ECONOMY

Diamond Bank Post 29% Increase in Profit After Tax

Diamond Bank Plc has announced a 29 per cent increase in its profit after tax, PAT, to 28.5 billion for the full year ended December 31, 2013. The bank also stated that for the same period, it recorded a 16.7

AfDB Approves N4bn for Water Supply, Sanitation Projects In Nigeria

  The Board of Directors of the African Development Bank (AfDB) yesterday approved the sum of N3.5 billion ($205 million) for Nigeria’s Urban Water Sector Reform and Port-Harcourt Water Supply and Sanitation Project. The total project cost amounts to approximately

Nigeria to Produce 500,000 Tonnes Of Cocoa In 2024

  More good news continues to emanate from the once lucrative Nigerian Agricultural Industry. This time, the federal produce inspection service, FPIS, have announced that the country will increase cocoa production to 500,000 tonnes in the next 10 years- 2024.

Nigeria is UN’s Security Council President for April

On Tuesday, Nigeria took up the rotational presidency of the United Nations Security Council for April. Nigeria’s Permanent Representative to the UN, Mrs. Joy Ogwu, took over the role from Mr. Sylvie Lucas, Luxembourg’s representative. Ogwu stated that it is

Zenith Bank Announces Peter Amangbo GMD/CEO Designate

With Mr. Godwin Emefiele’s appointment as the Governor of the Central Bank of Nigeria, the board of directors at Zenith Bank Plc has approved the appointment of Mr. peter Amangbo as the new Managing Director/CEO-designate which is to take effect

Benefits of SME’s to the Nigerian Economy

  Small and medium enterprises are companies whose number of employee’s or output falls beneath specific digits. According to research findings, small companies are classified to have less than 50 employees, while medium sized companies are those that have employees

Senate Confirms Adelabu Deputy Governor of CBN

  Yesterday, the Senate appointed Mr. Adekola Adelabu as the Deputy Governor of the Central Bank of Nigeria (CBN). The appointment followed the consideration of the report of Senator Bassey Otu who said that the committee on banking, insurance and

Emefiele Takes Strong Naira Stance as Senate Confirms him New CBN Governor

The incumbent CBN governor, Godwin Emefiele took a strong stance some days ago in favor of the naira as the senate confirmed him. He indicated that the CBN’s exchange rate policy was right and that a devaluation of the NGN

FCMB Capital Markets Finances Nigeria’s First $65m Green Building

  FCMB Capital Markets Ltd, investment banking arm of FCMB Group Plc, has made it its business to show its real estate financing capacity by acting as the sole financial adviser and organizer of a $65 million structured debt finance

The International Space Apps Challenge, Coming to Lagos & Calabar This April

This year and for the first time, Nigeria (Lagos and Calabar) will be among the participating cities for the International Space Apps Challenge. This challenge is an annual 2-day hackathon which focuses on utilizing publicly available data-sourced from NASA’s Open

Sterling Bank Post N9.3bn Profit

  Sterling Bank Plc on Wednesday, March 26, 2014 reported a net profit of N9.3 billion for the year ended December 31, 2013 indicating an increase of 24 per cent compared with N7.5 billion reported in the 2012. The bank

Dangote Cement Achieve a Record Revenue of N386.2bn

Dangote Cement Plc, on Wednesday, March 26, 2014 announced its financial performance for the year ended December 31, 2013 with a revenue of N386.2 billion, an increase of 29.4 per cent from N298 billion in 2012. Profit before tax stood

Nigeria to Establish Grazing Reserves Across the Country

The Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina disclosed on Monday that the Nigerian government has approved the constitution of a committee to work out modalities for establishing grazing reserves for cattle grazers across the country. This step

Nigerian Banks Are Best Buys in Sub-Saharan Africa – Exotix

Exotix Limited, a United States registered broker and member of FINRA and SIPC has endorsed Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc among the top five Nigerian lenders worthy of investment. Exotix noted that the

Nigerians Support Law to Restrict and Regulate Smoking

According to the latest weekly poll released by NOIPolls Limited, majority of Nigerians have expressed support for laws that would restrict and regulate tobacco smoking in Nigeria, with more support generally from respondents who have never smoked and least support

China Slowdown Weighs Heavily on the Market

The markets opened this week with freshly disappointing news from China showing manufacturing levels have slowed for the third consecutive month. The HSBC and Markit purchasing managers index showed a reading of 48.1 in March, with anything below 50 indicating

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