OTHER BUSINESSES

The Federal Government has reached an "outline settlement" worth $5 billion with five oil majors to cover outstanding payments for joint exploration and production, the Financial Times said on Tuesday. The OPEC member's state oil firm NNPC has over years piled up unpaid bills, so-called cash calls, that it was...

Dangote Group said on Tuesday that its investments on new projects on agriculture, sugar, oil refinery and fertilisers would create additional 250,000 employment opportunities for Nigerians when completed. According to News Agency of Nigeria (NAN) report, the projects, sited in some states, including Jigawa, Taraba, Kano and Kogi, according to...

  By Abdul Olalekan Participants at the just concluded training organised by the National Pension Commission (PenCom) for Insurance, Pension and Labour Correspondents and Business Editors in Calabar, Cross Rivers State, said there is low level of awareness on the Contributory Pension Scheme (CPS), calling on relevant stakeholders to improve...

  By ABDUL OLALEKAN Insurance companies in Nigeria have agreed to, henceforth, use a uniform technology to render insurance services to Nigerians. This, it was learnt, is to reduce the heavy cost most insurers incur on procurement of technology for their day to day operations. To this end, the insurance...

Twenty seven ships laden with petroleum products, food items and other goods are expected to arrive Lagos Port Complex and Tin-Can Island ports in Lagos between Monday, 7th and 23rd November, 2016. Eight of the vessels would berth with petro, diesel and aviation fuel. According to the Nigerian Ports Authority...

A number of deep seaport projects planned by prospective private and state government ownerships across the country, may not get approval from the Nigerian Ports Authority (NPA). The Managing Director of NPA, Hadiza Usman said no seaport would be approved pending the outcome a 25-year port master plan which the...

…offers pocket friendly prices Companies under the staple of Nigeria’s foremost indigenous conglomerate, Dangote Group are adding colours to the ongoing Lagos International Trade Fair with an array of edible goods on display. Companies in the group offering consumer goods at the fair are Dangote Sugar Refinery, NASCON Allied Industries...

Africa’s top tomato paste maker, Chairman of Erisco Foods, Chief Eric Umeofia, has set machinery in motion to set up manufacturing concerns in four additional African countries—Kenya, Cameroon, Cote d’Ivoire and Ethiopia. The venture into four other African countries is fallout from Umeofia’s decision to close shop in Nigeria. Umeofia,...

By Abdul Olalekan Despite the harsh economic operating environment, Law Union & Rock Insurance Plc has recorded N610 million Profit before Tax (PBT) for the third quarter of 2016. The company also grew its assets by 1.34 per cent from N9.1billion it was in the third quarter of 2015 to...

…Opens Abuja office An indigenous soft furnishing company, Rosemary’s Showroom, has increased the amount of local content contained in its production of various products. The company made a u-turn from its hitherto production formula when over 65 per cent of its raw materials were sourced from abroad. Mrs Ezinne Kufre-Ekanem,...