Despite having to weather a combination of economic and socio-political challenges in 2013, MRS Oil Nigeria plc recorded a significantly improved performance in the year. Year-on-year performance comparison shows that profit before tax significantly increased by 250 percent in 2013, from N400 million in 2012, to N1.4 billion. Also profit after tax witnessed the same significant improvement from N200 million in 2012, to N600 million in 2013, reflecting increase of 200 percent.
Updated 5 Years ago

An indication that the new auto policy of the Federal Government will lead to a drastic reduction in the prices of vehicles has emerged with Hyundai Motors Nigeria Limited rolling out the first set of low-cost locally assembled vehicles. The Stallion Group, the parent company of Hyundai Motors Nigeria, has directed the immediate sale of its locally assembled 1.1-litre engine Hyundai i10 car at N1.5m, and the 1.2-litre engine Hyundai Grand at N1.9m.
Updated 5 Years ago

Honeywell Flour Mills Plc (HFMP) has reported a profit after tax (PAT) of N3.5 billion for the year ended March 31, 2014, showing an increase of 18 per cent from the N2.8 billion recorded in 2013. According to the results presented to the Nigerian Stock Exchange (NSE) by the company, HFMP recorded a 21 per cent growth in its turnover to N55.1 billion from N46 billion in 2013.
Updated 5 Years ago

Barely three months after delivering the Made-in-Nigeria Nissan range of vehicles, the Stallion Group has delivered yet again on another promise - the manufacture and assembly of Hyundai range of vehicles. The Chairman of the Stallion Group, Mr Sunil Vaswani, who broke the news in Lagos, promised that the new vehicles “will be affordably priced,” in order to give Nigerians a break from the strangle-hold of wholesale vehicle importers.
Updated 5 Years ago

The Osun State chapter of the Peoples Democratic Party (PDP) has said the party is going to take its complaints to the election petitions tribunal. This was part of the resolution reached after an extra ordinary meeting of the party in Osogbo monday.
Updated 5 Years ago

The Joint Task Force (JTF) in Kano has arrested a man suspected to be the master trainer of Boko Haram female suicide bombers with 16 females who were reportedly being trained for suicide operations. It was gathered that the man identified as Ibrahim Ibrahim, was arrested in Dala Local Government Area of Kano State during a raid by the JTF.
Updated 5 Years ago

Lagos State Governor, Mr. Babatunde Fashola, Monday said all the patients who had tested positive to the Ebola Virus Disease (EVD) and currently undergoing treatment at the Infectious Disease Hospital, Yaba, were in “stable condition”. The governor also explained that while the health status of the victims of the deadly virus had not deteriorated, five of them were “really improving,” adding, “Ebola is not an automatic death sentence.”
Updated 5 Years ago

The federal government ,through two of its key agencies, the Bureau of Public Enterprises (BPE) and Nigerian Electricity Regulatory Commission (NERC), has said it is ready to commence a forensic probe of the extent of financial commitments so far made by the new owners of the various electricity distribution companies in the country. It said the expected forensic probe was in relation with the cumulative $1.8 billion financial commitment which the new owners of the distribution companies had made as part their five years business expansion plans for the networks during the power assets privatisation programme.
Updated 5 Years ago

The naira appreciated slightly by 0.18 per cent against the United States dollar on the interbank market yesterday due to sale of the greenback by Shell to some lenders. The local currency closed at N162.40 to the dollar, firmer than the N162.70 it closed on Friday. Shell's local unit sold an undisclosed amount of dollars to some lenders, boosting dollar liquidity and easing pressure on the local currency, according to Reuters.
Updated 5 Years ago

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS). When compared to the corresponding quarter of 2013 (Q1 2013), the value of the total merchandise trade also increased by N406 billion or 8.2 per cent, it added.
Updated 5 Years ago