gates Foundation, Paulin Basinga, and President, Global Development, Bill and Melinda Gates Foundation, Chris Elias, during a meeting on vaccine financing and support for Nigeria’s fiscal agenda …

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The Senate has confirmed the appointments of Mrs. Aishah Ahmad and Mr. Edward Adamu as Deputy Governors of the Central Bank of Nigeria. It also approved nomination of three of the four members of the Monetary Policy Committee. The MPC members confirmed are Prof. Adeola Festus Adenikinju, Dr. Aliyu Rafindadi Sanusi and Dr. Robert Chikwendu Asogwa. Rejected is Dr. Asheikh …

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Shareholders of Dangote Cement Plc are in for a good deal as the company’s directors have recommended ₦10.75 dividend payout for the year ended on December 31 2017 as against ₦8.70 paid in 2016. In absolute terms, the figure translates to ₦178.9 billion as the company’s group revenue grew by 31 percent from ₦615.1 billion in 2016 to ₦805.6 billion, …

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Worried by the increasing debt profile of the government, former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu on Wednesday, cautioned the federal government to put a stop to further foreign borrowing. Moghalu made this remark while delivering a speech titled: “Overcoming Poverty: The Secret of the Wealth of Nations,’ at the 2018 Bullion Lecture organised …

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Dangote Cement Plc wednesday disclosed that it has gotten approval from the Securities and Exchange Commission (SEC) and other regulators to raise N300 billion ($833 million) in local-currency bonds. The company, which is the most capitalised stock on the Nigerian Stock Exchange (NSE) intends to utilise the fund on its expansion as well as to refinance its debt. Africa’s largest …

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Access Bank Plc has released its audited results for the full year ended 31 December, 2017, showing resilient growth in total income. The Group reasserted its capacity to deliver steady earnings despite a tighter operating environment. In the audited financial results released to the Nigerian Stock Exchange (NSE) on Wednesday, March 21, Access Bank recorded a total income of ₦459.1billion, …

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Minister of Finance, Mrs. Kemi Adeosun, on Wednesday disclosed that the Federal Government had saved N68 billion on personnel cost in 2017. This brings the aggregate savings by the Government on personnel cost since 2007 to date to N288 billion. The Minister made this disclosure during her presentation of “Status Update on the Implementation of Federal Executive Council (FEC) Approved …

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