Business

Guinness Nigeria Plc on Tuesday presented a breakdown of its plans to raise N39, 700,688,598 by way of rights issue to its existing shareholders, the event was attended by a cross section of stakeholders including shareholders, fund/portfolio managers, regulators, auditors, issuing houses and registrars. At the company’s Extra-ordinary General Meeting (EGM) in January 2017, shareholders authorized the Board of Directors …

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The Securities and Exchange Commission (SEC) in a circular culled from its website wishes to inform all Capital Market Operators (CMOs) and Public Limited Company (PLCs) on a new executive order by the Federal Government of Nigeria to comply with the new rule of Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty. The SEC is encouraging …

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Trading on the floor of Nigerian Stock Exchange (NSE) on Monday closed on a positive note as the key market indicators sustained its appreciation which started from the first week in the month of July 2017. The All Share Index (NSE ASI) and the Market Capitalization increased by 1.86 percent, while the Year-to-Date return stood at 28.94 percent. The All …

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GE (NYSE: GE) (www.GE.com), the world’s Digital Industrial Company has announced a skill development partnership programme involving its GE Lagos Garage, the Lagos State Ministry of Wealth Creation and Employment (https://WealthCreation.lagosstate.gov.ng) and the Lagos State Technical and Vocational Education Board (LASTVEB) (http://LASTVEB.com.ng) aimed at developing the skills of students in the State in advanced manufacturing. The GE Garage Advanced Manufacturing …

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Stability is fast returning to Skye Bank Plc, as it had recorded a N60 billion recovery from its bad loan books. It also achieved a N6.2 billion cash inflow from full divestment from four local subsidiaries, and currently in the process of divesting from others, as part of strategies to weed it of unprofitable ventures and streamline operations for sustainable …

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Financial advisers, other parties to the   N58.851 billion Rights Issue of Unilever Nigeria Plc and directors of the company have held a signing ceremony for a successful issue. This followed the receipt of clearance documents from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) in respect of the Rights Issue. Unilever Nigeria wants to raise N58.851 …

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With less than six months to the implementation of the International Financial Reporting Standards 9 (IFRS-9) deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria (CBN) to move to the new financial reporting regime with effect from 1, January, 2018. The Director, Banking Supervision, CBN, Alhaji Ahmad Abdullahi disclosed this at …

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Efforts by the federal government to diversify the economy and generate foreign exchange from other sources might have started yielding the needed results as the trade statistics report by the National Bureau of Statistics (NBS), revealed that the exportation of agricultural goods grew by 82 per cent in the first quarter of 2017. The sectoral breakdown showed that proceeds from …

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nigeria’s effort to make the insurance industry perform its statutory role of mobilising funds for economic development continues to wobble as a recent report by Nigeria Insurance Digest has revealed that about 23 of the 56 insurance companies in the country recorded losses in 2015. The report obtained from NIA showed that only 33 companies were able to surmount challenges of …

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Nigeria’s Acting President, Prof. Yemi Osinbajo, will on Monday speak on food security and Nigeria’s preparedness to diversify its economy using agriculture as a lever. Prof Osinbajo leads other dignitaries and leaders from scientific research, education, and corporate organizations from African countries and beyond, in celebrating the 50th anniversary of the International Institute of Tropical Agriculture (IITA) on Monday, 24 …

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