Dangote Sugar Refinery (DSR) Plc Monday reported a growth of 38 per cent in profit after tax (PAT) for the nine months ended September 30, 2013. DSR posted a PAT of N11.3 billion in 2013, up from N8.2 billion in the corresponding period of 2012. Although the sugar refining firm recorded a five per cent decline in revenue, an increase in investment income and other income boosted its bottom line. DSR posted revenue of N77.23 billion, compared with N81.311 billion in 2012. Investment income soared from N748 million to N1.414 billion, while other income followed a higher growth pattern from, rising from N94 million in 2012 to N1.809 billion in 2013.
Updated 7 Years ago

Brazil, seeking to shield its citizens from alleged U.S. spying, is pushing ahead with its plan to force global Internet companies to store data obtained from Brazilian users inside the country, according to a draft of the law seen by Reuters. Despite opposition from multinational software, hardware and telecommunications companies, President Dilma Rousseff is pressing lawmakers to vote as early as this week on the law, sparked by disclosures of widespread U.S. spying on Brazilian telecommunications data.
Updated 7 Years ago

There seems to be no end in sight to the volatility suffered by the naira as it depreciated significantly against the dollar at the parallel market to close at N166/$1 on Friday, from N163/$1 the preceding Friday. The parallel market, also known as the black market is the unofficial segment of the forex market. It is not under the control of the Central Bank of Nigeria (CBN) and there are indications that the huge demand for the greenback observed recently at the bureau de change (BDC) segment may have shifted to the parallel market due to the regulations of the central bank.
Updated 7 Years ago

Only 300Megawatts out of 972 Megawatts of electricity at the Transcorp Ughelli Power Plant, Delta State is dependable, the Company’s Chief Executive Officer, Adeoye Fadeyibi, has said. He told The Nation that the company met 972 megawatts on ground, but discovered that there is only 300 megawatts capacity. He said the company has enough gas to run its plant, despite that the product poses a problem to the growth of the industry.
Updated 7 Years ago

The symbolic city of Jerusalem in Israel, yesterday stood still, as over 3, 000 Nigerian pilgrims, including President Goodluck Jonathan gathered to offer prayers for the country. The church service tagged: “A Day with Jesus for Nigeria In Israel,” had in attendance state governors, ministers, members of the National Assembly, led by the Senate Deputy President, Senator Ike Ekweremadu, clergymen and regular pilgrims to the Holy Land. The church service was the climax of a fast observed by over 3, 000 Nigerian pilgrims in Israel, including President Jonathan. The church service, which kicked off with prayers, hymns and songs, was led by high ranking clergymen, including the President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor.
Updated 7 Years ago

GUARANTY Trust Bank Plc has posted a N181.96 billion gross earnings and profit after tax of N69.2 billion for the nine-month period ended September 30, 2013. The bank’s financial statement for the period, which was filed with the Nigerian Stock Exchange, showed that its gross earnings rose to by nine per cent to N181.96 billion for the period under review, from N166.48 billion in 2012, while the increase in profit after tax represents a nine per cent growth against N63.7 billion it posted in the corresponding period of 2012.
Updated 7 Years ago

AIRLINES and experts have commended the Federal Government for signing of Bilateral Air Service Agreement (BASA) with Israel, saying that this would reduce the cost of travelling to the Holy Land on pilgrimage and encourge indigenous airlines to operate on the lucrative route. The country’s major carrier, Arik Air, said it would be willing to operate on the route if given the nod. It added that it has passed the security audit by the Israeli authorities. This means it could fly into the Holy Land when allowed to do so.
Updated 7 Years ago

The Lagos State Government has disclosed that its target is to raise its monthly Internally Generated Revenue (IGR) from N18 billion to N20 billion. The Commissioner for Economic Planning and Budget, Lagos State, Mr. Ben Akabueze, said this while delivering a keynote address at a two-day training programme on planning and budgeting for officials of local government areas (LGAs) in the state at the weekend. According to him, the state government would continue to churn out policies to achieve the goal.
Updated 7 Years ago

Ama Greenfield Brewery, Enugu, built in 2003 with an estimated 220 million Euros, equal to N30 billion with 30MHL capacity, is producing at full capacity and meeting the expectation of its owners, the company said at its 10 years anniversary tour of the company. It has also created employment for over 1,000 workers, both full time employees, contractors and outsourced. Commissioned on October 24 2003 by former President Olusegun Obasanjo, the facility described by some as “the jewel in the crown of Heineken NV (Nigerian Breweries’ parent company)” was until recently Africa’s biggest brewery and is reputed to be one of the most modern breweries in the world and the first of its kind in Africa.
Updated 7 Years ago

The tortured, teased Alfisti have suffered long enough and it’s time somebody told it to them straight about the baby supercar, that one your favourite Italian carmaker has promised you. Alfa Romeo has promised that the 4C is everything the brand’s most fervent defenders have been hoping for, a modern version of the classic machinery the company built in the 1950s and ‘60s. And, broadly speaking, it is. But the faithful should think twice before declaring Porsche and Lotus defeated,
Updated 7 Years ago