Business

Securities and Exchange Commission, SEC, yesterday, disclosed that it has set aside N5 billion as seed capital for the take off of the proposed Nigerian Capital Market Development Fund, NCMDF. The Commission also warned that it would henceforth prosecute investors using false identity for share subscription. The apex capital market authority also indicated that its shares dematerialization programme has run …

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Troubled British telecoms giant BT said Thursday it will axe 4,000 jobs worldwide in a new cost-cutting drive, after posting sliding profits in a “challenging” year. The positions will be cut across three divisions, which comprise global services, group functions, and technology, services and operations, BT said in its annual results statement. The group, which currently employs 102,500 staff and …

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The nation’s external reserve on Monday dropped by $50 million, the first time in six weeks. Since March 28th, the external reserve has been on the upward trend rising from $30.3 billion to $30.983 billion Friday last week. Data posted by the CBN on its website show that the rising trend was halted on Monday, when the reserve dropped to …

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tt6 The N2billion long-term facility Heritage Bank Plc and Central Bank of Nigeria gave to Triton Aqua Africa Limited (TAAL), under the Commercial Agriculture Credit Scheme (CACS), has continued to boost job creation. The Managing Director of Heritage Bank Plc, Ifie Sekibo, who disclosed this at the weekend, led a team of the bank’s senior management on fact-finding mission the company’s …

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Executive Director Commercial of NASCON Allied Industries Plc, Fatima Aliko Dangote has expressed delight at the expected significant increase in both turnover and profitability of the company, as a result of the proposed new products, to be released to the market before the end of this year. In a chat with select media men on Tuesday, Fatima said the arrangements for …

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Economic growth in sub-Saharan Africa should recover slightly to 2.6 per cent this year after a more than two-decade low in 2016 as commodity exporters face lower prices, the International Monetary Fund said on Tuesday. The slight rebound will be driven by a recovery in oil production in Nigeria, higher public spending ahead of elections in Angola, and the fading …

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Power generation has risen from 3,161 megawatts, MW to 3,578 MW over the weekend as Electricity Generating Companies; GENCOs continue to increase generation after the recent system collapse. This showed 9,222MW below the nation’s 12, 800 estimated daily national demand, meaning that many individuals, households and companies did not have constant and adequate supply in all parts of the nation. …

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The Naira on Monday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425. At the Bureau De Change (BDC) window, the Naira …

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Olabode Adaramola The nation’s drive towards self -sufficiency in Sugar production will soon be attained as Dangote conglomerate concludes plans to establish a $450 million Sugar refinery plant in Niger State The Managing Director of Dangote Sugar Refinery Company, Engineer Abdullahi Sule disclosed this to news men  in Minna, the Niger State capital after a brief meeting with the State …

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The board of directors of Custodian and Allied Plc has received the approval of shareholders to raise additional capital that will support the company’s business. This was one of the major highlight of the resolutions that was passed by shareholders at the company’s 22nd Annual General Meeting in Lagos. Other resolutions that got shareholders endorsement includes the increase in the …

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