The Federal Operations Unit (FOU) Zone ‘C’ of Nigeria Customs Service in Owerri says it confiscated 12 illegally imported cars and contraband with Duty Paid Value (DPV) of N240 million in the last one week. The Unit Controller, Compt. Kayode Olusemire, made this known on Friday in Benin while taking journalists round the goods confiscated […]
Nigeria’s Diamond Bank said on Friday that no investors had come forward to inject cash into the company and that its board was reviewing all strategic options. The bank’s comment comes after it said last month that four of its directors, including its Chairman Oluseyi Bickersteth, had resigned, fuelling speculation that the lender was in […]
Nigerian Communications Commission (NCC) has warned against vandalism of telecommunication infrastructure, stressing that the act is compromising Federal Government’s efforts toward achieving 30 per cent broadband penetration in 2018. Miss Helen Obi, the commission’s Head of Zonal Operations in Niger, said this at a one-day sensitisation programme on “Protection of Telecommunication Infrastructure” on Thursday. According […]
Mr Amr Kamel, the Executive Vice President, Business Development and Corporate Banking in African Export-Import Bank (Afreximbank), has charged the media and financial experts in the continent to promote intra-African Trade. Kamel said this at Afreximbank’s Annual Seminar and Workshop on Structured Trade Finance in Casablanca, Morocco. He urged the media to consistently inform and […]
Nigeria’s central bank plans to meet four lenders of telecoms company MTN to discuss a dispute over a $8.1 billion fund transfer, after a court adjourned the case, a banking source said. The central bank emailed invitations on Thursday to the Nigeria heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend […]
Dangote Cement has been approached about a potential transaction by advisers to debt-laden ARM Cement, which went into administration in August, a source with direct knowledge of the matter told Reuters. ARM Cement, once Kenya’s second-largest cement maker, owes about $190 million to a range of creditors, including local commercial banks. ARM’s creditors in October […]
Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday. The roadshow, which is being organised by Citi and Standard Chartered, will run from Nov. 12 for three days and be attended by Nigerian Finance Minister Zainab […]
Crude oil futures recovered Wednesday morning in European trading as OPEC considers supply cuts amid less stringent US sanctions on Iranian barrels, but bearish sentiment still clouded over the market amid oversupply concerns. At 1200 GMT, ICE January Brent crude futures were up $1.22/b from Tuesday’s settle to trade at $73.35/b, while the NYMEX December […]
Zenith International Bank on Wednesday dominated the activity chart on the nation’s bourse, accounting for 64.04 per cent of the total volume of shares traded. The News Agency of Nigeria (NAN) reports that the bank sold 288.27 million shares valued at N6.68 billion. Consequently, investors bought and sold 450.14 million shares worth N9.39 billion achieved […]
Nigeria will next week break a 4-year drought for stock market listings when Skyway Aviation Handling Company (SAHCO) starts the process for making its debut on the Nigerian Stock Exchange. SIFAX Group, which wholly owns SAHCO, will sell 406,074,000 shares in the aviation services firm via the stock exchange from 12 Nov to 19 Dec, […]