Union Bank Postpones Yearly Shareholders’ Gathering

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 Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

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 A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka The management of First Aluminium Nigeria Plc has announced the appointment of Mr Elias Igbinakenzua as Managing Director/CEO of the firm. In a statement issued by the First Aluminium Nigeria Plc, it was stated that the appointee will bring on the Board an “enormous amount of management and corporate governance experience.” It was revealed that the appointment of Mr Igbinakenzua is “effective February 1, 2017.” Prior to his appointment, Mr Igbinakenzua was an Executive Director with Zenith Bank and Access Bank Plc. He is a seasoned banker with over 27 years professional experience which cuts across Audit

By Adekunle Abolaji The Central Bank of Nigeria (CBN) has sacked the Board of Directors of First Bank of Nigeria and reinstated Adesola Adeduntan as the Managing Director. The apex bank also appointed new Directors comprising Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc. Remi Babalola was appointed as the Chairman. The reaffirmation of Adesola Adeduntan as the Managing Director of First Bank by the central bank is a strategic and bold decision aimed at stabilizing Nigeria’s financial sector.

By Adedapo Adesanya The Akwa Ibom House of Assembly has passed the state’s 2022 Appropriation Bill of N586.9 billion. The budget, which was passed on Friday, is made up of N261.96 billion recurrent expenditure and N324.91 billion capital expenditure, indicating an increase of N4.77 billion of the initial budget size. In the earlier produced document tagged Budget of Re-defining Standards by Governor Udom Emmanuel on October 25, presented before the Akwa Ibom Assembly, a total budget of N582.12 billion was projected for the 2022 fiscal year. The Chairman House Committee on Finance and Appropriation, Mr Uduak Odudoh, said the committee

Not everyone has a clear understanding of the difference between marketing to individuals and marketing to organizations. That’s why b2b marketing exists. If you want to achieve your goals, you should learn how business to business marketing works. Check what b2b marketing strategies will be the most effective for you in 2022 and follow professional tips to reach your target audience. What is B2B Marketing? We can talk about B2B marketing when we want other companies acquainted with our product/service. So, the main B2B meaning refers to all types of strategies that are directed toward a business. When a company

By Dipo Olowookere A total of $16.1 million has been approved by the Executive Board of the International Monetary Fund (IMF) for the Gambia under the Rapid Credit Facility (RCF). The Gambia faces an urgent balance of payments need triggered by a weak agricultural season, lower tourism receipts due to the political turmoil early this year, and higher commodity prices. The financial assistance is intended to address urgent balance of payments needs that have arisen on account of the shocks. In addition, the Board was informed about the IMF Managing Director’s approval of a one-year staff-monitored program (SMP) to guide

By Investors Hub European stocks are turned lower over the course of the session on Thursday after moving to the upside earlier in the day. While the German DAX Index has slumped by 1.1 percent, the U.K.?s FTSE 100 Index is down by 0.4 percent and the French CAC 40 Index is down by 0.3 percent. German software group Software AG has rallied after appointing Sanjay Brahmawar as its new CEO. Volkswagen has also moved higher after the automaker said it would stop testing its products on animals. Nokia has jumped as it reported better than expected quarterly profits on

By Dipo Olowookere The Nigerian Stock Exchange (NSE) continued its bullish run on Wednesday, appreciating further by 1.89 percent at the close of business to finish in the green territory. Business Post reports that gains recorded by stocks in the industrial as well as the oil and gas sectors, especially Dangote Cement, propelled the equity market appreciation at the mid-week trading. By the time market activities were brought to a close, the market capitalisation increased by N297.5 billion to settle at N16.080 trillion, an all-time high. In addition, the All-Share Index (ASI) progressed by 830.52 basis points to finish at

By Investors Hub The major U.S. index futures are pointing to a mixed opening on Friday, as the Nasdaq futures are moving higher but the Dow and S&P 500 futures are moving to the downside. A mixed batch of earnings news may push the markets in opposite directions, with tech giants such as Amazon (AMZN), Microsoft (MSFT) and Intel (INTC) reporting better than expected quarterly results, while energy giant ExxonMobil (XOM) reported weaker than expected earnings. Traders are also digesting a report from the Commerce Department showing U.S. economic growth slowed by less than expected in the first quarter of