Business

The recent report that Shell Petroleum Development Company (SPDC) has started testing the Trans-Forcados crude export pipeline for a potential restart after months of repair is expected to have positive effects on banks’ earnings, according to analysts at Lagos-based CSL Stockbrokers Limited. The analysts noted that the resumption of production may result in a reclassification of some bank loans that …

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The 2017 edition of the Offshore Technology Conference (OTC) that just ended in Houston, Texas the USA may have come and gone but, its enduring memories will linger for sometimes to come, especially for the high power delegation from Bayelsa State led by Executive Governor of the state, Honourable Seriake Dickson. The delegation that was deliberately selected for the purpose …

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Business operations at the Ikeja Hotel Plc may be taking a positive turn, just as investors may also be looking forward for a return on investment, as the board of the company has been reconstituted after a long board squabble. According to a statement posted on the site of Nigerian Stock Exchange NSE on Wednesday, Chief Anthony Idigbe has been …

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As part of its efforts to promote the recent Central Bank of Nigeria (CBN) special Foreign Exchange (FX) window, FirstBank of Nigeria Limited has engaged Small and Medium Enterprises (SMEs), on sensitisation programme to enhance operators’ accessibility of the platform. The CBN, on April 10, opened a special FX window SMEs for import of eligible finished and semi-finished items not …

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As part of its repositioning drive for higher profitability, the board of AXA Mansard Insurance Plc, on Monday announced the appointment of Kunle Ahmed Ilori as chief executive officer, subject to confirmation by the National Insurance Commission (NAICOM). Ilori, who was Executive Director Technical, before now, replaces Mrs. Yetunde Ilori, who retires as CEO with effect from July 17, 2017, …

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As part of effort to further deepen the Central Bank of Nigeria’s cashless policy, Heritage Bank Plc, has called for early lessons for teens on how to perform basic banking tasks, as a basic tools necessary for children’s financial freedom. In a statement made available to the media, the bank highlighted the importance to educate children on the cashless policy …

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Babatunde Osotimehin, UN Under-Secretary-General and the Executive Director of UN Population Fund (UNFPA) has said that it is no longer acceptable for a woman to die during childbirth. Osotimehin said this in an interview with a correspondent of the News Agency of Nigeria (NAN) on the sidelines of an award dinner organized by the Nigeria Health Foundation in Newark, U.S. …

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The Chinese government is investing tens of billions of dollars as part of an ambitious economic plan to rebuild ports, roads and rail networks. China’s President Xi Jinping has pledged $124bn (£96bn) for the scheme, known as the Belt and Road initiative. “Trade is the important engine of economic development,” Mr Xi said at a summit of world leaders in …

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Sterling Bank Plc. has been fined N8.025 million by the Central Bank of Nigeria (CBN) over varying infractions against stipulated guidelines in the banking industry. According to the bank’s annual report and financial statements, Sterling Bank incurred the wrath of the apex bank with the contravention of the debit card issuance rule with its issuance of multiple debit cards to …

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Shareholders at the  48th Annual General Meeting  of Union Bank Plc plans to  launch a rights issue in the second quarter of 2017 to raise up to Fifty Billion Naira (N50 billion) in Tier 1 capital as it looks to accelerate business growth and position as a leading commercial bank in Nigeria. The additional funding will also allow the bank …

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