Fidelity Bank Plc has released an official statement addressing a viral video where one of its branch managers allegedly ordered security men to beat up customers for allegedly being rude.The incident took place in the Alagbado area of Lagos on Thursday.The bank also released CCTV footage on Sunday via its Twitter handle as evidence of what supposedly happened on the [...]
Investors on the Nigerian Stock Exchange lost N287 billion in the five trading hours of Friday; a move that saw market capitalisation drop below the N13 trillion mark.The last time the market experienced a loss of this magnitude was on August 15, 2017.The All-Share Index lost 786.19 points or 2.17 per cent to close at 35,446.47 compared with 36,232.66 on [...]
Tewolde Gebremariam, the chief executive officer of Ethiopian Airlines, says his company is the frontrunner in the bidding process for the management of Nigeria Air.Speaking at a news conference in Addis Ababa on Friday, Gebremariam said the group of investors interested in establishing the national carrier is small."We are among a small group with an interest in establishing a national [...]
The Nigeria Sovereign Investment Authority (NSIA) has paid $417.46 million to Nigeria Bulk Energy Trading Company (NBET) to develop the electricity market.Titilope Olubiyi, NSIA communications adviser, said this followed the expiration of a four-year investment agreement terms.The funds were transferred in three tranches with $8m paid on May 2016, $5.5m in August 2016 and the last on July 2018 with [...]
Nigerians above 18 with a steady paycheck will now be able to access up to N5 million housing loan from the Federal Mortgage Bank of Nigeria without equity contribution.This is one of the new conditions for accessing mortgage funds from the bank.According to a statement by Zubaida Umar, the revised requirements are a 100% reduction in the equity contribution required [...]
Ernest Mupwaya, managing director of Abuja Electricity Distribution Company (AEDC), says the firm is committing N10 billion to the provision of 222,728 pieces of meters in the next five months.He disclosed this on Wednesday while flagging the installation of the prepaid meters at CITEC estate in Abuja.Mupwaya said the installation of the new set of prepaid meters will benefit the [...]
Activities on the Nigerian Stock Exchange (NSE) ended in the red as stocks shed a total of N87 billion between Monday, August 6 and Thursday, August 9.Market capitalisation dropped to N13.22 trillion on Thursday; the last time it was in such corridors was in December 2017.There were 22 losers at the end of Thursday's trading day as against 12 gainers.NAN [...]
The Nigerian Communications Commission (NCC) says MTN, a telecommunications company, must complete its listing on the Nigerian Stock Exchange by May 2019.Speaking during an interactive session with journalists on Wednesday, Umar Danbatta, NCC executive vice chairman, said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.A listing on the stock exchange had been one of [...]
Toyin Adeniji, executive director of Bank of Industry (BOI), says the organisation has put in place initiatives to support two million traders with interest-free loans.While unveiling the ‘Trader Moni’ initiative in Lagos on Tuesday, Adeniji said BOI will not relent until every Nigerian has access to loans, irrespective of their status or level of education.She said the aim of the initiative is [...]
Amy Jadesimi, managing director of Lagos Deep Offshore Logistics Base (LADOL), says the company will collaborate with the federal government to ensure fairness in the review of free zone tariffs.Jadesimi said this will help foreign and local investors with operations in the free zone to benefit from the scheme in line with the government’s ease of doing business mandate.She made [...]
