Business Archives - Page 31 of 32

Dangote Cement to attract $700m into economy

June 19, 2019June 19, 2019 admin

•Pays N16 dividend The Chairman of Dangote Cement Plc, Aliko Dangote, has promised that the expected increase in export of cement will attract a minimum of $700 million into the economy. Disclosing this yesterday during the company’s 10th Annual General Meeting in Lagos, he said the foreign exchange inflow would assist the Federal Government as well as Dangote Group in its other activities across Africa. The chairman, who described the shareholders and staff as the bedrock of the company, also promised to pay N16 per every 50k share as dividend.…

NBS: Kerosene consumers paid less in May

June 19, 2019 admin

Consumers of household kerosene paid lower price for a litre of the product at N315.91 in the month of May as against April’s N316.26, according to pricewatch released by National Bureau of Statistics (NBS) on Tuesday. States with the highest average price per litre were Anambra (N363.54), Ebonyi (N355.00), and Plateau (N351.85). States with the lowest average price per litre were Abuja (N291.67), Katsina (N290.67) and Gombe (N265.39). Similarly, average price per gallon paid by consumers decreased by -0.12 per cent month-on-month and increased by 23.07 per cent year-on-year to N1,…

Baru tasks NUJ on petroleum product smuggling

June 19, 2019 admin

. Crude production steady at 2.3mbpd Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has called on members of the Nigerian Union of Journalists to join the corporation in naming and shaming cross-border smugglers of petroleum products. Baru, made the call when he played host to the national leadership of the NUJ led by its President, Mr. Chris Isiguzo, at the NNPC Towers in Abuja on Tuesday. The NNPC helmsman said the activities of cross-border petroleum products smugglers had caused much hardship for Nigerians and robbed…

NNPC’s engineering subsidiary, NETCO, records N6.758billion profit

June 19, 2019June 19, 2019 Stella Ofiko

The National Engineering and Technical Company of Nigeria (NETCO), the engineering subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Tuesday posted a profit before tax of N6.75 billion for the year ended December 31, 2018. The figure represents an increase of 107 per cent over the N3.26 billion recorded in 2017. Profit after tax stood at N4.597billion compared to N2.483billion recorded in 2017. This was disclosed in a release by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu. Speaking at the Annual General Meeting of…

Rebranding: Why Nigerians need insurance

June 13, 2019June 17, 2019 Sunday Ojeme

Barely two weeks after the insurance industry regulator, National Insurance Commission (NAICOM), announced a new capital base, operators in the industry have also intensified efforts at getting Nigerians from all walks of life, irrespective of gender and status to imbibe insurance as a lifestyle. Sunday Ojeme reports Again, insurance industry operators are intensifying efforts at giving more Nigerians the positive option of spending a little of their income on insurance as a platform for recovery than suffering entire loss in the event of a disaster. The latest development, coming weeks…

Nigeria posts negative growth in Africa’s $67.7bn premium

June 13, 2019June 17, 2019 Sunday Ojeme

PENETRATION Low insurance penetration in Africa still presents an opportunity for growth in the continent A survey conducted by chief executive officers of Africa’s primary insurers has listed Nigeria’s premium growth rate as negative alongside Algeria and Kenya, according to the 4th Africa Insurance Barometer. The growth rate is amid $67.7 billion premium posted by the continent’s underwriters in 2018. According to the survey, in Africa’s largest insurance markets, total real premium growth was positive in Egypt (+9.8 per cent), Namibia (+7.8 per cent) and Morocco (+3.0 per cent), stagnant…

Oil theft: New Nigeria Foundation demands urgent intervention

April 12, 2019April 12, 2019 Stella Okofi

A non-governmental organisation, New Nigerian Foundation (NNF), has called on stakeholders in the oil and gas sector, the Federal Government as well as the media to work towards curbing the menace of oil theft in the country. The foundation, while lamenting the security costs, environmental damage and loss of investments in the Niger Delta region as a consequence of oil theft, revealed that an estimated $55 billion dollars had been lost to the sabotage over the last decade. According to OilPrice.com, Nigeria ranked Number 1 in the top five countries…

Innoson: Supreme Court judgement against GTB, no one else

March 31, 2019March 31, 2019 Stella Ofiko

As embattled first generation bank, Guaranty Trust Bank, battles to redeem its battered image over N8.8 billion judgement debt, the management of Innoson Vehicles Manufacturing Limited. has said the recent Supreme Court judgement is entirely against the bank. IVM’s clarification becomes necessary following GTB’s attempt to deploy legal technicalities to confuse members of the public through a statement issued at the weekend. According to the bank in a statement signed by Erhi Obebeduo, “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian…

Waste to Wealth: Firm engages 400 people in recycling

March 13, 2019March 13, 2019 Dayo Ayeyemi

In order to turn urban waste to wealth, a manufacturing firm, Lexsz Plastic, has engaged over 400 employees for the collection of various beverage pet bottles and classification of plastic waste for recycling. Besides, the company said it has invested in four production lines refining and processing the entire West African region’s plastic recycling. According to the Executive Director of the company, His Royal Highness, Oba Olufemi Akowe, the firm had taken the lead in waste to wealth management by empowering both the public and private sector operators in clearing…

Elumelu decries growing joblessness in Africa

March 13, 2019March 13, 2019 Sunday Ojeme

Founder, Tony Elumelu Foundation, Mr. Tony Elumelu, has flayed the growing joblessness with the African continent. Delivering a keynote address at the AfricaNow Summit 19 in Kampala, Uganda, Elumelu, who also the Chairman, United Bank for Africa (UBA), said it was time development partners teamed up in the 21st Century in a manner that is different to curb joblessness since government per se does not even create the kind of employment to check the menace. According to him, “the joblessness we have in Africa cannot be fixed by government alone.…