In a fresh attempt to revive its industrial sector, the Benue State Government has issued a 90-day ultimatum to Nigerian Breweries Plc to resume full production at its plant in Makurdi, the state capital. The Managing Director of the Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, issued[Read More…]
Business
Aliko Dangote Calls For More Investments To boost Africa’s Economic Growth
President of the Pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote wants increased investments in the African continent to foster its rapid growth and development. Speaking at the largest gathering of private sector leaders in Africa, the Africa CEO Forum in Kigali, Rwanda, Dangote emphasized that recent trends underscore Africa’s[Read More…]
FBN Holdings releases 2023 audited accounts, profits surge by 128%
FBN Holdings Plc, the parent company of FirstBank, has released its audited financial statements for the year ended December 2023. The group reported a profit after tax of N310.4 billion, a significant increase from the N136.3 billion reported for the same period in 2022. This marks the highest profit ever[Read More…]
FIRSTBANK’S FIRSTADVANCE – FINANCIAL EMPOWERMENT FOR GOOD REASONS
Ade is a hardworking father in Lagos. Recently, fate dealt him a heavy blow when his young son, Tunde, fell scarily ill. Tunde’s illness struck suddenly, sending shockwaves through Ade’s world. As he watched his son grow weaker on a hospital bed with each passing hour, Ade felt an overwhelming[Read More…]
Olufowose succeeds Hassan-Odukale as First Bank chairman
A Non-executive Director of FirstBank Nigeria Limited, Ebenezer Olufowose, has been appointed to succeed Tunde Hassan-Odukale as the chairman of the bank. According to a corporate filing recently the parent company of the bank, FBN Holdings informed the Nigerian Exchange Limited and the investing public of the change in leadership[Read More…]
Dangote Cement, NB lead consumer goods firms in tax expense
Out of seven listed consumer goods firms in Nigeria, Dangote Cement Plc, Nigerian Breweries Plc, and International Breweries Plc recorded the most tax expenses last year, a BusinessDay analysis has shown. According to the firm’s latest financial statements, Dangote Cement had a tax expense of N97.5 billion in 2023, up[Read More…]
NGX: Transcorp Power, First Bank among top entities as investors gain N226bn
Investors in the Nigerian equities market enjoyed the third consecutive day of profit with a gain of N226 billion at the close of trading on Wednesday. This followed strong performances by Transcorp Power, Transcorp, First Bank of Nigeria Holdings (FBNH), and Africa Prudential Insurance in today’s trading. After five hours[Read More…]
Challenges, Policy Reforms, Projections To Shape Nigeria’s Economic Narrative in 2024.
As Nigeria strides into 2024, the economic horizon is painted with a mix of promise and challenge. Amidst a projected GDP growth of 3.3%, the shadows of inflationary pressures, rising unemployment, and currency depreciation loom large. In an exclusive interview with Olaotan Fawehinmi, Associate Director at Mediacraft Associates, he delves[Read More…]
RiceAfrika Secures Somaliland Government’s Support to Launch Agritech Solutions
RiceAfrika, a leading agritech company transforming smallholder farming in Africa, has secured support from the Somaliland government to introduce its tech-driven solutions to boost agricultural productivity in the country. In a meeting on Wednesday at the Presidential Palace in Hargeisa, RiceAfrika Founder and CEO Ibrahim Maigari Ahmadu gained assurances from[Read More…]
Private sector records 1st business expansion in 3mths — Stanbic IBTC Report
The private sector recorded the first business expansion in three months in December driven by increases in both output and new order coupled with recovery in demand, according to the Stanbic IBTC Bank Purchasing Managers Index, PMI. The report stated: “This was despite continued intense inflationary pressure, with purchase costs[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]