Lafarge Africa Grows Q1 2020 Profit by 153%

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Dipo Olowookere The board of Stanbic IBTC Holdings Plc has informed investing public and the Nigerian Stock Exchange (NSE) that its closed period will commence shortly. In a notice to the stock market regulatory agency on Monday, the company disclosed that the closed period will begin on Saturday, December 1. 2018. According to the statement signed by the company’s secretary, Chidi Okezie, the closed period to end until the release of the 2018 full year financial statements. “In accordance with the provisions of Rule 17.18(b) of the Nigerian Stock Exchange Rule Book (the Rules), we would like to notify

By Adedapo Adesanya Following the new launch of its subsidiary in Paris, France, Access Bank says it is committed to strengthening cross-border trade and investment between Africa and the world, connecting businesses to opportunities within the continent as Africa’s gateway to the world. The launch of Access Bank’s Paris subsidiary marks a significant milestone in the bank’s global expansion strategy. In a statement, the bank said this move would enable Access Bank to expand its operations in Europe, strengthen its international presence, and deepen its relationships with global clients while serving as a hub for supporting the bank’s growing trade

By Dipo Olowookere Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, has increased his stake in the pan-African financial institution. The serial entrepreneur recently purchased additional 62.6 million shares of the company at the Nigerian Stock Exchange (NSE). According to a notice of share dealing by an insider released by the lender, Mr Elumelu acquired the new stocks through one of the firms he has interests in, Heirs Holdings Limited. The Delta State-born former banker bought the additional equities at an average price of N6.20 per unit in three tranches, the statement said. In the disclosure, UBA

By Dipo Olowookere The emergency health director at the International Rescue Committee (IRC), Dr Michelle Gayer, has said that despite a quick international response to the Ebola outbreak in the Democratic Republic of Congo (DRC), there is a high risk of spread at the national and regional level. To prevent this from happening, more funding is needed for preparedness efforts in surrounding countries, including Nigeria, to ensure responding teams are ready to act. “Tackling this outbreak is a fight on multiple fronts. Mbandaka is easily connected to Kinshasa and neighbouring countries like Central African Republic. So preparedness work, now, is

By Modupe Gbadeyanka General Overseer of Freedom For All Nations (FANO), South Africa, Prophet Samuel Akinbodunse, has said the 2019 presidential election holding next month in Nigeria will not be won by either President Muhammadu Buhari or his main opposition, Mr Atiku Abubaker. In his prophesies for 2019, the Nigerian cleric said the February 19 poll would be surprisingly won by a candidate having an ‘S’ in his name. The FANO TV chief said God revealed to him that a youth has been chosen to become President of the most populous black nation in the world. “I am a bit

By Modupe Gbadeyanka President Muhammadu Buhari is departing Abuja on Sunday, May 16, 2021, to Paris, the French capital, to participate in the African Finance Summit. Mr Buhari will be in the European country for days and would use the opportunity to have talks with his French counterpart, Mr Emmanuel Macron, on other matters, including security. The African Finance Summit is focused on reviewing the African economy, following shocks from the Coronavirus pandemic, and getting relief, especially from increased debt burden on countries. It is hosted by Mr Macron and will draw major stakeholders in the global finance institutions and

By Dipo Olowookere Lagos State Governor, Mr Akinwunmi Ambode, has stated that the efforts of his administration to make the state the investment hub of West Africa can achieve accelerated success if there is equity, respect for the rule of law and quick dispensation of justice. The Governor has therefore charged officers and members in the temple of justice in the country to rededicate themselves to justice, equity, rule of law and quick dispensation of justice so as to fast track the trove of Foreign Direct Investment (FDI) in the country. Governor Ambode, who was represented by his Deputy, Dr

By Dipo Olowookere Thirty-two lucky customers of Skye Bank Plc., across different business locations of the Bank, have emerged winners in the on-going Western Union campaign. The winners who emerged through a raffle draw, won various prizes which include N60,000 worth of shopping vouchers for 10 Star customers who received and sent transfers through Western Union in Skye Bank; and N20,000 worth of shopping vouchers as consolation for another 22 customers (11 receivers and 11 senders). The prizes will be officially presented to the winners in their domiciled branches. According to the Group Head Retail Banking, Mr Ndubuisi Osakwe, “The