14 vessels lift N298.9bn liquefied gas from Onne Port

admin

    As the price of natural gas in Asia remains steady since last month, no fewer than 14 vessels have left Onne Port between June and July this year with 947, 000 metric tonnes of Liquefied Natural Gas (LNG). The liquefied gas is valued at N298.9billion ($830.5million) in the Asian market. In the last six months, the price of LNG in Asia has reached $877 per metric tonnes. It was learnt that the surge in the export of the product is as a result of high demand driven by…

Read More

Nigeria’s potential labour force to rise by 350%

Alade Jones

      As Nigeria’s population and that of other African countries keeps increasing with little or no control, the continent has been projected to have a larger workforce than of Asia by the end of the 21st Century.   The continent’s working-age population will grow by two billion to 2.75-billion in the next 80 years, while Asia’s will decline by 415-million, or 13 per cent even as both continents wrestle with different demographic and economic challenges.   Specifically, Nigeria’s potential labour force is projected to rise by almost 350…

Read More

Debts consume terminal operators’ N3trn investment

admin

    Despite the huge investment in the port industry, operators of bonded terminals are in bad debts.   It was learnt that some terminals have been closed down because of bad debts and poor infrastructure.   According to the Executive Secretary of the Association of Indigenous Bonded Terminal Operators of Nigeria (AIBTON), Mr Haruna Omolajomo, some members of the association had invested more than N3trillion in the Nigerian port sector.   He explained that the investments include building, equipment and other assets.   Omolajomo said in Lagos that the association…

Read More

Royal Exchange cedes 39% stakes to German investor

admin

    A German firm, InsuResilience Investment Fund (IIF), has acquired 39.25 per cent stake Royal Exchange General Insurance Company, a subsidiary of Royal Exchange Plc.     IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”), is by the acquisition injecting a total of N3.6 billion into REGIC, which is expected to boost the firm’s chances of meeting National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital.     As one of…

Read More

AFCON: How Super Eagles played without being insured

Stella Ofiko

  …as pact between NFF, Wapic Insurance crashes     As the African Cup of Nations (AFCON) finally comes to an end, reports have revealed that none of Nigerian players is among top 10 African internationals with the highest insurance value; a development that further unveils the low ranking of players from African most populous and resource endowed country.   This is coming just as New Telegraph finding also revealed that the much celebrated Memorandum of Understanding (MoU) between Nigerian Football Federation (NFF) and Wapic Insurance Plc in respect of…

Read More

MTN Nigeria records 35% profit growth

admin

 Telecoms services provider, MTN Nigeria Plc, has disclosed that its unaudited second-quarter (Q2) 2019 financial performance recording 34.8 per cent increase in profit after tax.  The profit after tax, according to report from the Nigerian Stock Exchange, stood at N98.931 billion from N73.395 billion reported in 2018, accounting for a growth of 34.79 per cent.  Profit before tax stood at N141.8 billion in H1 2019 as against N108.3 billion in H1 2018.  MTN Nigeria’s revenue for the period under review stood at N566.9 billion, as against N505.6 billion during the…

Read More

FMN grows profit by 17%

admin

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…

Read More

Airtel Africa reports $167.4m pre-tax profit

admin

 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…

Read More

NSE extends weekly losses by 0.003%

admin

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…

Read More

Wema Bank supports Bet9ja retreat

admin

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…

Read More