Capital Hotels Shareholders to Meet Over N11.3bn from New Investor

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Adedapo Adesanya The week opened with the bulls retaining their presence on the floor of the NASD Over-the-Counter (OTC) Securities Exchange following a marginal 0.01 per cent rise. The bullish outcome came on the back of the growth recorded by NASD Plc as its equity went up by 51 kobo or 9.1 per cent to close at N5.61 per unit compared with N5.10 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by 0.07 points to 737.94 points from 737.87 points, while the market capitalisation gained N60

By TheCable General Electric (GE) withheld tax in excess of $3 million from its payments to Arco Group Plc, a Nigerian oil servicing company, according to documents seen by TheCable. There is strong evidence backing Arco’s allegation, but GE has told TheCable it would not comment “for confidentiality reasons”. In one of the documents, Arco claimed that GE deducted 10% as withholding tax for a contract between 2006 and 2015 as against the 5% stipulated by Nigerian laws. GE, a multinational company operating in the Nigerian oil and gas sector, had engaged Arco for the supply of local personnel. “Our

By Modupe Gbadeyanka Chief executive officer of Union Bank of Nigeria Plc, Mr Emeka Emuwa, has expressed the willingness of the lender to continue to work hard to recover some of its bad loans. Mr Emuwa made this disclosure while commenting on the financial statements of the bank released last week for the period ended June 30, 2018. In the company’s earnings analysed by Business Post, the financial institution trimmed its non-performing loans (NPL) down to 10.8 percent from 14.9 percent as at March 31, 2018 and 19.8 percent as at December 31, 2017. According to the results, the lender

By Dipo Olowookere One of Nigeria’s largest financial services institutions, Access Bank Plc, has been recognised as ‘Bank of The Year – Nigeria 2016’ by The Banker Magazine, a publication of the Financial Times Group. The announcement was made at the 17th annual Bank of the Year awards black-tie dinner held recently in London and attended by senior bankers from around the world. The award celebrates Nigeria’s most inventive bank taking into consideration its comprehensive earnings data, asset and Tier 1 capital growth, and returns on equity. The Banker editorial team also looked for evidence of banks setting new standards

By Modupe Gbadeyanka Recently, some female entrepreneurs in Nigeria were put through some business expansion strategies by Keystone Bank Limited in partnership with EcsCorps Resources Limited. This was part of efforts to ensure that female small business owners can grow their ventures into corporations, which will, in turn, stimulate huge economic activities like job creations and others. The beneficiaries, over 100 women drawn from across the country, had the opportunity to learn from various experts at a virtual event themed The Incubator Reality: Female Entrepreneurs’ Forum. The role of the Micro, Small, and Medium Enterprises (MSMEs) in economic development cannot

By Dipo Olowookere Reports reaching us indicate that the Public Relations Manager of Gotv at MultiChoice Nigeria, Ms Efe Obiomah, has left the company. Ms Obiomah quit MultiChoice after nearly four years with them. She joined the company in 2013 from Etisalat. In an email to her friends, the talented PR Executive said, “I thought I should take a moment to let you know that I am leaving MultiChoice to take up an exciting new role.” She further said, “It’s been pleasurable working with you during my time here (GOtv). Through your support, we have built the GOtv brand into

By Modupe Gbadeyanka A Nigerian billionaire businessman, Mr Kessington Adebutu, otherwise known as Baba Ijebu, is bereaved because of the death of one of his wives, Mrs Rosemary Adebutu. Mrs Adebutu was said to have died on Saturday after showing signs of malaria and was taken to the hospital for treatment, where she was confirmed dead. According to Street Journal, the wife of the Premier Lotto Chairman breathed her last on Saturday morning from coronavirus complications. It was reported that before complaining of fever, she was hale and hearty. However, when she was reportedly monitored and things were not looking

By Anthony Elikene Wikipedia says “Climate Change occurs when changes in earth’s climate system result in new weather patterns that remain in place for an extended period. This length of time can be as short as a few decades to as long as millions of years.” In a simpler explanation, Climate Change is the rise in average surface temperatures on earth. Also called Global Warming, Climate Change is the biggest threat to the world and mankind – this is beyond the environment. What causes Climate Change? The western Public Relations firms and media have developed several explanatory narratives that seek