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Business & Economy

AMCON denies plans to shut NBML over huge debt

ASSET Management Corporation of Nigeria (AMCON) has denied plans to liquidate the Kano-based Nigerian Braiding Manufacturers Limited (NBML) over loans which have snowballed to over N1b AMCON Spokesman Jude Nwauzor disclosed this in a statement issued over the weekend stating that the Corporation was forced to take over the company, …

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Ethiopian Airlines announces free transit tour to transit passengers

FROM February 1, 2019 Ethiopian Airlines, has announced to its customers worldwide that it has extended free transit tour to global passengers . The new complimentary city tour package organized by ET Holidays, the tour operator wing of Ethiopian Airlines, takes transiting passengers with 6 to 8 hours’ time in …

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Sun International strengthens Nigeria partnership with trade awards

SUN International, one of Africa’s largest hospitality group have strengthened its partnership with the Nigerian travel trade through award recognition of outstanding performance. In a lifestyle cruise event held along the Lagos waterways, Sun International awarded top and loyal travel agents who have been selling the brand for the past …

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Davos: Elumelu applauds as Africa embraces free trade areas for better economic integration

PLANS to boost intra-African trade and further integrate the African market is gaining traction as a new African free trade area could be just weeks away as the last few countries ratify an agreement signed last year. The deal which will boost the intra-African trade by half has been a …

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NNPC records 219 pipeline vandalism in October 2018, puts incidents at 42.9 %

NIGERIAN National Petroleum Corporation (NNPC) says it recorded 219 pipeline vandalised points in the month of October 2018 saying that tits pipeline network suffered a 42.9 per cent increase in the incidents of pipeline vandalism compared to the previous month during the year. The Corporation raised the alarm on the …

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Customs Seme confiscates PMS, exotic cars, rice worth N1.06b in 2 months

IN the last 2 months the Nigeria Customs Service (NCS) stationed at the Seme border has impounded PMS, exotic cars and rice worth N1.06 billion from smugglers operating that route. This is just as the command’s Customs Area Controller (CAC), Comptroller Mohammed Uba Garba said the command will further strengthen …

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Otedola moves to acquire Forte Oil Upstream, Power Firm

FOLLOWING shareholders approval in mid-2018, the majority shareholder of Forte Oil Plc, Mr. Femi Otedola has concluded plans to buy out Forte Oil’s upstream services and power distribution firm. The company said that the acquisition of the share would be ratified by the shareholders on February 7, 2019. The firm’s …

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IMF predicts 3.8% growth of African economies, Nigeria included

THE International Monetary Fund (IMF) has said the economies of Nigeria and other sub-Saharan Africa is expected to have overall economic growth of 3.8 per cent, at par with the global forecast of 3.7 per cent. However, the region’s growth numbers would be again led by Ethiopia, Rwanda, Ghana, Côte …

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CCNN tops gainers, Newrest ASL led losers as Equities Market rises 0.58%

CEMENT Company of Northern Nigeria (CCNN) led the gainers chart as Newrest ASL Nigeria led the losers’ chart as the Nigerian equities market rose by 0.58 per cent amid bargain hunting activity. The All Share Index (ASI) was up by 172.74 basis points, representing an increase of 0.58 per cent …

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Delta Air Lines announces December Quarter and full year 2018 profit

DELTA AIR LINES has reported financial results for the December quarter and full year 2018. Adjusted pre-tax income for the December quarter 2018 was $1.2 billion driven by over $700 million of revenue growth, allowing the company to fully recapture the $508 million increase in adjusted fuel expense and produce …

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