South Africa’s MTN Group said it has appointed Chapel Hill Denham as its issuing house for its $500 million Nigerian initial public offering, IPO. The South African company is planning to list its local unit, MTN Nigeria on the Nigerian Stock Exchange in an IPO that will make the company […]
Big Business
Moya Greene to join Rio Tinto board
Rio Tinto has announced the Moya Greene as an independent non-executive director, the company confirms that Ms. Moya Greene will join the board with effect from 17 September 2018. Ms. Moya Marguerite Greene has been the Chief Executive Officer of Royal Mail PLC since July 2010 and its Executive Director […]
Oando seals $727 million procurement contract for Ajaokuta gas
Nigeria’s Oando alongside its subsidiaries Axxela Limited and Oilserv Limited have been awarded the Engineering, Procurement, Construction mandate for the Ajaokuta. The company said its side of the contract is the Abuja portion (Lot 1) of the Ajaokuta-KadunaKano Pipeline system (the “AKK Pipeline”) by the Nigerian National Petroleum Corporation. The […]
Court stops sale of Nigeria’s 9mobile to Teleology Holdings
There seems to be no end in sight on the sale of 9mobile as a Nigerian court has issued an exparte motion to stop the acquisition. It would be recalled that 9mobile was acquired by Teleology Holdings in an acquisition deal that was brokered by Barclays Africa. Justice Binta Nyako […]
Wema Bank to borrow N50 billion to shore up reserve
Mid-sized Nigerian lender, Wema Bank Plc said it is looking at selling N50 billion bond to shore up its cash reserve ratio above the regulatory limit. The approximately $159 million borrowing programme will see the bank cut its capital ratio down from 14% to about 10% as required by Nigeria’s […]
Corrected: Guaranty Trust Bank reports N52.62 billion profit for Q1 2018
Guaranty Trust Bank Plc, one of the top lenders in Nigeria said it recorded a profit before tax of N52.62 billion for the first quarter of the year 2018. The top tier lender’s profit did not see a major jump when compared to 2017 when it reported N50 billion as […]
More trouble for Oando? Shareholders criticise finance minister over lift of trading suspension
Shareholders of Oando PLC are alleging complicity and gross irregularities in the lifting of suspension on trading of the company shares by the Securities and Exchange Commission, SEC. According to a report by ThisDay Newspapers, In the statement signed by the National President of TSAN, Alhaji Mukhtar Ismail Mukhtar, the […]
Nigerian anti-graft police arraigns Globacom, exec for $6.7 million fraud
The Economic and Financial Crimes Commission, EFCC, has charged Globacom Limited alongside its Chief Marketing Officer, Ashok Israni on one count charge of fraud. Globacom is Nigeria’s third largest mobile carrier after it slightly overthrown as the second largest carrier by Bharti Sorrel’s local subsidiary, Airtel Nigeria. The EFCC which […]
BRIEF: Dangote Sugar appoints Adebola Falade as CFO
Adebola Falade has been appointed as the chief financial officer of Dangote Sugar Refinery. Adebola Falade is succeeding Etim Bassey who has recently resigned from the position. Etim Bassey has over 26 years experience across professional practice in Audit, Financial and Project Accounting in the private and public sectors in […]
Setback for Nigeria’s oil output as Addax Petroleum workers down tools
At least about 30,000 barrels from Nigeria’s daily crude oil product might be axed as Addax Petroleum staff have started a strike action. The company’s staff under the aegis on of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have shut the company’s headquarters in Lagos over […]