BUSINESS Archives - Page 40 of 162

H1 Result: UBA announces 21% growth in profit, 21.7% return on average equity; Declares N0.20 Interim Dividend

September 2, 2019September 2, 2019Ayo Olowo

Africa’s leading financial institution, United Bank for Africa Plc, UBA has announced its audited half year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries. In spite of the increasingly unpredictable environment witnessed in some of its countries of […]

Elumelu Challenges Japan – “Partner us in Empowering African Entrepreneurs”

August 30, 2019August 29, 2019Ayo Olowo

In an impassioned key note speech, delivered before global leaders, at the 7th Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, African investor and philanthropist Tony O. Elumelu CON, challenged the Government of Japan to invest 5% of its $50billion commitment to Africa, in empowering African entrepreneurs. “At TICAD 2016 in Kenya, Japan […]

Nigeria generates N311.94 billion from VAT in 2019 Q2

August 28, 2019August 28, 2019Ayo Olowo

The Federal Government of Nigeiran has generated the sum of N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019. The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q2 2019)’ published on Tuesday. In the report, the figure generated in the Q2 […]

Tony Elumelu to Deliver Keynote Address at TICAD in Japan

August 27, 2019August 27, 2019Ayo Olowo

Tony O. Elumelu, Founder of the Tony Elumelu Foundation and the Chairman of the United Bank for Africa (UBA), will speak at the Seventh Tokyo International Conference on African Development (TICAD), taking place in Yokohama, Japan from August 28 – 30, 2019. As the leading champion of entrepreneurship in Africa, Mr. Elumelu will ensure that […]

BE WARNED! Your defaulting loans to be settled with deposits across all banks – CBN

August 27, 2019August 27, 2019Ayo Olowo

The Central Bank of Nigeria (CBN) has reached an agreement with commercial banks in the country, to settle customer’s loan defaults with deposits other banks. Speaking with journalists after the Bankers Committee meeting on Monday, Aishah Ahmad, CBN’s deputy governor, financial services system, said the directive is to encourage banks to increase lending. “We are not […]

GET READY! You will start paying VAT on online transactions from January 2020

August 27, 2019August 27, 2019Ayo Olowo

The Federal Inland Revenue Service (FIRS) says it will impose value-added tax (VAT) on online transactions, both domestic and international, with effective from January 2020. This disclosure was made on Monday by FIRS executive chairman, Babatunde Fowler, at the African Tax Administration Forum (ATAF) technical workshop that held in Abuja. Mr. Fowler said a lot […]

Dynamics Intelligence under fire for halting operations in Nigeria, accusing Nigerians of fraud

August 24, 2019August 24, 2019Ayo Olowo

Dynamics Intelligence, a global company operating in the United States, Canada, and Nigeria, has shut operations in Africa’s most populous nation over alleged fraudulent practices by its employees and contractors. However, Nigerians have come down hard on Jenna Bourgeois, chairman of Dynamics Intelligence, for giving the impression that some of his employees in the country are […]

U.S. announces sale of crude oil from strategic petroleum reserve

August 22, 2019August 22, 2019News Agency

The U.S. Department of Energy’s (DOE) Office of Fossil Energy (FE) on Thursday announced it would sell crude oil from the Strategic Petroleum Reserve (SPR). The DOE plans to draw down crude oil from three SPR sites, including, Bryan Mound and Big Hill in Texas and West Hackberry in Louisiana. According to the DOE, it […]

NSE delists Skye Bank, Fortis

August 22, 2019August 22, 2019Ayo Olowo

The Nigerian Stock Exchange (NSE) wednesday delisted Skye Bank Plc and Fortis Microfinance Bank Plc following approval from the National Council of the exchange. In a notification to market operators, the NSE said the delisting which was pursuant to Clause 15 of the General Undertaking , Appendix 111 of the the Rule Book of the […]

Court orders take over of Donald Duke’s property over N537m debt

August 22, 2019August 22, 2019Ayo Olowo

A FEDERAL High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to seize a property of former Cross River State Governor Donald Duke over an alleged N537,334,360.77 debt. Vacation judge Justice Chuka Obiozor also authorised AMCON and UBA to, in the interim, take possession of […]