Day: July 24, 2019

  Barely 24 hours after four Turkish nationals were kidnapped in Kwara state, the Irish Government has announced its intention to step up security for its diplomat in Nigeria. To this end, the government has approved an estimated N1.3 billion (€3m) to put up a more secure embassy building in the Federal Capital Territory, Abuja. The building will be in a compound with embassies from other European Union countries. Prior to the latest decision, the department has been renting a building for the Irish embassy in the Maitama district, since…

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  The Board of Directors, Flour Mills Nigerian Plc, has approved a dividend of N1.20 kobo per share for its shareholders for the financial year ended March 31, 2019. The proposed dividend, which is an increase of 20k compared to the previous year, is subject to shareholders’ approval at the company’s annual general meeting. The company’s pre-tax profit stood at N10.174 billion from N16.541 billion recorded in 2018, while revenue declined marginally by 2.8 per cent. The company noted that in spite of the prevailing economic headwinds and harsh operating environment, which…

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Transnational Corporation of Nigeria Plc has projected improved performance outlook for the conglomerate in the remaining quarters of 2019, despite the inclement operating environment. The President/CEO, Mr. Valentine Ozigbo, stated this yesterday at the company’s  half year analysts parley for financial analysts and investors. At the parley, attended by chief executive officers of its subsidiaries and other senior management staff, the company presented its financial results for the half year ended 30 June 2019. Highlights of the group’s results revealed a gross revenue of N37.76 billion and a profit before tax…

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    Recent successful fund raising by three major bike hailing companies, Gokada, Max.ng and Oride, has put the business in the spotlight as a source of revenue for government.   The three start-up companies that are leveraging technology for transportation cumulatively raised $62.3 million in the last two months to expand their business.   Gokada in May announced that it had raised a $5.3 million Series A round to grow its business. The company said it would use the financing to increase its fleet and ride volume, while developing…

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  In its efforts to deepen broadband penetration in the country, the Nigerian Communications Commission (NCC) has said it is focusing on ensuring that all new base stations to be built by the mobile network operators (MNOs) are 4G-compatible.   The commission said this became imperative to accelerate the spread of 4G service to 100 per cent of the country’s population with a minimum broadband speed of 1.5 megabit  per second (Mbps).   President of the Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, recently disclosed that mobile network operators…

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  The Federal Government, Sterling Bank, one of Nigeria’s foremost lenders, and Virtus Energy Solutions Limited are partnering to enhance power production for small businesses in Nigeria. The Managing Director/Chief Executive Officer, Rural Electrification Agency, Damilola Ogunbiyi, said the project would provide electricity access to over 80,000 shops across 16 economic clusters, empower over 340,000 micro, small and medium size enterprises, create over 2,500 jobs while serving over 18 million Nigerians. “This is a significant milestone in the financing of the Energizing Economies Initiative. Since the deployment of off grid…

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  Youths and adults alike are in for a great time at the #UBAMarketplace2019 as UBA’s award winning online network, REDTV, has lined up a number of exciting acts to keep visitors and participants entertained during the two-day event which will take place on July 26th and 27th 2019.   The UBAMarketplace2019 will be held on the sidelines of the Tony Elumelu Entrepreneurship Forum – the largest gathering of the entrepreneurship ecosystem in Africa.   The over 20,000 expected guests will be treated to a lot of  entertainment, panel sessions, fashion,…

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      Nigeria’s state oil firm NNPC plans to renew its contract for crude sales with Indonesia which expired last year, part of moves to boost exports, it said on Tuesday.   The Nigerian National Petroleum Corporation (NNPC) said it was interested in working with Indonesia’s national oil company Pertamina to improve its volume of crude exports, NNPC’s new group managing director Mele Kyari told Indonesia’s ambassador.   The corporation said in a statement that the partnership with Pertamina could open up opportunities for Nigeria’s crude oil in the…

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