Facebook on Wednesday reported quarterly profit sank 51 percent from a year earlier due to setting aside of $3 billion for an anticipated fine from US regulators. The leading social network logged a profit of $2.4 billion on revenue that climbed 26 percent to $15.1 billion in the first three months of this year. The […]
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The Federal Government has announced that it is decentralising the Nigeria Mining Cadastre Office for ease of operations, adding that this will cut down the time for processing licences from 45 to 15 days. The Minister of State for Mines and Steel Development, Bwari Abubakar, disclosed this in Lagos on Tuesday, during the Nigeria Mining […]
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The Nigerian Communications Commission (NCC) on Monday said that telecommunications operators carried out 14,639 Mobile Number Portability activities in February 2019. The NCC made this known in its “Incoming and Outgoing Porting Activities of Mobile Network Operators’ Report’’ on its website. The commission said in the report that 10,650 subscribers ported within the networks in […]
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The Chairman of Momas Electricity Meter Manufacturing Company Ltd., (MEMMCOL), Lagos, Kola Balogun, says indigenous meter manufacturers have commenced massive production of meters. This he said was to meet the Nigerian Electricity Regulatory Commission (NERC’s) directive of May 1, rollout deadline. Balogun disclosed this in an interview with the News Agency of Nigeria (NAN) on […]
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Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges. The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to […]
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In furtherance of its plans to scale its operation this year, NOVA Merchant Bank Limited, in yet another milestone, has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-). The reasons given for the Bank’s rating include the strength of the Board and management team, robust capitalisation, prudent […]
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The Federal Government of Nigeria has clarified its stance on the removal of fuel subsidy, saying it had no plan to do so in the immediate future. The Minister of Finance, Mrs Zainab Ahmed, said this on Sunday at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions […]
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The Federal Government says it will use revenue accrued in the Excess Crude Account (ECA) to improve the funding of the Nigeria Sovereign Investment Authority (NSIA). The Minister of Finance, Mrs Zainab Ahmed said this on Friday on the sidelines of the G-20 Finance Ministers and Central Bank Governor’s meeting at the IMF/World Bank meetings […]
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At a time when Europe’s relationship with Africa is high on foreign policy and developmental agendas and with the European Union beginning to deliver on its 2017 External Investment Plan, targeted at attracting investment and job creation in Africa, the Tony Elumelu Foundation brought together leading stakeholders in the development finance sector, at a case […]
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Speaking at a high-level dialogue in Washington D.C. on the sidelines of the World Bank-IMF Spring meetings, the President of the African Development Bank (http://www.AfDB.org), Akinwumi Adesina, said “It is time to turn around the declining investments of the U.S. in Africa. As the world’s private sector leader, the United States has a unique role to play in increasing investments […]
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