It reported revenue of $2.2bn (£1.3bn) for the three months to the end of June. Net income came in at $12m. Both advertising and subscription income declined over the quarter. It has been a year since News Corp split its publishing business from its media and entertainment operation, now owned by 21st Century Fox.
Updated 6 Years ago

The Kwara State government is set to float a N23 billion bond as it pushes for further infrastructure development. Governor Ahmed Abdulfatah said information from the Nigerian capital market indicates that the market is excited and reinvigorated in their interest to subscribe to the Kwara State proposed bond.
Updated 6 Years ago

The nation’s currency, the Naira on Wednesday lost N0.70k against the US dollar at the inter-bank market due to increased demand for foreign exchange with the attendant short supply from official and autonomous sources. After trading on Wednesday, naira closed at N161.65/$ compared to N160.95/$ at the inter-ban market the previous day, according the data obtained from Financial Markets Dealers Quotations (FMDQ).
Updated 6 Years ago

As part of the preparations for a free and fair governorship election in Osun State, the acting Inspector-General of Police (IG), Suleiman Abba, yesterday advised political thugs and other mischief makers to steer clear of the state as the security forces deployed to the area would ensure strict compliance with the Electoral Act and other relevant statutes. The IG also warned politicians and Very Important Person (VIPs) not to move about on the day of the election with uniformed or armed orderlies, just as the use of siren would not be allowed.
Updated 6 Years ago

After about three months of frantic search for the abducted Chibok schoolgirls, recent US surveillance flights over northeastern Nigeria showed what appeared to be large groups of girls held together in remote locations, raising hopes among domestic and foreign officials that they are among the group that Boko Haram abducted from their school in April, US and Nigerian officials said. It will be the first time a near definite information about the location of the abducted schoolgirls will be made by the international forces who had offered to help search for the kidnapped girls.
Updated 6 Years ago

Former Osun State Governor, Mr. Olagunsoye Oyinlola, yesterday said the leadership of the Peoples Democratic Party (PDP) and President Goodluck Jonathan were responsible for his exit from the party. Oyinlola had on Tuesday defected from the PDP to the All Progressives Congress (APC). He said the president and other national leaders of the PDP were responsible for his suspension as the National Secretary of the party, a development, which he said, occasioned his exit from the party.
Updated 6 Years ago

A former Deputy Governor of Adamawa State, Mr Bala Ngillari, has asked a Federal High Court in Abuja to order that he be sworn in as the governor of the state and to stop the Independent National Electoral Commission (INEC) from conducting a fresh election to elect a new governor in the state. In an originating summons filed on his behalf by the Mr. Festus Keyamo, Nggilari said his purported resignation in the wake of the impeachment exercise that led to the removal of Murtala Nyako as governor, was null and void.
Updated 6 Years ago

The Managing Director of Diamond Bank Plc, Alex Otti, yesterday urged shareholders of the bank to take advantage of the current Rights Issue to increase their stakes in the bank, assuring them of higher returns going forward. Diamond Bank is raising about N50billion by issuing 8.68billion shares at N5.80 for every 50 kobo share to existing shareholders. Speaking at the "facts behind the offer presentation" at the Nigerian Stock Exchange (NSE), Otti called on stockbrokers to prevail on their clients and to patronise the right issue.
Updated 6 Years ago

FCMB Plc has announced an operating income of N45.67 billion for the half year ended June 31, 2014 indicating a modest increase of 12 per cent over N40.77 billion earned in the corresponding period of 2013. Analysis of the results released by the Nigerian Stock Exchange (NSE) showed that the bank’s operating expenses grew proportionally to N32.04 billion when compared against the N28.49 billion recorded in the half year of 2013, leading to the retention of cost to income ratio at 70 per cent over the period.
Updated 6 Years ago

Union Bank of Nigeria Plc aims to boost its loan portfolio by 30 per cent in the second half of 2014, after increasing it by 10 per cent in the first six months. The bank is targeting retail and business customers, its Chief Finance Officer, Oyinkan Adewale said. "In the second half we would do 30 per cent (in loans). We closed December 2013 at N231 billion loan book. We are looking generally in the region of 40 percent growth for 2014,"Adewale told Reuters.
Updated 6 Years ago