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Elumelu’s Transcorp acquire 60% majority stake in AEDC
n another remarkable strategic maneuver that solidifies Transcorp’s dominant position in Nigeria’s power sector, Christopher Ezeafulukwe, the intelligent and astute Managing Director/CEO of Transcorp Power Limited, has been entrusted by the Board of the Abuja Electricity Distribution Company (AEDC) to lead the charge as the new Managing Director/CEO of AEDC. This pivotal announcement closely follows the acquisition of a substantial…
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Group urges NLC to shelve planned strike, protest over fuel subsidy removal
….says Tinubu should be given more time A group of online media practitioners under the umbrella of Professional Online Media Executives of Nigeria (POMEN) has called on the leadership of Nigeria Labour Congress (NLC) and the Civil Society Organisations (CSOs) to shelve the planned industrial action and protest. The professional group in a statement issued on Monday by its President,…
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H1 2023: MTN Nigeria declares 25.4% decline in PBT to N200.4bn
MTN Nigeria Communications Plc (MTN Nigeria) has announced its unaudited results for the half year (H1) ended June 30, 2023 with a decline of 25.4 per cent to N200.4billion from N268.64 billion in H1 2022, attributable to foreign exchange loss. The telecommunication giant listed on the Nigerian Exchange Limited (NGX) disclosed that its profit for H1 2023 stood at N128.7…
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CBN increases interest rate to 18.75%, retains other ratios
The Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN) on Tuesday voted to increase its Monetary Policy Rate (MPR) to 18.75 per cent from 18.50 per cent. The members at the end of the two-day meeting in Abuja voted to adjust the asymmetric corridor to +100/-300 basis points around the MPR; retain the CRR at 32.5…
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NGX, PenCom collaborate to launch Pension Broad Index
Nigerian Exchange Limited (NGX), in collaboration with the National Pension Commission (PenCom) has announced the launch of the NGX Pension Broad Index (NGXPENBRD). The NGX Pension Broad Index tracks the performance of equity securities that meet the profitability and dividend payment criteria, with no limit or cap on the number of stocks that can be included. The index, which currently…
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Opinion: After rainfall, by Kola Amzat
Global history is replete of today’s great countries that had it quite horrible and disastrous at the beginning of their existence. In-fact, some nearly went into extinction during their process of growth and development. The world is accustomed to the oppressed and frustrated story of the Americans in the captivity of the Great Britain and France in the 16th Century.…
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Access Bank acquires Standard Chartered shareholdings in five African countries
Access Bank Plc and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The announcement was…
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Forbes 2023 Index: Dangote still Africa’s richest for 12th consecutive year
…Listed among world’s top 200 richest persons For the 12th year consecutively, Aliko Dangote, President of the pan-African Conglomerate, the Dangote Group has emerged the richest man in Africa, despite economic headwinds that affected the fortunes of half of the world’s reported billionaires. Dangote, whose business flagship, Dangote Cement Plc is the largest producer of cement in Africa, is the…
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Tinubu receives tumultuous welcome upon return to Lagos
President Bola Tinubu has expressed his profound gratitude to Nigerians for the overwhelming reception accorded him in Lagos on Tuesday, conveying his best wishes to all Nigerians during the Eid-el-Kabir celebrations. The President received a tumultuous welcome from a massive crowd of Nigerians upon his return to Lagos, following his seven-day trip abroad. He had traveled to Paris, France to…
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PHOTO NEWS: Election Observer Missions in Sierra Leone present joint preliminary assessment
Election Observer groups in the Sierra Leone’s general elections have jointly presented their preliminary assessment to the media after the conduct of the election on Saturday that was generally peaceful. The Africa Union, ECOWAS and Commonwealth Observer missions presented their assessment on the conduct of the election to the media
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