Business

The Nigerian Civil Aviation Authority (NCAA) has conducted a random alcohol and drug tests on licensed aviation personnel in the industry. This exercise was in compliance to a directive from the Director General, Capt. Muhtar Usman. It was duly communicated in an Advisory Circular NCAA – AMS – 004 titled “Drugs and Alcohol Policy for Air Operators Certificate holders, Air …

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Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released on Monday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The report pegs illicit financial outflows at 4.2-6.6 percent of developing country total trade in 2014, the last year for which comprehensive data are …

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Oando Plc’s growth strategy across its business operations; deleverage through the divestment of non-performing assets; and profitability, by focusing on dollar denominated export earnings has steadily paid off as it records N1.7billion profit in Q1 2017. The company’s turnover grew by 116% to N138.4 billion and gross profit by 53% to N13.4 billion compared to the first quarter of 2016. …

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Ecobank Nigeria limited has reaffirmed its digital transformation agenda enabling its customers depend more on its digital platforms to do their daily banking activities, thereby reducing the need to go to branches. By this development the bank will have enhanced services leveraging more on its digital channels. The Managing Director of the Bank, Charles Kie says the move is part …

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It has emerged that financial services within Nigeria’s digital economy could add US$88 billion and create over 3 million new jobs over the next 10 years. This comes as Ministers from developing countries namely Nigeria, Mexico, Kenya, Argentina, Colombia, Sri Lanka, Uruguay, Chile, Costa Rica Pakistan under the auspices of Friends of E-Commerce for Development (FED) resolved to put forward …

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The Nigerian Stock Exchange (NSE) and London Stock Exchange Group (LSEG) have announced the renewal of their strategic capital markets partnership agreement at the NSE office in Lagos on Thursday. The renewal extends the original 2 year partnership agreement between the NSE and LSEG, allowing the two Exchanges to build on the progress achieved to date. First signed in November …

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Access Bank Plc has reported an impressive first quarter profits raising hopes among investors about the Bank’s determination to be the world’s most respected African bank. The Bank’s unaudited financial results for the first quarter (Q1) ended March 31, 2017 showed an increase of 38% in Profit before Tax, which rose to N31.2 billion when compared to ₦22.6 billion in …

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Diamond Bank Plc has reported a profit after tax of N3.498 billion for the year ended December 31, 2016. The lender’s financial results filed with the Nigerian Stock Exchange on Monday showed that the 2016 after-tax profit was lower than the N5.656 billion posted in 2015 by 38 percent. The bank’s state of health also showed that in the cause …

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The Bank of Agriculture (BOA) says the poor attitude of farmers toward loans repayment has impacted negatively on the operations of the bank. Mr Ibrahim Alamba, the Zonal Manager (North Central) of the bank, told News Agency of Nigeria (NAN) in Abuja on Monday that most farmers viewed the bank loans as part of their share of the nation’s resources. …

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As part of its regular business portfolio review, Dangote Flour Mills (DFM), has exited its noodles business as it does not consider it strategic. The company has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles. To smoothen the transition, DFM has offered Dufil the use of some of its facilities on an interim basis. …

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