Tuesday, October 27, 2020
Cash strapped Nigerians are in for tougher times ahead on the back of rising food cost and other essential items further aggravated by the EndSARS protest, which took an unexpected turn and gave room for hoodlums to loot stores and malls thereby wreaking havoc on many businesses. The effect being, further erosion in the purchasing… Read more
N240bn debt: AMCON, Pan Ocean reach out-of-court settlement
Asset Management Corporation of Nigeria (AMCON) and Pan Ocean Oil Corporation Nigeria Limited have agreed to an out-of-court settlement pending the consent of a Federal High Court over a N240-billion debt to a consortium of Nigerian banks. The consent of the Federal High Court will end the debt dispute between AMCON, Pan Ocean and other… Read more
MTN Nigeria names Karl Toriola, second ever Nigerian CEO
MTN Nigeria has informed the Nigerian Stock Exchange (NSE), the investing public and other stakeholders of the appointment of Karl Toriola as chief executive officer designate of MTN Nigeria Communications. His appointment is effective March 1, 2021, providing enough time for an orderly handover. The current CEO, Ferdi Moolman will exit this role with effect… Read more
Guinness assures shareholders of return to profitability
Guinness Nigeria Plc has assured its shareholders of a determined return to profitability after COVID-19-induced disruptions caused an adverse decline in revenue at the financial year-end. The assurance was given at the 70th Annual General Meeting of the company held on Thursday. The company’s audited results for the period ended June 30, 2020 had shown a 21 per cent reduction in revenue from the significant impact of COVID-19 lockdowns and other economic challenges. Read more
CAP set to merge with Portland Paints
The Boards of Directors of Chemical and Allied Products Plc and Portland Paints and Products Nigeria Plc have taken a decision to merge their respective businesses in accordance with applicable laws. This will lead to the emergence of CAP as the resultant entity in the proposed merger, according to separate statements issued on Monday. The proposed merger is subject to the required regulatory and corporate approvals being obtained. Read more
Insurers’ll pay billions on #EndSARS losses – NIA chairman
The Chairman, Nigerian Insurers Association, Mr Ganiyu Musa, has said insurance companies may pay claims worth billions of naira from losses of lives and properties that followed #EndSARS protests. He spoke to our correspondent in a telephone interview on Monday. Musa, who is also the group managing director of Cornerstone Insurance Plc said, “We expect the insured loss to run into billions of naira. Read more
Investors blame government for slow capital market development
Capital market investors have blamed the government for the slow pace of the development of the nation’s capital market. The experts, who spoke in separate interviews, said the government has not invested in developmental projects, critical infrastructure, and institutions responsible for developing the market. Read more
Terminal operators condemn burning of NPA building, want ports reopened
The Seaport Terminal Operators Association of Nigeria (STOAN), has condemned the looting and burning of the headquarters building of the Nigerian Ports Authority (NPA). The Chairman, STOAN, Princess Vicky Haastrup, also conveyed the sympathy of all members to the Board, Management and Staff of the Authority over the incident. Read more
Shippers’ Council seeks waiver of demurrage for importers
Following clearing agents outcry against the imposition of demurrage on cargoes that were trapped at the ports during the EndSARS protests, the Shippers Council (NSC), has called on shipping companies to ease the hardship on importers. Read more
