The naira was little changed against the dollar on the interbank market, amid expectations Nigerian National Petroleum Corporation (NNPC) would sell dollars soon, after earlier dollar sales by some local oil companies. The local currency closed at 162.45 to the dollar, slightly firmer than the 162.50 it had closed at the day before.
Updated 5 Years ago

The Central Bank of Nigeria (CBN) has raised the capital requirement of finance companies by 400 percent from N20 million to N100 million. This was contained in the revised guidelines for finance companies in Nigeria released on Wednesday by the CBN.
Updated 5 Years ago

Diamond Bank plc seeks to raise N50.375 billion ($300m) via Rights Issue of 8,685,145,863 ordinary shares of N0.50 kobo each at N5.80 per share. The Rights Issue is on the basis of three ordinary shares for every five ordinary shares held as of June 13, 2014. The purpose of the Rights Issue is to enable the bank shore up its Capital Adequacy Ratio (CAR) to c.23 percent, and boost its capacity to lend to its focus sectors and segments – thereby growing its loan books – with FY14E of N758 billion (10% growth y/y), which will impact on its interest income (FY14E: N154bn)
Updated 5 Years ago

There was an improvement in global cargo market in the month of May as airlines record a 4.7 percent growth rate compared with a year ago. This is up from the 3.8 percent year-on-year growth recorded in April. Data released by the International Air Transport Association (IATA) for global air freight markets cargo volumes, measured by Freight Tonne Kilometres (FTKs) were up across all regions, but with significant differences in performance.
Updated 5 Years ago

Imported vehicles without proper customs clearance are to be impounded by the Federal Road Safety Commission (FRSC), President Goodluck Jonathan gave the directives yesterday. Such vehicles are to be released to owners, after all duties are paid. Jonathan's directives was sequel to the Corps-Marshal of the FRSC, Osita Chidoka, presentation of an update on Nigeria's Status on the United Nations Decade of Action for Road Safety (2011-2020) to the Federal Executive Council (FEC).
Updated 5 Years ago

A political pressure group in Rivers State, Grassroots Development Initiative (GDI), has said it would use every means to ensure that Governor Chibuike Amaechi did not succeed in accessing the $280 million loan from World Bank and African Development Bank (AfDB). The GDI, a political pressure group loyal to Minister of State for Education, Chief Nyesom Wike, said Amaechi had not given account to the people of the state on how he spent other loans he secured on behalf of the state.
Updated 5 Years ago

The plan to create a leading Sub Saharan Africa building materials platform got a boost yesterday as shareholders of Lafarge Cement WAPCO Nigeria Plc (Lafarge WAPCO) overwhelmingly approved the creation of Lafarge Africa Plc. The holding company to be listed on the Nigerian Stock Exchange (NSE) will consolidate all Lafarge’s Nigerian and South African assets. Directors of the Lafarge WAPCO has requested the shareholders of the company to approve the consolidation of the assets and creation of Lafarge Africa among other resolutions.
Updated 5 Years ago

Not every customer is ideal. Some are so bad, they can make us wonder why we decided to start our business. Let’s face it -- sometimes there are good reasons to fire a customer. When a relationship becomes badly damaged, it can be the best for all concerned. However, deciding not to serve a customer is a very serious decision that should not be taken lightly. We suggest four steps to take before you make this move.
Updated 5 Years ago

Statistics say the average internet user gives a web page around five seconds to open before ditching it. You are a web user first-of-all, too. How tolerant are you of web pages that seem to take delight in holding back the content and revealing it almost pixel by pixel? You move on, and that’s fair. Here are seven tips that will ensure a fast-loading website and a pleasant browsing experience for your visitors.
Updated 5 Years ago

With its announced deal to purchase 3,100 telecom towers from Bharti Airtel, Helios Towers Africa is set to become the largest independent tower company in Africa the continent with a portfolio of 7,800 towers. Jointly owned by Helios Investment Partners, Quantum Strategic Partners, Albright Capital Management, RIT Capital Partners and the International Finance Corporation, HTA has been steadily increasing its acquisition of telecom towers in Africa.
Updated 5 Years ago