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Sterling Bank debtors may lose their pledged assets soon

Sterling Bank Plc revealed plans to embark on new strategies that will ensure quick recovery of debts. The strategies to be explored include restructuring for accelerated payoffs and possible foreclosure or disposal of pledged assets of defaulting debtors. The move to explore new strategies is expected to ensure a progressive drop in…

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All is set for SAHCOL listing on the Nigerian Stock Exchange

The board and management of Skyway Aviation Handling Company Limited (SAHCOL) has reached an agreement with the Bureau of Public Enterprise (BPE) and Securities and Exchange Commission (SEC) to become a listed company on the Nigerian Stock Exchange (NSE). Come November 2018, SAHCOL will be opened to public investors on the…

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Dangote Cement inches closer to London listing

Africa’s richest businessman, Alhaji Aliko Dangote has provided some hints on the much awaited London public listing of Dangote Cement. Dangote while speaking at the FT Africa summit revealed that Bank of America Merrill Lynch and Standard Chartered could be among the banks organizing the IPO scheduled to take place sometime…

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Does Oby Ezekwesili have the economic solution Nigeria seeks?

Mrs Oby Ezekwesili, leader of the pressure group, Bring Back Our Girls has joined the list of those vying to occupy Nigeria’s highest public office come 2019. The presidential candidate shared the news on her personal Twitter page over the weekend, stating that she now hopes to topple incumbent President Muhammadu Buhari…

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Dangote Group flags off multibillion global headquarter in Lagos

Dangote Industries Limited has begun rudimentary work on its 18-floor Global Headquarters in Ikoyi, Lagos. The development will relocate the group’s corporate head office situated at Ikoyi to a permanent residency by 2020. Dangote group currently operates from Union Marble House situated on Alfred Rewane Road, Ikoyi where it occupies floors of workspaces. The proposed…

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If your bank is on this CBN list, your money is safe

The Central Bank of Nigeria (CBN) has released the list of banks operating in Nigeria, as at the 30th of September, 2018. The report which was released on Monday is titled The List of Deposit Money Banks and Financial Holding Companies Operating In Nigeria. The report includes the list banks and…

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Polaris Bank set to compete with leading Nigerian banks

The Group Managing Director (GMD) of Polaris Bank Limited, Tokunbo Abiru has assured customers and shareholders that within the next five years, the newly-announced bank has the potential of becoming one of top five banks in Nigeria. Abiru brought the assurance to fore, as he premised the continued implementation of the July…

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Cashew export may suffer setback without N13 billion intervention

The Spokesman for National Cashew Association of Nigeria (NCAN), Kehinde Ibikunle has disclosed the group’s need of N13 billion credit facility from commercial banks in Nigeria. Exporters of raw cashew nuts under the umbrella body had sought order by the Central Bank of Nigeria (CBN) for commercial banks to create a special window…

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Ecobank vows to recover debt from Honeywell

Ecobank Nigeria has insisted that it will resist any attempt by one of its debtors, Honeywell Group to employ a “frivolous N72 billion” lawsuit to distract it from going ahead with the recovery of monies owed and overdue for payment by the company. Recall that Honeywell recently filed a suit claiming…

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Godwin Emefiele’s forecast on oil price could be wrong

Governor of the Central Bank of Nigeria, Dr Godwin Emefiele, over the weekend stated that he does not see crude oil trading below $80 per barrel for the rest of 2018. But there are developments that suggest he might be wrong. Dr Emefiele, who was speaking to journalists in London…

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Nigerian firms to refine 20% of crude oil locally

In a statement by the Nigerian Content Development and Monitoring Board, the Federal Government has disclosed plans to soon announce a policy that will require operating firm to refine locally at least 20% of the crude oil they produce in Nigeria. Minister of State for Petroleum Resources, Dr Ibe Kachikwu was…

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CBN waves white flag at MTN once more

Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed today that the $8.1billion which MTN Group Limited is expected to repatriate to Nigeria may get reviewed. The Governor, who was speaking to journalists in London, said that MTN and the other parties involved in the matter have presented the…

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World Bank cut down Nigeria’s growth for 2018

The 2018 economic growth forecast for Nigeria and other sub-Saharan countries has been cut down to 2.7% by the World Bank, from the 3.1% it earlier forecast for the region. The global bank had earlier predicted in April that Africa’s recovery would gather pace in 2018, with an expected average growth of…

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FIRS recovers N3.63bn from Illicit Financial Flows in one year

The Federal Inland Revenue Services (FIRS) said it recovered about N3.63 billion by curbing Illicit Financial Flows between January 2017 and August 2018 in the country. The Executive Chairman of the FIRS, Mr Tunde Fowler, said this on Thursday in Abuja at the Inter-Ministerial African Union High Level Panel on Illicit…

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Jaiz Bank bullish on non-interest banking

Managing Director, Jaiz Bank, Alhaji Hassan Usman has expressed satisfaction with the level of acceptance of non-interest banking in the country. Usman noted that the number of branches of the bank in on the increase across the country In his words: “In fact, in Lagos alone, we have four branches…

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Adeosun defends Nigeria’s growing debt profile using the metric economists hate to love

Minister of Finance, Kemi Adeosun has assured that Nigeria’s debt level was still sustainable and under control. Reacting to comments credited to IMF Managing Director Ms. Christine Lagarde who raised an alarm over the rising debt level of low-income countries, Adeosun disclosed that government was monitoring and analyzing its debt…

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These are some of the best “Lazy Nigerian Youth” response to Buhari

Nigerians have reacted to the comments made by President Muhammadu Buhari at Commonwealth Business Forum in London accusing much Nigerian youth of laziness. Speaking at the Commonwealth Business Forum in Westminster on Wednesday, the president said a lot of Nigerian youth have not been to school and they want everything free.  …

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Jumia posts record sales of N225.2 billion in 2017, up 41.8%

Jumia, one of Africa’s leading e-commerce platform has released its full-year 2017 financial statements results. The result shows a Gross Merchandise Volume GMV  growth from 357.5 million Euros in 2016 as against 507 million Euros (N225.2 Billion)recorded in 2017, representing a 41.8% growth in its GMV. The GMV measures the…

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mSurvey secures $3.5 million Series A funding

The mobile-first consumer feedback platform for businesses and consumers in Africa mSurvey has announced a Series A funding round of $3.5 million, the new funding led by Africa-focused venture firm TLcom Capital with investment from Social Capital, Kapor Capital Palm and Richard Owen, the founding team of Net Promoter Score (NPS). …

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Buhari explains what he wants from Commonwealth States

President Muhammadu  Buhari has used the opportunity of the ongoing Commonwealth Business Forum to call on member states to come up with more beneficial trade plans among members. The President in its keynote address at the Business Forum in London emphasized the need for a healthier business relationship among member…

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