Tuesday, August 11, 2020
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    FG: Air Peace will recall some sacked pilots

FG: Air Peace will recall some sacked pilots

The federal government says Air Peace will recall some of the pilots it sacked. Air Peace had announced the sack of the pilots earlier in August as part of the company's efforts to cushion the effects of the COVID-19 pandemic on its operations. After the action, the National Association of Airline Pilots and Engineers (NAAPE) had given the airline a two-week ultimatum [...]

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    FBNQuest: Loan portfolio in banks increased by 21% to N3.3trn in 12 months

FBNQuest: Loan portfolio in banks increased by 21% to N3.3trn in 12 months

FBNQuest, merchant banking and asset management business of First Bank Nigeria Holdings, says loans collected by customers in deposit money banks increased by 21 percent to N3.3 trillion in 12 months. This was disclosed by Gregory Kronsten and Chinwe Egwim, macroeconomic and fixed income researchers at FBNQuest, in a report on Monday. The report, titled "The Macro Impact from COVID-19", identified how [...]

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    Shell: In 2019, we spent $40m on direct social investments in Nigeria

Shell: In 2019, we spent $40m on direct social investments in Nigeria

Royal Dutch Shell Plc, a multinational petroleum oil and gas giant, says it made direct social investments of $40 million in Nigeria in 2019. In a statement, the company said the investments were carried out through its Nigerian arms which include Shell Petroleum Development Company (SPDC), Shell Nigeria Exploration and Production Company Limited (SNEPCo), and Shell Nigeria Gas Ltd (SGN). The investments, [...]

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    Sanusi to CBN: Fund BDCs to stabilise naira

Sanusi to CBN: Fund BDCs to stabilise naira

Muhammad Sanusi, former emir of Kano, has asked the Central Bank of Nigeria (CBN) to provide funding for bureaux de change (BDCs) in order to stabilise the naira value. The CBN had adjusted its official rate from N360 to a dollar to N381 to a dollar. But as of Friday, the exchange stood at N379 to a dollar. Speaking at a webinar, [...]

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    ETI: Fortunes keep on the downswing

ETI: Fortunes keep on the downswing

Ecobank Transnational Inc.’s gained speed on the downswing in the second quarter, which has extended the bank’s revenue losses in the first quarter and left profit falling. Gross earnings paced up from a 2 percent decline in the first quarter to a year-on-year decline of 3 percent at half year ended June 2020. Profit capacity remained impaired so far in [...]

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    CBN opened our stamp duty account, NIPOST tells FIRS

CBN opened our stamp duty account, NIPOST tells FIRS

The Nigerian Postal Service (NIPOST) says its stamp duty account was opened by the Central Bank of Nigeria (CBN). NIPOST and the Federal Inland Revenue Service (FIRS) have been at loggerheads over which agency should be in charge of stamp duty following the implementation of the Stamp Duty Act. The FIRS, in a recently released circular, said it now has a portal [...]

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    Deloitte Nigeria celebrates Akintola Williams at 101

Deloitte Nigeria celebrates Akintola Williams at 101

Akintola Williams, founder of Deloitte Nigeria, has clocked 101. The doyen of accountancy in Nigeria turned 101 on Sunday, and his accounting firm took to Twitter to celebrate him. Deloitte & Touche, formerly known as Akintola Williams Deloitte, is the oldest indigenous firm in Nigeria which was established in 1952 by Williams. “Happy Birthday to our founder, Akintola Williams. We celebrate 101 years [...]

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    AXA Mansard Insurance divests from subsidiary

AXA Mansard Insurance divests from subsidiary

AXA Mansard Insurance has announced the divestment from its subsidiary, AXA Mansard Pensions, after entering into a sale and purchase agreement with Eustacia Limited. This was disclosed in a notification sent to the Nigerian Stock Exchange (NSE) and signed by Omowunmi Mabel Adewusi, AXA Mansard Insurance company secretary, over the weekend. “After obtaining the shareholder’s approval at the company’s extraordinary general meeting [...]

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    Idachaba: IrokoTV not investing much in Nigeria but ‘buying editors’ to fight NBC code

Idachaba: IrokoTV not investing much in Nigeria but ‘buying editors’ to fight NBC code

Armstrong Idachaba, the director-general of the National Broadcasting Commission (NBC), says IrokoTV, one of Africa's first mainstream online movie streaming websites, is not investing in Nigeria but taking revenue from the country abroad. Defending the recently-amended broadcasting code, Idachaba said the money the online streaming service is "spending to fight this code, ordinarily, they wouldn’t have spent even on one local [...]

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    Rates unification closer as CBN adjusts spot rate to N379/$

Rates unification closer as CBN adjusts spot rate to N379/$

The Central Bank of Nigeria (CBN) has adjusted the spot exchange rate displayed on its website to N379 against the dollar from N361. This signals another step towards the unification of the exchange rates used in the country. The rate now displayed on the CBN website is closer to the N381/$ being traded on the secondary market intervention sales (SMIS) window. The SMIS [...]

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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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