Union Bank’s 2021 revenue touches record high of N177.3 billion but profit drops
Nigeria’s second oldest financial institution, Union Bank, attained a revenue milestone in 2021 as its gross earnings for the year hit an all-time peak of N177.3 billion, its audited financials obtained from the Nigerian Exchange showed on Wednesday. The feat rested on a more-than-double elevation in cash from recovered debt
P-Harcourt refinery to refine 60,000 bpsd by Q1 2023 — FG
Minister of State for Petroleum Resources, Mr Timipre Sylva, has said the Port Harcourt refinery was on course to resume operations by the first quarter of 2023. Sylva spoke while fielding questions from journalists shortly after the facility tour in Eleme, Rivers, on Tuesday. In 2021, the Nigerian National Petroleum
Dangote, Lafarge, others account for N3.48bn social expenditure — NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has named Dangote Group, Lafarge Africa Plc and First Patriots as the top three contributors to the mining industry’s social expenditure with N3.48 billion total spending. The figure, according to the NEITI’s latest Solid Minerals Audit report for December 2020, represents 94.6 percent
CBN approves DLM Capital’s acquisition of Links MfB
DLM Capital Group, a development investment bank, has received the final approval of the Central Bank of Nigeria (CBN) for its acquisition of Links Microfinance Bank. The approval, according to the bank, will further solidify the Group’s much awaited digital banking entrance and launch. This development transitions DLM Capital as
Imported vehicles: Customs slam 15% levy, clearing agents plan strike
CLEARING agents operating in the nation’s maritime sector may withdraw their services following the reintroduction of a 15 per cent National Automotive Council levy on imported used vehicles by the Nigeria Customs Service. NAC had in 2011 proposed 35 per cent duty differentials between imported fully-built units and locally assembled
Airtel Nigeria unveils commercial data centre to support businesses, organisations
Leading telecommunications services provider, Airtel Nigeria, on Tuesday, April 12th in Lagos unveiled its state-of-the-art Tier 3 data centre for commercial use, declaring its mission to help provide perfect uptime and peerless security for servers it houses as well as cloud services for businesses and government establishments across the country.
TalkTalk owners weigh £3bn sale as suitors come calling
Sky News has learned, that Vodafone has been weighing whether to make a potential offer for TalkTalk in recent weeks. Sky, the Comcast-owned immediate parent of Sky News, is also said to have been examining whether to make an offer for part of the Salford-head quartered group. Telecoms industry sources
Nigeria, others at high risk of debt distress, IMF warns
Nigeria and 72 other countries are at high risk of debt distress or already in debt distress, according to a new report by the International Monetary Fund, IMF. The report, titled “Restructuring debt of poorer nations requires more efficient coordination,” noted that low-income countries face fewer debt challenges today than
Ghana bans spending in foreign currencies, makes Cedi sole legal tender
The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country. The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies. According to the country’s apex
IEA members agree to release 120m barrels of oil from reserves
Member countries of the International Energy Agency (IEA) have agreed to release 120 million barrels of crude oil from their reserves, a development that is cooling global oil markets. Half of these 120 million barrels of oil have already gone into the market being part of the United States’ contribution