Business

Coronation Asset Management a subsidiary of Coronation Merchant Bank Ltd, on Monday listed three mutual funds on the Nigerian Stock exchange for trading and accessibility by retail and institutional investors. The three listed funds are Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund. While 479 subscribers pooled N1.654bn through the Coronation Money Market fund, Coronation Fixed …

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The Federal Government has earmarked N66bn to further boost its four social welfare programmes namely Home Grown School Feeding, N-Power, Conditional Cash Transfer and Government Enterprise and Empowerment Programme. The Special Adviser to the President on National Social Investment, Mrs. Maryam Uwais, gave this hint on Monday during the commencement of a retreat at Tinapa Business and Resort Centre in …

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United Capital Plc, on Friday presented its unaudited financials for the nine-month ended September 30, 2017, showing that growth in gross earnings and profit was slow, hampered by the 35.6% rise in total expenses, a situation that may impair dividend payment at the end of this year. Gross earnings rose by N549.089m or 9.65% to N6.236bn, up from N5.689bn in …

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The Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, on Monday officially responded to the recent allegations of insubordination and corruption levelled against him by the Minister of State for Petroleum Resources, Ibe Kachikwu. According to the NNPC, the response was following a directive from President Muhammadu Buhari to Baru and his team, mandating them to react to the issues …

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The National Automotive Design and Development Council (NADDC), is to strengthen some components of the National Automotive Industry Development Plan (NAIDP). Under the arrangement, a fund is to be established for Nigerians at low cost to finance their commercial fleets and cars. In a paper delivered at the first Kaduna automotive fair and exhibition, the Director-General of NADDC, Mr. Jelani …

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Some Shareholders of Oando Plc have called on the Securities and Exchange Commission (SEC), to live-up to its standard on the directives handed down to it by the House Committee on Capital Market and Institutions to investigate allegations of financial impropriety and mismanagement of Oando Plc. Addressing newsmen in Lagos at the weekend, the shareholders adviced that they will be …

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Oando Gas & Power Limited (“OGP”), the erstwhile midstream business subsidiary of Oando PLC (“Oando”), has formally announced the change of its corporate identity and branding to Axxela Limited (“Axxela”). The rebranding effort follows the recent US$115.8million acquisition of a 75 percent equity stake in the business by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm. Speaking …

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-Needs N9.1trn to end Poverty  Tayo Olanipekun Nigerian crude oil production in 2012 recorded the monetary value higher than the amount it presently requires to end poverty at national level as revenues were buoyed by high exchange rate and international prices that year, reports have shown. Africa’s largest economy produced 32.70bn barrels of crude oil valued at N118.49trn between 1961 …

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Off- grid solar will bring basic electricity services to almost 70 million more people in Asia and sub Saharan Africa A new report has confirmed that Solar is now the fastest growing energy source in the world, and is making a major impact in Africa. The International Energy Agency’s 2017 report (http://APO.af/inLXNs) on renewables forecasts that off-grid solar capacity in Africa …

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Ecobank Nigeria has announced the appointment of two new Executive Directors, Mr. Akin Dada who now heads the bank’s Corporate Banking business and  Mrs. Carol Oyedeji for Consumer Banking. The new appointments are in line with the bank’s  Roadmap to Leadership Transformation Programme which it initiated in 2016. Mr Akin Dada has over 27 years of banking experience which spans …

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