OTHER BUSINESSES

Samsung Electronics said it expects profits to soar by nearly 50 percent in the December quarter, as strong memory chip prices push earnings to their highest point in three years despite a smartphone recall fiasco. The world's largest memory chip and smartphone maker estimated its operating profit in the October-December...

Organisations of Petroleum Exporting Countries’ (OPEC) crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as...

By Abdul Olalekan FBNInsurance Limited has provided a Group Family Shield cover valued at N14.5 million for members of the National Association of Insurance and Pension Correspondents (NAIPCO). This, the insurance firm said, was part of its Corporate Responsibility and Sustainability (CR&S) drive. Speaking during the official presentation of the...

Nigeria's crude oil exports are on track to edge higher in February, due in part to deferred January cargoes, loading program compiled by Reuters showed on Wednesday. According to Reuters’ report, the loading program of 1.62 million barrels per day (bpd) on 50 cargoes comes despite only three cargoes of...

By Abdul Olalekan The Managing Director, Anchor Insurance Limited, Mr. Mayowa Adeduro, has urged the Federal Government to diversify the nation's economy through tourism and agriculture. Adeduro, in an exclusive interview with Business 247 News Online in Lagos, noted that tourism is a lucrative industry that can generate trillions of...

  By Nkem Ndem With over 100 million active users and 400 million snaps per day, the social media platform is one of the fastest-growing social networks in the world, and even though it caters mainly to a younger demographic (18 -34 years), it is becoming an essential part of...

Nigerian National Petroleum Corporation (NNPC) has awarded its 2017 crude oil term contracts to 39 companies, the company said on Tuesday. According to Reuters’ report, the contracts covering about 1.31 million barrels per day (bpd) of crude oil were awarded to 18 Nigerian companies, 11 international trading houses, five foreign...

The Nigeria Export Processing Zones Authority (NEPZA) has granted license to Nigeria’s largest and most ambitious Free Trade Zone and Mega Port project – the Maritime Africa Economic City otherwise known as the Badagry Free Zone. The license was handed over to the Project Director of the Zone, Mr. Patrick...

By Abdul Olalekan The Lagos State Government has remitted N75 billion as pension contributions from both employees and employer (being the Lagos State) to some Pension Fund Administrators(PFAs) across the country. The Commissioner of Establishments, Training and Pensions, Lagos State, Dr. Benson Akintola, who stated this at the 34th Retirement...

The Nigerian Postal Service (NIPOST) has submitted a new bill for the amendment of the Stamp Duty Act, 2004 to the National Assembly. According to sources at the national Assembly, the bill is aimed at modifying certain ambiguities in the act and legalising all collections through commercial banks from January...