The Chairman, Davodani Microfinance Bank Limited, Prince Austin Enajemo-Isire, has said the organisation has continued to expand, with assets of over N2bn. He said this during the official opening of its newest branch in Computer Village, Ikeja, Lagos State. “Currently, the total assets and balance sheet footing of the bank is in excess of N2bn,” he said. According to him, part of the bank’s strategic business expansion objectives is to be an exceptional leader. He said that the choice of Computer Village to extend its banking services to all small and medium enterprises was important because of the tremendous opportunities…
Author: Temitope N.
Private jet owners risk having their airplanes impounded by the Nigeria Customs Service if they fail to verify their documents before July 6, 2021 when a month grace period would have expired. The Public Relations Officer of NCS, Joseph Attah, disclosed this on Monday in Abuja at a media briefing to update the public on the ongoing audit of privately-owned aircraft operating in Nigeria. Attah said, “Within two weeks into the 30 days’ verification period, only six owners of private aircraft have responded to the invitation, necessitating this update and reminder to those who have not responded, to do so…
International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth. A statement by the organisation on Monday said that the marketing campaign would celebrate the super powers of Nigerians who commited their time and efforts to two or more jobs, and were successful at each one of them. It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the…
The Managing Director of Julius Berger Nigeria Plc, Dr Lars Richter, has assured that work is underway to deliver on major roads currently under construction by the company across the country. Richter said this during the company’s 51st Annual General Meeting at the Shehu Musa Yar`dua Centre, Abuja. According to a statement issued by the company on Monday, Richter said the company had performed well despite the impact of the COVID-19 pandemic. He said, “Despite the numerous challenges faced last year, stemming from the COVID-19 pandemic, related lockdowns and subsequent economic crisis, Julius Berger achieved a very good performance in…
A total of 17 manufacturers of electricity meters are demanding an increase in the cost of the commodity following the rise in inflation and foreign exchange rates, among other economic variables. The meter producers under the aegis of Meter Asset Providers resolved at the end of a meeting that the Nigerian Electricity Regulatory Commission should carry out an upward review of the current price of prepaid meters across the country. In a communique issued after the meeting and made available to our correspondent in Abuja on Monday, the MAPs listed the upward review in meter price as the first resolution…
The National Labour Congress has joined the world in celebrating the second anniversary of the Violence and Harassment Convention, C190. In a statement signed by Acting General Secretary, Ismail Bello, and released on its website on Monday, the labour union said it has reactivated the National Labour Advisory Council of Nigeria. “One of the major achievements is the reactivation of the National Advisory Council of Nigeria which has been dormant for the last seven years. However, due to the sustained struggles and advocacy by the National Labour Council, the body was reconstituted and inaugurated in March 2021, to…
Operators in the telecommunications industry are seeking special consideration to enable them get access to more foreign exchange. Some industry stakeholders who spoke to our correspondent said operators were struggling to get foreign exchange, and this had been responsible for some drop in service quality. The President of Association of Telecommunications Companies of Nigeria, Ikechukwu Nnamani, said in a telephone interview that stakeholders were seeking special intervention from the Central Bank of Nigeria. He said, “Lack of forex to telcos is an open secret. Forex is scarce in the country, and it affects the telco subsectors. “We have been asking…
Air Peace yesterday received the third of its brand new Embraer 195-E5 aircraft at the Nnamdi Azikiwe International Airport, Abuja and disclosed that it would receive all the 13 aircraft it ordered from the Brazilian plane marker before the end of 2022. The airline said that it would create about 17,000 jobs with the total of all its aircraft fleet. Chairman and Chief Executive Officer of Air Peace, Allen Onyema made this known in a speech just before the aircraft touched down at the Abuja airport from the Embraer facility in Sao Jose Dos Campos, Brazil. “We have paid for…
British Airways (BA) diverted its Lagos-bound flights to Abuja airport over ‘non-functional runway lights’ at the Lagos airport. In a message sent to his passengers on Friday, BA said it was due to local ‘infrastructure issues’ in Lagos. “BA075 Lagos – We’re very sorry your flight to Lagos had to divert to Abuja due to local infrastructure issues in Lagos. Your new estimated departure time is on 19th June at 12:00 local time, arriving into Lagos at around 13:30 local time,” a statement from BA to customers, reads “Transport from the hotel will depart for the airport at 08:00 local…
PayPal said Friday it is raising fees for some of its newer products “to better align our pricing with the value that our products and services provide,” according to a blog post by senior vice president Dan Leberman. The changes will affect how much PayPal merchants pay per transaction, and take effect August 2nd. “PayPal has become more than just a button or payment processor to be a full commerce platform capable of driving growth for businesses,” according to the blog post. “Consumers are nearly three times more likely to complete their purchase when PayPal is available at checkout.” In…
