In its quest to expand market presence and reach out to more new car buyers, Hyundai Motors Nigeria Limited (HMNL), a subsidiary of Stallion Automobile group has appointed Lagos-based automobile vending and aftermarket shop. With Truckmasters Nigeria Limited as the newest bride and as one of its provisional dealers at a sign-on ceremony in Lagos, authorities at Hyundai Motors charged the new agent to be steadfast and extend its role beyond being a simple sales and service shop to become customers’ lifetime companion.
Updated 5 Years ago

Mercedes-Benz saw last month’s sales as the best in the company’s 88-year history, reaching 162,746 units and a third quarter rise of 11.9 percent. The all-time record was due to a 14 percent increase in monthly sales year-over-year, thanks to rising demand for the company’s smaller, lower-margin models and the latest generation of the S-Class flagship. Third-quarter sales were also the best ever (for the July to September period), reaching 412,018 units or an increase of almost 12 percent. For the first nine months, the delivery tally stands at 1,195,156 units, up 12.5 percent from 2013.
Updated 5 Years ago

Forte Oil reported stronger than expected growth in both profits and sales in the nine months through September 2014, as it continues to improve on efficiency with a view to satisfying customer needs. It would be noted that the downstream giant operational performance had been stellar and impressive since rebounding from the oil subsidy gloom, as many firms in the sector were on the verge of collapse.
Updated 5 Years ago

In a move to consolidate its foothold in Nigeria’s mortgage market and consequently become a dominant force in the industry, TrustBond Mortgage Bank plc has secured the regulatory approval to invest N500 million as equity in the new Nigeria Mortgage Refinance Company (NMRC). The new investment, according to the bank, is aimed at providing it with long-term funds at lower rates, adding that this will also provide it with funds to sustain future growth of the mortgage business.
Updated 5 Years ago

United States mega carrier, Delta Airlines, which also operates daily flight between Atlanta and Lagos, at the weekend, forecasts high pre-tax revenue in excess of $4 billion by the end of year 2014. This is just as the airlines says it realised $1.6 billion pre-tax income for the month of September quarter.
Updated 5 Years ago

Recently, the Central Bank of Nigeria (CBN) launched the first international outbound money transfer service that allows transfer of funds overseas from Nigeria using the naira instead of the dollar or other foreign exchange denominations. The initiative, according to Godwin Emefiele, the CBN governor, is in line with the apex bank’s payment systems innovation and would address the pressure on the naira and help the country assess the quantum and nature of remittances from Nigeria, outside of the banking system.
Updated 5 Years ago

The value of Point of Sale (PoS) transactions has increased from N38 million a month in January 2012 to N27 billion monthly as at September 2014, the Central Bank of Nigeria (CBN) has said. This implies an increase of about 70,952 percent within a period of two years.
Updated 5 Years ago

For some time, Swiss Park Nigeria Limited, an eatery located in Amuwo Odofin neighbourhood in Lagos has not enjoyed the cordial relationship of its host community based on what it termed misconceptions. But the company continues to seek dialogue with the Joseph Orru Residents Association that superintends the community where its business is sited. Chris Asika writes Recently, Swiss Park Nigeria Limited, a consortium of hotels and eateries around the country with a branch in Amuwo Odofin area of Lagos, received an ultimatum from members of the host community to vacate the premises, alleging that the activities of the eatery and huge influx of cars pose a security threat to the residents. Yes, they also accused the restaurant of noise pollution.
Updated 5 Years ago

The former Governor of Anambra State, Mr. Peter Obi, has reacted to an interview granted to the Sun Newspaper on Monday, October 20, by Nigerian Ambassador to Spain and widow of the late Chief Chukwuemeka Odumegwu-Ojukwu, Mrs. Bianca Ojukwu, where she expressed shock and disappointment at the former governor’s leaving the All Progressives Grand Alliance (APGA) for the Peoples Democratic Party (PDP). She said, inter alia, “It is undeniable that Obi made immense contributions to APGA. I remain proud of his achievements, as governor of Anambra State. His exit diminishes us, and many of his supporters and grassroots crusaders are disappointed and demoralised.”
Updated 5 Years ago

The National Chairman of the Peoples Democratic Party (PDP), Alhaji Adamu Mu’azu, on Tuesday said there would be no automatic waivers to all politicians who are defecting from other parties to the PDP. Rather, he urged all defectors to apply for waivers on their individual capacity and that such waivers would be granted once they applied for it.
Updated 5 Years ago