Guinness Nigeria 2018 FY Results Show 249% Rise in Profit

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Modupe Gbadeyanka Three lucky customers of Skye Bank Plc., across different business locations of the Bank, have emerged winners in the on-going Skye Bank – MoneyGram “Receive n Win Promo”. The winners, which include Oladele Ojo Femi, Babatunde Sodiq and Akinmusire Seyi, emerged winners in the first monthly raffle draw of the promo and won the sum of N100,000 each. A brand new car is up for grabs at the grand finale of the promo exercise scheduled for March this year. The promo is meant to encourage increased patronage of the services of the wire money transfer franchise; and

By Modupe Gbadeyanka A British court has ruled that some Nigerian villagers from the Niger Delta cannot institute a legal action against oil giant, Royal Dutch Shell, in the United Kingdom for an alleged offence committed in Nigeria. At the ruling on Thursday, the court held that the two groups of Nigerian villagers cannot sue the oil company in London. Royal Dutch Shell was sued by the villagers over oil spill allegations in Nigeria. Residents of Bille and Ogale communities had claimed that they were affected by pollution allegedly caused by the firm. But in its ruling, the court held

By Adedapo Adesanya The Professional Insurance Ladies Association (PILA) has elected Mrs Joyce Ojemudia, the General Manager, Marketing at Linkage Assurance Plc, as its 13th President. With the election of Mrs Ojemudia, she will take over from Mrs Ose Oluyanwo and will hold the premiership of the association for the next two years. In the next two years, the new President said her priorities for the term of office are the completion of the association’s secretariat and capacity building, which are crucial in enhancing the association’s brand equity and creating a reservoir of manpower in the industry. “The completion of

By Modupe Gbadeyanka In order not to be caught unawares, some investors having shares of Diamond Bank Plc in their portfolio are beginning to offload them as a result of uncertainty over the financial institution’s future. In recent times, Diamond Bank has not been churning out good results, a development Business Post gathered has given some shareholders of the mid-tier lender sleepless nights. For example, the 2017 full year financial statements of Diamond Bank was nothing to write home about and just when some observers and investors thought things would get better in the first quarter of 2018, their expectations

By Modupe Gbadeyanka President Muhammadu Buhari has expressed shock and sorrow over the death of the Chief of Army Staff, Lt. General Ibrahim Attahiru. Mr Attahiru was killed in a military plane crash on Friday evening along with other military officers, who accompanied him to official duty in Kaduna. In a statement issued on Friday night by Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, disclosed that Mr Buhari was “deeply saddened over the air crash that claimed the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, and other military officers.” “The President condoles with

By Dipo Olowookere Customers of Airtel Nigeria have the opportunity to win N100 million in the company’s anniversary reward scheme tagged Recharge and Blow Promo, which is expected to end on December 31, 2021. The leading telecommunications services provider is celebrating 20 years of giving Nigerians a quality service delivery and to reward its customers for their loyalty, the organisation came up with this initiative. A statement disclosed that subscribers of Airtel Nigeria will be able to earn the N100 million cash reward when they increase their weekly recharge. To participate, customers are required to dial *444*4# to view details

By Dipo Olowookere The number of employees of banks operating in Nigeria involved in malpractices in the financial sector increased in 2017 to 320 from 231 in 2016, a new report by the Nigeria Deposit Insurance Corporation (NDIC) has revealed. Head of Communications and Public Affairs Unit of NDIC, Mr Mohammed Kudu Ibrahim, in a statement, lamented that the cases of fraud in the banking industry was rising and a panel would be set up to probe the affected banks. According to him, the number of cases rose by 56.3 percent last year to 26,132 compared with 16,751 recorded in

By Modupe Gbadeyanka Pan-African financial institution, United Bank for Africa (UBA) Plc, has updated its ‘terms and conditions’ clause for account opening packages. In an email sent to its customers last week, the lender explained that the update became necessary as a result of the recent announcement by the Central Bank of Nigeria (CBN) of a new regulatory framework for Bank Verification Number (BVN) and watch-list for the Nigerian financial system. The new framework would require banks to apply restrictions to accounts and BVN if fraudulent activity is associated with the operations of those accounts and BVNs, the bank said.