The Nigerian Exchange has halted trading in the shares of Guaranty Trust Bank (GTB) Plc, as the bank moves to its transition to a holding company. The transaction is to enable Nigeria’s biggest lender by market value consolidate its businesses into a single group, set up payments and asset management subsidiaries. “The suspension is necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX,” the…
The Debt Management Office (DMO) says it will auction N150 billion federal government bonds to investors on Wednesday, June 23, 2021. The agency made the announcement in a circular published on its website on Friday. The auction comprises three bonds valued at N50 billion each. It includes a 10-year reopening bond to be offered at the rate of 16.2884 percent with maturity date of March 2027, a 15- year reopening bond to be offered at 12.5 percent with maturity date of March 2035, and a 30-year reopening bond to be offered at 12.98 per cent and mature in March 2050.…
The Independent Corrupt Practices and Other Related Offence Commission (ICPC) and the Nigerian Shippers’ Council (NSC), the Nigerian Ports Authority (NPA) and other ports agencies, has inaugurated a Port Standing Task Team (PSTT) in the Eastern Ports of Port Harcourt and Onne as part of the on-going collaboration to ensure the full implementation of the Nigerian Ports Process Manual (NPPM). The PSTT, which is made up of officers of the ICPC, the NSC, the NPA and the Directorate of State Services (DSS), was charged with the primary duty of ensuring that standard procedures were followed in carrying out transactions…
The Management of the United Nigeria Airlines on Wednesday signed a Memorandum of Understanding (MoU) with the Government of Bayelsa State for the commencement of direct scheduled flight operations through the Bayelsa International Airport. The sealing of the agreement was made known in an official statement issued Wednesday signed by the airline’s Head of Corporate Communications, Achilleus-Chud Uchegbu, which was made available to newsmen. According to the terms of the agreement, United Nigeria will operate four daily flights in and out Bayelsa International Airport. United Nigeria will service the Bayelsa International Airport daily from the Murtala Muhammed…
The Minister of Transportation, Rotimi Amaechi, has explained why the Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman, was suspended. On if she (Bala-Usman) might return back to her position as the Managing Director, Amaechi said, “I don’t know; only the President can make that decision.” Amaechi, who spoke on Wednesday when he featured on “Politics Today,” a Channels Television programme, noted that Bala Usman was asked to step aside for proper investigation into the activities of NPA. Newsmen report that an 11-man panel of inquiry has been set up to probe the activities of the Nigerian Ports…
The National Union of Road Transport Workers (NURTW) has distanced itself from the alleged nefarious activities of the Park Management System (PMS) in Oyo State. This is contained in a statement signed by its Deputy General Secretary, Alhaji Suleiman Musa, and made available to newsmen on Friday in Ibadan. Newsmen report that the union, in the statement, was reacting to reports labeling it with atrocities allegedly committed by the PMS. The NURTW said that Alhaji Mukaila Lamidi, popularly known as Auxiliary, who was appointed by Gov. Seyi Makinde to lead the PMS, had been expelled from the union since 2011.…
Trading activities on the Nigerian Exchange rebounded on Wednesday with a gain of 0.15 per cent due to interest in MTN Nigeria Communications (MTNN). Specifically, the All-Share Index increased by 57.41points or 0.15 per cent to close at 38,564.70 from 38,507.29 achieved on Tuesday. Consequently, the month-to-date return increased to 0.3 per cent, while the year-to-date loss moderated to 4.2 per cent. Similarly, the market capitalisation rose by N30 billion or 0.15 per cent to close at N20.099 trillion against N20.069 trillion posted on Tuesday. The market upturn was driven by price appreciation in large and…
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the country earned a total sum of $34.22 billion from the oil and gas sector in 2019, an increase of 4.88 per cent over the $32.63 billion revenue netted from the sector in 2018. A breakdown of the earnings, contained in the just-released 2019 oil and gas industry audit report, showed that payments by companies accounted for $18.90 billion, while flows from federation sales of crude oil and gas accounted for $15.32 billion. From 2010-2019, the aggregate financial flows from the oil and gas sector to government, according…
The Nigerian economy has started gradual recovery from the negative effects of the COVID-19 global pandemic, the International Monetary Fund (IMF) has said. This was the outcome of an IMF team led by Ms. Jesmin Rahman after its virtual meetings with the Nigerian authorities from June 1-8, 2021 to discuss recent economic, financial developments and outlook. A statement issued by Ms. Rahman on Thursday said: “The Nigerian economy has started to gradually recover from the negative effects of the COVID-19 global pandemic. “Following sharp output contractions in the second and third quarters, GDP growth turned positive in Q4 2020 and…
The Italian justice ministry has ordered an inquiry into the conduct of two prosecutors in the long-running OPL245 corruption case involving energy groups Eni and Shell in Nigeria. Reuters reported Tuesday that Milan prosecutors Fabio De Pasquale and Sergio Spadaro were placed under official investigation by magistrates earlier this month. The report said they were accused of allegedly not filing documents that would have supported Eni’s position. The Malabu scandal involved the transfer of about $1.1 billion by Shell and ENI through the Nigerian government to accounts controlled by a former Nigerian petroleum minister, Dan Etete. From accounts controlled by…