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Chairman of Transcorp Group and United Bank for Africa, UBA, Mr Tony Elumelu, has said Nigeria’s power sector will soon collapse if urgent action was not taken. Elumelu told CNBC Africa: “The agency of government that is responsible for making sure that this sector delivers on its potential is not doing well enough. We are owed a lot of money. …

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Banks’ assets have depreciated in the last two years, with provisions for Non Performing Loans (NPLs) hitting N856.9 billion, a financial market report has said. The report by the investment and research firm Afrinvest West Africa Plc was released yesterday. It said provisioning for the NPLs, which rose 3.1 times from N280.4 billion in December 2014 to N856.9 billion last …

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Citing the need to cut debt and make its biggest overseas acquisition profitable, India’s largest mobile-phone operator, Bharti Airtel Ltd. is considering mergers or stake sales at some of its Africa operations. The Chairman, Sunil Bharti Mittal, who stated this in an interview with Bloomberg, at the World Economic Forum in Davos, Switzerland, said some of the firm’s businesses in …

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As part of its Green Energy Project, the Bank of Industry at the weekend in Lagos launched its 1 billion naira solar energy fund to boost its off-grid electricity generation project. The fund would be made available to firms partnering with the bank in the development of solar energy services across the country. Addressing stakeholders at the event, acting managing …

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele who announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja explained that all the ten members that attended the meeting agreed to …

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Shareholders of Guinness Nigeria Plc on Tuesday approved the company’s proposed N40 billion Right Issue aimed at further growing the multinational going concerns. Specifically, at the company’s held Extra-Ordinary General Meeting (EGM), which saw both local and representatives of international shareholders in attendance, other resolutions of the company were passed. Speaking at the meeting, the Chairman Guinness Nigeria Plc, Babatunde …

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Oil prices rose on Tuesday on evidence the global market was tightening as lower production by OPEC and other exporters drained stocks. Meanwhile, an increase in drilling in the United States could keep a lid on prices. Benchmark Brent crude was up 40 cents at 55.63 dollars a barrel by 0840 GMT. U.S. light crude was 40 cents higher at …

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Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has issued its maiden Sukuk, the highest-rated ever Sukuk issuance from an African institution. Following high levels of investor interest, the initial target of US$100 million was more than twice oversubscribed, resulting in the transaction being upsized to US$150 million and a final order book of …

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Indications have emerged that the MTN Group will not list the shares of its Nigerian unit on the Nigerian Stock Exchange (NSE) in 2017. This was made known by the Chief Executive Officer, Phuthuma Nhleko, at the annual meeting of the World Economic Forum in Davos, Switzerland. “We see ourselves as a partner to governments in Africa because it is …

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