Month: July 2019

FMN grows profit by 17%

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Flour Mills of Nigeria Plc, one of the integrated food business and agro-allied group, has posted 17 per cent growth in profit after tax for the first quarter ended June 30, 2019.  The group’s profit after tax stood at N4.2 billion, compared to N3.6 billion reported in 2018 Q1, accounting for 17 per cent- YoY growth.  According to its unaudited first quarter results for 2019, the group’s profit before tax was N5.5 billion, compared to N5.2 billion in 2018 Q1, representing 6 per cent YoY growth.  The company’s finance cost…

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Airtel Africa reports $167.4m pre-tax profit

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 Airtel Africa plc has posted a pre-tax of $167.4 million for the first quarter ended June 30, 2019 from $80.2 million a year earlier. Total revenue rose 6.9 per cent to $795.9 million in the three months, boosted by a 9.3 per cent rise in the company’s customer base to 99.7 million despite a hit from currency translation with constant currency growth of 10.2 per cent. This is the 6th consecutive quarter of double-digit constant currency growth, according to a statement from the company.  The telecom firm noted that revenue…

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NSE extends weekly losses by 0.003%

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The NSE All-Share Index and market capitalisation both depreciated by 0.003 per cent to close the week at 27,918.59 and N13.606 trillion respectively. All other indices finished higher with the exception of NSE-Main Board, NSE Banking, NSE Pension, NSE Insurance, NSE AFR Div Yield and NSE Oil/Gas indices, which depreciated by 0.28 per cent, 0.39 per cent, 0.18 per cent, 0.94 per cent, 1.13 per cent and 0.19 per cent respectively.  A total turnover of 1.069 billion shares worth N11.393 billion in 16,346 deals were traded last week by investors…

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Wema Bank supports Bet9ja retreat

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Wema Bank Plc., the pioneer of Nigeria’s first fully digital bank ALAT, has sponsored the 2019 retreat of the Super Agents for Bet9ja, an online bookmaker company that offers betting on major sporting events operating in Nigeria. The retreat is an annual event organized by the Super Agents of KC Gaming Networks Limited (Bet9ja) spread across the country. This year’s edition held at Orchid Hotels, Lekki, Lagos from July 23 to July 26, 2019.  Addressing participants at the event, Kunle Alarapon, Head, Gaming, Wema Bank Plc, commended the Super Agents…

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UBA reinforces commitment to SMEs financing with N50bn

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The United Bank for Africa (UBA) Plc has set aside N50 billion for financing of Small and Medium Scale Enterprises (SMEs) in Nigeria. At the level of the Africa continent, the lender said it was  devoting premium attention to funding, development and  growth  of SMEs in Africa, a sector, the bank believes holds the key to stimulating the continent’s economy.  Group Managing Director, UBA, Mr. Kennedy Uzoka, confirmed the bank’s renewed commitment to SMEs over the weekend in Abuja at the opening of the UBA Market Place. The UBA Market…

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IMF initiates selection process for new managing director

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The International Monetary Fund (IMF), at the weekend, announced that it had initiated the selection process for its next managing director to succeed Christine Lagarde. Lagarde submitted her resignation letter from the global crisis lender last Tuesday, citing more clarity about her nomination to lead the European Central Bank (ECB) as European legislators approved a new top bureaucrat. In a press release, the Fund stated: “The executive board announces today that it has adopted an open, merit-based, and transparent process for the selection of the next managing director, similar to…

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Winners emerge in Access Bank’s DiamondXtra draw

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    Ten Nigerians have emerged in the monthly draw of DiamondXtra savings scheme season eleven initiated by Access Bank.   The presentation, which took place in various states across Nigeria, saw Samuel Ebu, Stanley Igwe, Olusina Fadare, Amos Tochukwu, Orungbala Anna among others winning N1million naira each.   Speaking during the cheque presentation to winners, Head, Products Insights and Capabilities, Access Bank, Robert Giles, revealed that the initiative had paid off immensely in which over N5 billion have been given out to winners, adding that DiamondXtra savings scheme has…

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Union Bank announces partnership with TEDxLagos

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  Union Bank has announced its partnership with TEDxLagos to host the upcoming TEDxLagos event tagged “Spring.” In a press release, the lender said the collaboration was in line with its efforts to leverage partnerships and initiatives that focus on boosting Nigeria’s development and growth. According to the release, the ticketed event will take place at the MUSON Centre in Lagos on August 3, 2019, and is expected to attract some of Nigeria’s best minds – thought leaders, social innovators and members of the TEDxLagos and international TED communities. TEDx is a…

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Kuru: AMCON’s N5trn debtors occupy leadership positions

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      The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has lamented that some prominent men and women responsible for the over N5trillion debt burden, which the corporation is battling to recover, “manipulate their way to emerge as members of the national assembly, ministers, chairmen and women of big organisations and pro-chancellors of universities.”   The AMCON MD, who stated this at the July 2019 edition of a Breakfast Meeting organised by the Nigerian – American Chamber of Commerce (NACC)   in Lagos yesterday, also…

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US stocks push higher on earnings, growth

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  US stocks attempted to push higher for a fourth day as investors mulled weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. Treasuries advanced along with bonds in Europe.   The Nasdaq and S&P 500 veered into positive territory, bolstered by UPS exceeding its profit guidance. In addition to Boeing, Caterpillar weighed on the Dow Jones Industrial Average after the equipment maker projected earnings at the low end of forecasts. European bond yields dropped to unprecedented lows as disappointing manufacturing data added to concerns…

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