Farmers back CBN’s policy on milk importation

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The main reason Central Bank of Nigeria’s (CBN) plans to stop issuing foreign exchange to importers of milk was premised on the need for Nigeria to revamp her local diary sector, which has remained moribund due to lack of investors. Cerainly, there is need to attain self-sufficiency in the country’s diary sector based on the country’s over 180 million population as this would reduce the whopping $1.3 billion spending on milk importation. Agric experts have suggested that the country needs to establish more diary industries to produce more milk for…

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Youth employment gains traction with solar energy

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The global craze for renewable energy has offered jobless Nigerian youths alternative employment as solar energy panel installation gains ground. Sunday Ojeme reports The long wait by Nigerians for the Federal Government to get its acts right as regards electricity has continued to unearth the ingenuity in Nigerians. While some have capitalised on the unfortunate situation to become overnight importers of power generating sets, a few others are resorting to alternative and cheaper mean to get their businesses and life going. Amid the various steps taken by each group is…

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Stock market closes July bearish with N51bn loss

Chris Ugwu

As Nigerian Stock Exchange launches factbook NEGATIVE All-Share Index lost 588.14 points or 1.89 per cent to close at 30,557.20 Trading activities on the floor of the Nigerian stock market yesterday finished the last trading day of July negative as market capitalisation shed N51 billion following sell pressure. The market capitalisation dropped to N13.507 trillion from N13.558 trillion, accounting for a decline of N51 billion or 0.37 per cent. Also, the All-Share Index lost 102.31 points or 0.37 per cent to close at 27,718, as against 27,820.57 recorded the previous…

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Sterling Bank grows income by 19.1%

Chris Ugwu

Sterling Bank Plc, a full-service national bank, has reported a net interest income growth of 19.1 per cent to N30.4 billion for the half year ended June 30, 2019 as against N25.5 billion for the corresponding period of 2018. Overall, the bank recorded a 5.5 per cent improvement in operating income and a profit after tax of N5.66 billion. Commenting on the financial performance, Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank, said: “Underlying our half year performance was a concerted effort in improving the quality of our funding…

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Ecobank Nigeria rids Lagos of 2m plastic bottles

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Ecobank Nigeria has  successfully  removed  over two million plastic bottles in exchange for cash from the streets of Lagos. The campaign, which started in May, targets to remove at least four million bottles from the environment.it is part of the bank’s environmental sustainability campaign. Ecobank had in May told Lagos residence to exchange  plastic bottles for cash at designated location  across the state. Commenting on the initiative and success achieved so far,  the Managing Director, Ecobank Nigeria, Patrick Akinwuntan, stated that the lender was committed to support the sustenance of the environment…

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Promo: UBA rewards 20 customers with N30m

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Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers, who emerged winners in the third quarterly draw of the UBA Wise Savers Promo. They won N1.5 million each, bringing the total amount won by 60 customers so far to N90 million. The electronic raffle draw, which was held at the bank’s head office in Lagos yesterday was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council. Lucky customers, who emerged winners in the…

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Firms optimistic on macro-economic conditions

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The latest Central Bank of Nigeria’s (CBN) monthly Business Expectations Survey (BES)  report  has shown  that majority of  respondent firms expressed optimism on macro economy in July 2019. According to the BES report, which was posted on the apex bank’s website yesterday, majority of  businesses in the country  expect the naira to appreciate in the coming months. Furthermore,  the report said: “Level of inflation is expected to increase slightly in both the next six months and the next twelve months; borrowing rate is expected to rise in the current month,…

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Unity Bank reports N1.052bn in HY’19 profit

Chris Ugwu

Unity Bank Plc has recorded growth in profitability by over 96 per cent as its profit before tax stood at N1.052 billion as against N536 million in H1 2018. A review of the bank’s performance also shows significant improvements across key financial metrics such as the earning assets and gross loans. The bank recorded a quantum leap in its earning assets by 62 per cent, thus leading to higher income and grew its gross loans by 456 per cent. This increase was also boosted by an increase in investment securities…

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CBN: Manufacturing PMI edges to 57.6

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Nigeria’s official manufacturing Purchasing Managers’ Index (PMI) reached 57.6 index points in July compared to previous month’s reading of 57.4, the Central Bank of Nigeria’s (CBN) PMI July 2019 report, released yesterday, shows. According to CBN, “a composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.” The apex bank, thus stated in the report that: “Manufacturing PMI in the month of July stood at 57.6 index points, indicating expansion in the…

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Tecno rewards winners in Pouvoir 3 promo

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  Africa’s most preferred smartphone, Tecno, has rewarded the winners of its recently concluded Pouvoir 3 Power Extravaganza promo.   The lucky winners, who emerged after a keen competition, had their prizes presented to them at the company’s Abuja office.   The winners include Mr Adigan Ibrahim, who won the 1st prize– a 24/7 solar energy system; Mr Joseph, who won the 2nd prize – an inverter; Alhaji Mohammad, who won the 3rd prize – a Generator set; and Mr. Paul Malik, who also won a power generator set.  …

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