Nigerian Breweries Profit Sheds 25%, Proposes N2.58k Dividend

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Aduragbemi Omiyale Deposit Money Banks (DMBs) have been directed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc to yank off all financial institutions not licenced to hold customers’ funds from their NIBSS Instant Payment (NIP) outwards platforms. In a circular dated December 5, 2023, the agency said allowing these firms, which obtained licenses to operate as Payment Solution Service Providers (PSSPs), Switching Companies, Super Agents and others from the Central Bank of Nigeria (CBN), to collect funds from customers was in contravention of the law. NIBSS said only commercial banks and others authorised by the central bank to receive

Speaker of the House of Representatives, Mr Femi Gbajabiamila, has disclosed that the lower chamber of the parliament is considering a fresh Stimulus Bill that will ensure that Nigerians get free electricity supply for two months to mitigate the effects of the COVID-19 pandemic. According to him, the proposed bill is to help in boosting the economy through the informal sector as the country prepares for the aftermath of the coronavirus. He said the bill, which will be the second Stimulus Bill by the Green Chamber, is to be considered immediately the House reconvenes from its ongoing break, declared due

By Modupe Gbadeyanka The Lagos State chapter of the National Union of Road Transport Workers (NURTW) has been dissolved by the national leadership, with Mr Musiliu Akinsanya, otherwise known as MC Oluomo, sacked. This information was contained in a statement jointly signed by the national president, Mr Tajudeen Baruwa, and the general secretary, Mr Kabiru Ado Ya’u, of the union. In the statement, it was stated that the secretary of NURTW in Lagos, Mr Seyi Bankole, will now take charge of the organisation in the state. It was stated that the decision to remove MC Oluomo was taken at a

By Dipo Olowookere A few days ago, Ecobank Transnational Incorporated informed the investing public that its Nigerian subsidiary, Ecobank Nigeria Limited, was intending to approach the international debt capital market to source for Eurobond worth $300 million. On Thursday, the pan-African lender again issued another notice to the Nigerian Stock Exchange (NSE) to announce that the 5-year bond has been priced and was sold for 7.13 per cent. According to the disclosure, as a result of robust demand and global investors’ strong appetite for the Ecobank franchise in Nigeria, the transaction, which opened with Initial Price Thoughts (IPT’s) of 7.75

By Damilola Faustino His net worth is over $18.3 billion, he is the wealthiest man in Africa and his investment cut across different industries in the continent of Africa and other parts of the world. In the near, Arsenal fans shouldn’t be surprised if Dangote becomes the majority shareholder in your club as he hasn’t hidden his love for the club. He is arguably one of Nigeria’s most priced export to the world. He has mentored many and at the same time young Nigerian entrepreneurs want to be like him. But there is a caveat, Dangote did not get to

By Dipo Olowookere Foremost airline in Nigeria, Arik Air, has been taken over by the Federal Government through the Asset Management Company of Nigeria (AMCON). The takeover was announced by the government on Thursday following crisis rocking the company. Last December, some aggrieved workers shutdown the company due to its inability to pay them for months. Speaking on the takeover today, AMCON explained that the move is to instil sanity in the country’s aviation sector and prevent a major catastrophe. Spokesman of the agency, Mr Jude Nwauzor said, “The development will afford Arik Airlines, which is the largest local carrier

By Modupe Gbadeyanka Prestige Cosmetics Nigeria has named Nigerian actress, Belinda Effah, as its new brand ambassador from August 30, 2016, when the legal contract was signed by both parties. “She is a true definition of a prestige woman as prestige products are for vibrant, classic, confident, chic, daring, creative and playful personalities. “She is a woman of many faces, I admire her beauty and how well she interprets her roles in movies,” said Tara Adesemowo, the Managing Director Prestige Cosmetics Nigeria and Taries Beauty Lounge. “I am really excited about this endorsement and I feel very honoured by the

By Adedapo Adesanya President Muhammadu Buhari has booted two Ministers from his cabinet – the Minister of Power – Mr Saleh Mamman and Mr Sabo Nanono, the Minister of Agriculture and Rural Development. A spokesman of Mr Buhari, Mr Femi Adesina, announced the termination of their appointments on Wednesday in a statement issued in Abuja. It was disclosed that the affected Ministers were asked to leave after “subjecting our projects and programs implementation to independent and critical self-review” through sector reporting during cabinet meetings and at retreats. President Buhari said “these significant review steps have helped to identify and strengthen

By Dipo Olowookere African merchants willing to compete in global trade now have a platform to achieve this aim through a logistics company known as Topship. For an average Nigerian merchant, shipping to clients outside the country is a hassle as he has to battle with exorbitant charges, logistical uncertainties, hidden charges, uncertainty around customs clearance and various other obstacles that can make such transactions uncertain. But merchants do not have to worry about these issues as Topship said it has the necessary tools to solve international shipping problems by leveraging on technology. “We are here to solve these problems