Business

Union Bank Sells UK Subsidiary

January 28, 2020 5:01 pm

Union Bank of Nigeria (UBN) Plc has entered a share sale and purchase agreement to divest its 100 per cent equity stake in its United Kingdom (UK) subsidiary, Union Bank UK (UBUK) Plc.

In a regulatory filing just released at the Nigerian Stock Exchange (NSE), the board of Union Bank stated that the sale was in line with the bank’s strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.

According to the bank, following a competitive bid process, MBU BidCo Limited (MBU), an acquisition vehicle wholly owned by MBU Capital Limited (MBU Capital), was selected …

Revenue Generation: Nigerian Govt Shifts From Oil

January 28, 2020 4:59 pm

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has said as part of plans to boost Nigeria’s revenue generation, the federal government has commenced further development of mining and solid minerals sector.

Mr Elias Mbam, Chairman of the commission, in an interview with the News Agency of Nigeria (NAN) in Abuja, said this would ensure less dependence on oil.

According to him, every state in the country has one form of mineral resources or the other that can be used to generate revenue.

“We are carrying out an advocacy campaign to state and local governments to make use of …

Nestle Re-Launches Golden Morn With Soya

January 27, 2020 8:07 am

Nestle Plc has re-launched one of its flagship product, Golden Morn with soya, as part of efforts to help tackle anemia in children and women in their reproductive age.

According to the World Bank statistics, about 26 million people across the world are undernourished, a  gap Nestle has decided to fill by ensuring that  Nigerians get the necessary nourishment they require daily.

Speaking at the re-launch at its Agbara plant, its Managing Director/Chief Executive Officer, Mr. Mauricio Alarcon, explained that the company was committed to solving health-related issues associated with anemia through Golden Morn which a high quality nourishing product …

Airtel Launches 0904 Number Series

January 27, 2020 8:07 am

Airtel Nigeria has added 0904 number series to its numbering range, following the approval of the industry regulator, Nigeria Communications Commission (NCC). The telco said the new number series, which brings its growing numbering range scheme to nine, would throw up an amazing opportunity for more Nigerians to join the network with the largest and widest 4G coverage.

Aside the 0904 number range, Airtel currently has the following numbering series: 0802, 0808, 0708, 0812, 0701, 0902, 0907 and 0901.

Commenting on the 0904 number range, Airtel’s Chief Commercial Officer, Dinesh Balsingh, said: “The expansion to accommodate more telecoms customers is …

Foreign Investment: Forget Sokoto, Target ‘Shokoto’

January 27, 2020 8:06 am

“We shall not cease from exploration, and the end of all our exploring will be to arrive where we started and know the place for the first time” – T. S. Eliot (1888-1965)

There is this popular Lagos saying that people have the tendency of looking for opportunities or valuables in Sokoto when in fact, those opportunities exist in ‘shokoto’ also spelt as Sokoto, but pronounced differently. Sokoto is the Capital of Sokoto State in Nigeria which is understood to be very far from Lagos. It is about 980 kilometers away from Lagos and can take a better part …

India-Nigeria Trade Volume Hits $13.9bn

January 25, 2020 5:15 pm

Mr Abhay Thakur, the High Commissioner of India to Nigeria, said the trade volume between India and Nigeria increased to 13.9 billion US.dollars in 2018-2019.

Thakur said this at the 70th anniversary of India’s Republic and 60th year of formal diplomatic relations between India and Nigeria on Friday in Abuja.

He said that India and Nigeria had long standing relations based on mutual respects that predate independence of the two countries.

According to him, 2019 witness several milestones in the cooperation between the two countries.

”We held the first-ever bilateral Consular Dialogue and the first-ever Joint Trade Committee, both co-chaired …

AccessBET Picks Davido As Brand Ambassador

January 25, 2020 5:14 pm

Indigenous sports bookmaker, AccessBET,  has announced music star, David Adeleke, better known as Davido, as its brand ambassador.

Going forward, Davido will represent the brand’s image, as well as appear in all AccessBET’s marketing campaigns.

According to the firm, the newly forged relationship with Davido was in line with their vision to ultimately become a renowned bookmaker globally.

Read Also: Massive Voters Turnout In Bauchi Rerun Elections

This is in addition to providing best online shop and mobile betting experience in Nigeria.

Speaking on the development, AccessBET’s General Manager, Mr. Kayode Akinbo, explained that the choice of Davido was apt …

How Cryptocurrency Drives Change For Nigerians

January 25, 2020 1:19 pm
Nigerians make more bitcoin searches than any other country in the world and it can drive monumental changes within Nigeria and across Africa.

If you were told to think of the country with the most bitcoin related Google searches in the last year and also one of the bases of a renowned crypto exchange operating in 40 countries, you would probably picture Switzerland, the UK or maybe China. In fact, the country in question is Nigeria. Locals here make bitcoin searches the most frequently and host high-profile companies like Luno who offer a complete bitcoin experience.

The lure of cryptocurrency

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Recapitalisation: NIA Urges Operators On Use Of Extension

January 23, 2020 3:23 pm

The Nigerian Insurers Association (NIA) has urged insurers to take advantage of the recapitalisation extension recently announced by the National Insurance Commission (NAICOM) to prepare well for the exercise.

The Director General of NIA, Mrs. Yetunde Ilori, who made this appeal in a statement while commenting on recent developments on the sector’s recapitalisation initiative noted that by the extension, some of the initial challenges thrown up by the first date have been addressed hence, operators now have sufficient time to comply with the directive instead of having to go into the exercise without adequate preparation and diligent execution.

Ilori added …

NSE Index Rise 0.7% as Profit Taking Moderates Appreciation

January 20, 2020 6:55 am

Profit taking by some investors moderated the growth of the Nigerian stock market last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.69 per cent to close at 29,618.52. 

The gain was lower than the record 9.1 per cent posted the previous week, which was the highest weekly growth in two years. Market capitalisation added N81.8 billion to close at N15.256 trillion.

Sustained investor confidence had two weeks ago lifted the market as appetite for risk assets increased significantly following low valuations of equities. Against the backdrop of the increased demand the year-to-date growth hit …

7.5% VAT: Buhari Govt Lists Exempted Goods, Services

January 19, 2020 5:37 pm
The President Muhammadu Buhari-led government has revealed goods and services exempted from the Value Added Tax, VAT increase.

According to the details sent to NAN on Sunday from the office of the Vice President, Prof. Yemi Osinbajo, several basic food items, locally manufactured sanitary towels, pads and tuition relating to nursery, primary, secondary and tertiary education have been added to the exemption list of goods and services on the VAT.

It said that this is in a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the VAT.

VAT under the

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The Path To Grow Nigeria’s Aviation

January 18, 2020 4:37 pm

For a long time, aviation stakeholders have been expressing concern over the stagnant or retarding predicament of this massive sector, considering our natural, human and economic potentials. Perhaps based on these factors, including the $1.3 billion annually repatriated by foreign airlines, Senator Hadi Sirika put out a plan over four years ago to set up a national airline.

Various media reports said Qatar Airways and Ethiopian Airlines were jointly or separately likely technical partners. However following a mock up launch of the carrier at the Farnborough Air Show in the United Kingdom about two years, the project suffered a mild …

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