Sunday, April 21, 2019
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    GlaxoSmithKline to shut down Agbara plant by 2021

GlaxoSmithKline to shut down Agbara plant by 2021

GlaxoSmithKline Nigeria says it will shut down its manufacturing plant located in Agbara Industrial Estate, Ogun state by 2021.In a notice sent to the Nigerian Stock Exchange on Tuesday, the pharmaceutical company said the move is part of a restructuring of its internal operating model.Effective from the third quarter of 2021,the company said it would begin to work with local [...]

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    Unity Bank reports N37bn earnings, says it cleaned up its books

Unity Bank reports N37bn earnings, says it cleaned up its books

Results released by Unity Bank for the 2018 financial year has shown that the bank recorded gross earnings of N37.33 billion.According to results sent to the Nigerian Stock Exchange and seen by TheCable, the bank recorded a profit after tax of N1.27 billion; reversing the negative results posted in 2017.Other performance indices showed significant growth with net operating income [...]

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    Senate rejects ministry of trade’s budget over inclusion of ‘private’ company

Senate rejects ministry of trade’s budget over inclusion of ‘private’ company

The senate committee on trade and investment has rejected the ministry’s 2019 budget of N15.63 billion.The committee, on Monday, said it would not consider the budget till the minister could explain a company listed for appropriation.Sabo Mohammed, chairman of the committee, said the Special Economic Zone Company which was included in the budget was not part of the 17 agencies [...]

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    Saudi Aramco emerges world’s most profitable company in 2018

Saudi Aramco emerges world’s most profitable company in 2018

Saudi Aramco, the state-owned oil firm of the Kingdom of Saudi Arabia, is the world's most profitable company with a net income of $111 billion.The oil company which is the largest in the world, revealed it’s earnings for the first time ever as it plans to issue a $10 billion bond to acquire a 70% stake in Saudi Basic Industries [...]

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    Customer deposits, digital banking raise Fidelity Bank’s earnings

Customer deposits, digital banking raise Fidelity Bank’s earnings

The management of Fidelity Bank says an increased customer deposit and use of its digital platform helped raise its earnings for the year ended December 31, 2018.The bank said it recorded a 4.8% growth in gross earnings from N180.2 billion to N188.9 billion and a profit after tax of N22.9 billion from the N17.7 billion reported in 2017."Customer deposit, which [...]

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    Fitch: Visionscape’s missed payments won’t affect positive economic ratings of Lagos

Fitch: Visionscape’s missed payments won’t affect positive economic ratings of Lagos

Fitch, a global credit rating agency, says missed contracted services payments by Visionscape Sanitation Solutions have not affected the positive economic ratings of Lagos.In a statement released on Saturday, Fitch said the state's B+/(AA+(ngn)/ ratings remained stable and unaffected.The waste management company had launched a private consortium, SPV Municipality Waste Management Contractors Limited (MWMCL), which issued a N50 billion medium-term [...]

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    N’assembly transmits CAMA to Buhari

N’assembly transmits CAMA to Buhari

The national assembly has transmitted the Companies and Allied Matters Act (CAMA) to President Muhammadu Buhari for assent.Bukola Saraki, the senate president, made this known in a series of tweets on Sunday.The bill, which is designed to improve the ease of doing business, will make it possible to register a company from any part of the world."The 8th @NASSNigeria's Bill [...]

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    Innoson: Court order is against GT Bank not Customs

Innoson: Court order is against GT Bank not Customs

Cornel Osigwe, head of corporate communications at Innoson Group, says the Supreme Court judgement delivered on February 27, 2019, would be carried out on Guaranty Trust Bank, not on the Nigeria Customs Service. In a statement released on Sunday, Osigwe described a statement released by the bank as being economical with the truth."GTB in a Press Statement signed by Erhi [...]

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    Housing sector suffered setback ‘when ministry got merged with power’

Housing sector suffered setback ‘when ministry got merged with power’

Festus Adebayo, a real estate expert, says the housing sector suffered when the housing ministry was merged.Upon assumption of office in 2015, President Muhammadu Buhari merged the housing ministry with power and works.Speaking with journalists at the weekend, Adebayo said having a ministry for housing is instrumental to the development of the sector.The expert urged the government to look into the [...]

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Exchange Rates

April 18, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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