Unilever Nigeria Declares N378m Dividend

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has set a mandatory deadline of April 12, 2020 for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions. A public notice by the Chairman of the service, Mr Mohamed Nami, stated that every company or business shall provide their TIN to relevant financial services provider not later than the set date. It was explained that this will allow them update their existing records for accounts opened before the coming into effect of the Finance Act 2019. It

By Dipo Olowookere UAC of Nigeria Plc has announced the resignation of Mrs Awuneba Sotonye Ajumogobia from its board as an independent non-executive director with effect from July 31, 2019. A statement issued by the firm thanked Mrs Ajumogobia for her nine years of hard work, integrity and meritorious service to UAC. Until her resignation, she chaired UAC’s risk management committee. It was disclosed in the statement that Mrs Ajumogobia has been appointed to the board of directors of CAP Plc, a subsidiary of UAC with effect from August 1, 2019. Meanwhile, Mrs Suzanne Olufunke Iroche has joined the board

By Dipo Olowookere The Securities and Exchange Commission (SEC), the apex regulatory agency in the Nigerian capital market, is proposing to take 2.5 percent of fees collected by the securities exchanges under its control so as to get more funds to carry out its statutory duties. These securities exchanges and clearing houses include the Nigerian Stock Exchange (NSE), FMDQ Securities Exchange Plc, which does clearing and depository functions; NASD OTC Securities Exchange and Central Securities Clearing System (CSCS). The commission, in a notice justifying this move, explained that, “In order for the commission to continue to effectively carry out its

By Adedapo Adesanya Since the beginning of April, Verve has been rewarding its cardholders through Verve Supersaver Promo. Through this promo, they have enjoyed a memorable shopping experience that has earned them cash savings from the ongoing promo in selected supermarkets across the country. And to further reiterate its commitment, entrepreneurs are not left out. One experience to reckon with is that of a young female entrepreneur, Kemi, who runs a lifestyle and clothier business in Marina, Lagos State. She purchases lapel pins, ribbons and plastic hangars in bulk from Ebeano, her neighbourhood supermarket and in order to meet up

By Modupe Gbadeyanka Nigeria’s local currency, the Naira, traded at the parallel segment of the foreign exchange (forex) market on Friday, December 9, 2016, at N485 to a Dollar. This was the same amount it went for the previous day at the same market. Also, the British Pound Sterling was exchanged at the parallel market for N602, while the Euro was sold for N515. It was learnt that at the official interbank market, the Nigerian currency was exchanged at N305.50 per Dollar, same price it was exchanged the previous day. In addition, at the Bureau De Change (BDC), the Naira

By Adedapo Adesanya  The new chief executive of the Nigerian Shippers’ Council (NSC), Mr Akutah Pius Ukeyima, has assumed duty, promising to give special attention to the country’s blue economy goals. Mr Ukeyima, who was received by the management and staff of the council, conveyed his intention to hit the ground running. He assured all of his readiness to work as a team for the realisation of the organisation’s mandate within the context of the marine and blue economy. Mr Ukeyima said the shippers’ council is integral to the success of the agenda of President Bola Tinubu and Mr Gboyega

By Ashemiriogwa Emmanuel Eat’N’Go Limited, a leading Quick Service Restaurant (QSR) operator in Africa, has opened its new warehouse and commissary facilities in both Mowe and Magboro communities of Ogun State. The venture, which is a franchisee for Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Yoghurt in Africa, said the launching of the dual facilities were avenues for the company to expand, not just in production scale but to provide Africans with quality food and snacks. Commenting on the grand opening, the Head of Development and Project of Eat’ N’ Go, Mr Sola Adeeko, pointed out that the development

By Dipo Olowookere The Managing Director/CEO of Nigerian Breweries Plc, Mr Jordi Borrut Bel, has tendered his resignation letter to the board of the company. Mr Borrut Bel informed the board that he would be leaving the firm effective July 30, 2021, and the reason is that he would be taking up a new responsibility, though within the Heineken Group. The board, which accepted his resignation, has chosen Mr Hans Essaadi as the new head of the organisation effective July 31, 2021. The outgoing MD/CEO joined Nigerian Breweries on January 22, 2018, and has been able to successfully lead the