FINANCIAL AND ECONOMIC NEWS
https://globaleconomic-trendsanalysis.blogspot.com/2017/05/financial-and-economic-news_22.html
Hello,
Here are some of the top company stories in Nigeria today 19th of May 2017.
Here are some of the top company stories in Nigeria today 19th of May 2017.
1. The Nigerian National Petroleum Corporation, NNPC, will today, sign a $6 billion crude oil swap agreement with 10 groups of oil trading firms for the exchange of 330,000 barrels per day of crude oil for premium motor spirit, PMS, also known as petrol, and diesel. According to a report, the NNPC had already signed the agreements with four of the 10 groups, while the rest will be signed today. Link
2. Total Nigeria Plc has reiterated its commitment to providing better energy with the deployment of solar hybrid solutions in strategic service stations across Nigeria. The company said it is meeting the energy needs of Nigerian homes through its solar home solutions designed to combat unstable power supply and provide constant electricity. Link
3. The Cross River State Governor, Prof. Ben Ayade, has said the Calabar Garment Factory is now producing in commercial quantity including for export. The governor, who spoke in Calabar after the first rollout of the first set of clothes from the garment factory such as blazers, jeans trousers and shirts, added that starting from June 2017, he would not be wearing clothes not made from the firm. Link
4. The monthly remittance of the 11 electricity Distribution Companies (DisCos) is now at 35 per cent just as the Market Operator (MO) section of the Transmission Company of Nigeria (TCN) has vowed to enforce compliance and penalties for defaulters. The Executive Director of MO, Mr Moshood Saleeman who disclosed this at a participants and stakeholders meeting in Abuja yesterday, said, “We now experience a marginal increase of 35 per cent in the remittances of the DisCos but we are not yet there; it is improving gradually.” Link
5. Shareholders of Berger Paints Nigeria Plc, yesterday, charged its Board of Directors to consider the backward integration strategy as a means of addressing the high cost of importing raw materials. Link
6. Shareholders of AshakaCem Plc, a subsidiary of Lafarge Africa Plc, have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the 2016 financial year, totalling N336 million. The Chief Finance Officer of AshakaCem, Mr Bruno Bayet, said the overall performance of the company had improved. “We have improved on sale and prices have improved as well,” he said. Link
7. Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, the Pan-African banking group has signed an agreement with OiLibya, a Pan-African oil and gas downstream company, for the distribution of digital financial services. Link
2. Total Nigeria Plc has reiterated its commitment to providing better energy with the deployment of solar hybrid solutions in strategic service stations across Nigeria. The company said it is meeting the energy needs of Nigerian homes through its solar home solutions designed to combat unstable power supply and provide constant electricity. Link
3. The Cross River State Governor, Prof. Ben Ayade, has said the Calabar Garment Factory is now producing in commercial quantity including for export. The governor, who spoke in Calabar after the first rollout of the first set of clothes from the garment factory such as blazers, jeans trousers and shirts, added that starting from June 2017, he would not be wearing clothes not made from the firm. Link
4. The monthly remittance of the 11 electricity Distribution Companies (DisCos) is now at 35 per cent just as the Market Operator (MO) section of the Transmission Company of Nigeria (TCN) has vowed to enforce compliance and penalties for defaulters. The Executive Director of MO, Mr Moshood Saleeman who disclosed this at a participants and stakeholders meeting in Abuja yesterday, said, “We now experience a marginal increase of 35 per cent in the remittances of the DisCos but we are not yet there; it is improving gradually.” Link
5. Shareholders of Berger Paints Nigeria Plc, yesterday, charged its Board of Directors to consider the backward integration strategy as a means of addressing the high cost of importing raw materials. Link
6. Shareholders of AshakaCem Plc, a subsidiary of Lafarge Africa Plc, have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the 2016 financial year, totalling N336 million. The Chief Finance Officer of AshakaCem, Mr Bruno Bayet, said the overall performance of the company had improved. “We have improved on sale and prices have improved as well,” he said. Link
7. Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, the Pan-African banking group has signed an agreement with OiLibya, a Pan-African oil and gas downstream company, for the distribution of digital financial services. Link
8. Infinity Trust Mortgage Bank Plc posted a 19 per cent increase in its profit before tax (PBT) in 2016 as the company unveiled its annual financial accounts Thursday. It also recorded a 45 per cent growth in its loan portfolio from N1.672 billion in 2015, to N2.417 billion in 2016. The Chairman of the company, Dr. Adeyinka Bibilari, disclosed that the bank recorded a profit before tax of N312,706,202— an increase of 19 per cent over the preceding year’s (2015) figure of N262,430,085. This, according to him, meant that the bank had consistently been profitable for the past 11 years. Link
