archiveJune 2016

Academy Press plc has announced a loss of N151.8 million for the financial year ended 2016 on the heels of poor revenue and hike in operating expenses. The printing press company had declared a loss of N25.5 million in 2015, as such continued to erode dividend payment to shareholders. Academy...

By ABDUL-KHALIQ OLALEKAN A total of 58 insurance companies in the country were able to record N350 billion premiums from insurance businesses they undertook in the 2015 financial year. This was a 19 per cent increase from N249 billion posted in the 2014 financial year. Disclosing this at the 45th...

Equity trading on the Nigerian Stock Exchange (NSE) on Monday reverted to negative territory as the market capitalisation closed at N10.165 trillion from the value of N10.239 trillion with which it closed on Wednesday as investors closed the day trading with N74 billion loss. The All-Share Index closed at 29,597.79...

With marginal growth in revenue, Seven‐Up Bottling Company plc has announced 53 per cent decline in profit for the period ended March31, 2016. The company’s profit dropped from N7.1 billion in 2015 to N3.3 billion recorded in 2016 while profit before tax also slump by 53 per cent to N3.8...

A High Court of Abia State has stopped the Chief Judge of Abia State, President of the Customary Court of Appeal and any other judiciary officer, from swearing-in Mr. Uche Oga as governor. The order made today in court by Justice Ahuchaogu reads: "Upon this motion ex-parte pursuant to section...

Nigerian agricultural and allied products now have a major boost in regional and international markets following a recent harmonization of standards exercise carried out by the Africa Regional Organisation for Standardisation (ARSO). The harmonisation exercise is coming against the background of strident calls to make the continent’s agricultural sector competitive...

The Minister of Transport, Mr Rotimi Chibuike Amaechi, has said that General Electric (GE) would invest $2 billion in the country’s rail projects. He disclosed this while speaking with CNBC, stressing that the Federal Government was in search of Public-Private Partnership (PPP) funding in the Nigerian transportation sector. According to...

The Board of Directors of the African Development Bank (AfDB) approved US $300-million and US 50-million Trade Finance Loans to First Bank of Nigeria (FBN) and FSDH Merchant Bank Nigeria (FSDH), respectively. The two facilities are part of the AfDB’s broader efforts to provide countercyclical support to the Nigerian economy...

The Independent National Electoral Commission (INEC) has issued a Certificate of Return to Samson Ogah, who was declared the validly elected Governor of Abia State by a Federal High Court. The Certificate of Return was issued to Ogah today despite the appeal filed by the incumbent, Dr. Okezie Ikpeazu. The...

The Nigerian National Petroleum Corporation (NNPC) has said that its strategy to fund capital intensive projects in the upstream sector of the oil and gas industry has begun yielding fruits with the signing of a Memorandum of Understanding (MoU) with some Chinese companies worth $50 billion for infrastructure development. The...