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Dangote sells noodles firm to Indomie maker, Dufil

Dangote Flour Mills has exited the noodles business and sold its assets to Dufil Prima Foods, makers of Indomie noodles, saying it no longer consider it as strategic. Dangote Flour Mills, which made the announcement on Tuesday, said in order to smoothen the transition, it had offered Dufil the use of some of its facilities on an interim basis. The ... Read More »

Nigeria has moved out of recession – World Economics

World Economics says Nigeria’s economy has climbed out of recession. World Economics is an organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy. In a message on its website, the organization believed that things were turning around in Nigeria. It wrote, “March Sales Managers’ Index (SMI) data suggests that the ... Read More »

CBN sustains liquidity in forex market

…..…Disburses $280 million to SMEs, BDCs, invisibles The Central Bank of Nigeria (CBN) on Tuesday, April 18, 2017, underscored its determination to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market and the commencement of its weekly $20,000 sale to licensed Bureaux de Change. It also further announced the opening ... Read More »

CBN introduces use of Form X for SMEs

As part of its determination to increase foreign exchange liquidity and improve access by Small and Medium Enterprises (SMEs) and retail businesses, the Central Bank of Nigeria (CBN) has introduced the use of FORM X for the SMEs that requires just basic documentation. Confirming the new development, the apex Bank spokesman, Mr Isaac Okorafor, said that the innovative measure is ... Read More »

Wapic introduces new products

Wapic Insurance Plc has introduced new insurance products into the market. Speaking at the introduction of the products in Lagos, the Managing Director, Wapic Insurance, Yinka Adekoya, said the products classified under Wapic Smart Investment-linked products, were designed to cater for the protection and goal-oriented needs of individuals, families and businesses. “The Wapic Smart Investment-linked products include the Smart Life ... Read More »

Coronation Merchant Bank posts N5.3bn pre-tax profit

Coronation Merchant Bank Limited has announced a profit before tax of N5.3bn for the year ended December 31, 2016. A statement by the lender said the its profit before tax was up by 128 per cent from N2.3bn in 2015. Its total assets increased by 36 per cent to N106.6bn from N78.3bn in 2015, while gross loans and advances to ... Read More »

Pension fund investment in infrastructure rises to N2.22bn

The total pension funds invested in infrastructure rose to N2.22bn as of the end of February, figures obtained from the National Pension Commission had indicated. This, according to the latest report from the commission, amounts to about 0.04 per cent of the total pension assets. In May 2015, the operators invested a sum of N568m in infrastructure for the first ... Read More »

CBN Restores Calm in Forex Market as bank’s demand falls

The efforts of the Central Bank of Nigeria (CBN) aimed at ensuring stability in the foreign exchange market may have started yielding results as the market is now awash with liquidity surfeit. Indications of excessive liquidity in the market emerged on Thursday last week when operators could only pick a little over $39 million out of the $100 million offered ... Read More »

OPS invest $118b in ICT in 10 years

Members of the organised private sector have invested over $118billion in the building of Information and Communication Technology (ICT) infrastructure in the country in the last one decade, The Nation has learnt. Giving this insight at the weekend was Olusola Teniola, a computer and information engineer. Speaking in an interview with The Nation, Teniola, who is the President of the ... Read More »

Hyundai slashes prices of Nigeria-made vehicles

Hyundai Motors Nigeria Limited says it has cut the prices of its locally made vehicles in the B-segment, in a move expected to increase the number of brand new small vehicles on the nation’s road. A statement by the company’s spokesman, Mr. Santhosh Nair, said a starting price offer of N2,695,000 had been announced for Hyundai cars in that category ... Read More »