Category Archives: Business News

Dangote shares success story with foreign investors

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Africa’s richest person, Aliko Dangote, has attributed his resolve to achieve self-sufficiency in commodity manufacturing through the strategy of backward integration as key to the success of his business. Speaking during a public conversation at the Financial Times’ 4th Annual Africa Summit at Claridges, London, United Kingdom, moderated by the Editor-in-Chief of Times, Lionel Barber, […]

CBN forex supply hits $390m in one week

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The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar. The CBN on Tuesday, last week, intervened in the interbank forex market with the sale of $195m. Figures released by the bank on Monday showed […]

50 million Nigerians have no electricity, says Osinbajo

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Vice President Yemi Osinbajo on Monday said 50 million people out of the nation’s 180 million population have no access to electricity. “Nigeria’s 180 million people, over 50 million have no power,” Osinbajo said in his keynote address at the Financial Times Africa Summit holding in London. The Vice President told the gathering that as part of […]

Bid for Lafarge audit job was competitive – EY

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Consultancy firm, Ernst & Young (Nigeria), has said that the bid process for the external auditor assignment of Lafarge Africa Plc was competitive. EY, in an email post said, “The selection of external auditor by Lafarge Africa was through a competitive selection process where EY, the existing auditor, was replaced by another Big 4 firm.” […]

Stanbic IBTC to boost pension growth

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Stanbic IBTC Pension Managers Limited has said it will partner other stakeholders in the industry to help Nigerians to retire well. The PFA said this during the fifth edition of its employers’ forum, with the theme, “Partnering to deliver excellent pension administration services,” in Ibadan, Oyo State. According to a statement from the firm, the […]

Exit from recession spurs N1.05tn stock market investment

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With the exit of the Nigerian economy from recession in the second quarter of this year, investors’ positive sentiment towards the stock market has received a boost, STANLEY OPARA writes After the country exited its 18-month economic recession in the second quarter of this year, the confidence of local and foreign investors has made a huge leap, […]

We’ll not burden Nigerians with unserviceable debts – Adeosun

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The Minister of Finance, Mrs. Kemi Adeosun, has said the thought of saddling future generations with unserviceable debts is not part of the President Muhammadu Buhari-led administration’s agenda. Adeosun stated this in an article entitled, ‘The debt debate: Deconstructing the debt story’, in which she explained the debt history, the short-term strategy and the medium […]

Farmers record 27 tonnes/ha on improved weed control

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On-farm demonstrations in Ogun State under the International Institute of Tropical Agriculture- managed Cassava Weed Management Project have produced average yields of 27 tonnes per hectare, surpassing the national average of about eight tonnes/ha. A statement from the IITA on Thursday noted that the demos were conducted in 2016 in the three senatorial districts of […]

9mobile to boost SMEs

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A telecommunications company, 9mobile, is set to empower the Small and Medium-scale Enterprises in and around Lagos at its quarterly business networking and empowerment platform, Market Access. Market Access organised in partnership with the Enterprise Development Centre of the Pan Atlantic University is a platform for the SME owners to interact with large corporations with […]

Erisco, Asian firms plan tomato factory in Katsina

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The management of Erisco Foods has announced that it will collaborate with some Asian firms to build a tomato factory to be used as a base for exportation of tomato paste to all African countries. The Chief Executive Officer, Erisco Foods, Chief Eric Umeofia, stated this in Lagos on Wednesday at a press briefing. He […]