Business

Flour Mills of Nigeria Plc (FMN) has obtained requisite regulatory approvals to acquire a 71.69 percent stake in Honeywell Flour Mills Plc (HFMP), formerly a portfolio company of Honeywell Group.

The company made this known in a statement by its Corporate Communications Officer, Mrs Modupe Thani, on Saturday in Lagos.

According to the statement, the company also acquired a 5.06 per cent stake in HFMP held by First Bank of Nigeria Limited.

The transaction, which has now been consummated by the parties, is aimed as creating a strong national champion for Nigeria’s food industry.

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Seplat Energy Plc, which is a leading Nigerian independent energy company which has been listed on both the Nigerian Exchange Limited and the London Stock Exchange, has boosted its revenue to ₦100.6 billion, from ₦57.9 billion, which has indicated an increase of 58.6 per cent.

In its unaudited results for the three months ended 31 March 2022, the company also recorded a rise in profit before tax by 197.8 per cent to ₦34.7 billion from ₦10.6 billion year-on-year, adding that cash generated from its operations amounted to ₦74.4 billion from ₦1.7 billion year-on-year, rising by 197.8 per cent.

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Guinness Nigeria which is a subsidiary of Diageo Plc, and the leading total beverage alcohol company in Nigeria has posted a boosted Profit After Tax of ₦15,278,335,000 billion for its third-quarter period ended March 31, 2022.

The company in a statement issued on Thursday said the amount represents a 731 per cent growth over same period in 2021.

The statement said Guinness Nigeria also reported a revenue of ₦159,444,503 which represents a 39 per cent growth over the same period last year.

‘The results show an impressive performance and a significant improvement when compared to the same period last year.’

MTN Nigeria and Pan-Atlantic University (PAU) on Wednesday announced the launch of the MTN Media Innovation Programme (MTN MIP) to be run by PAU’s School of Media and Communication (SMC).

The Chief Executive Officer of MTN Nigeria, Mr Karl Toriola, said that the six-month, fully funded fellowship for Nigerian media practitioners was designed to support the sustainable development of the nation’s changing media landscape.

Toriola said at the event tagged ‘Brunch with Karl’ that the fellowship was open to media practitioners across the spectrum, including print, electronic, online platforms and social media content creators.

He said that the course was …

The Central African Republic has adopted bitcoin as its official currency alongside the CFA franc. The country has also legalised the use of cryptocurrencies, the presidency announced on Wednesday.

The National Assembly voted “unanimously” and considered the law governing cryptocurrency in the Central African Republic” and President Faustin Archange Touadéra promulgated it. The Minister of State and Director of Cabinet of the Presidency, Obed Namsio said in a statement.

On 7 September 2021, El Salvador became the first country in the world to adopt bitcoin as a legal tender and the International Monetary Fund (IMF) immediately denounced the decision …