Nike’s third quarter profit falls
United States sporting goods company, Nike, on Tuesday declared a fall in its third quarter profit though it beat Street estimates. According to the company, earnings came in at $1.24 billion, or $0.79 per share. This compares with $1.40 billion, or $0.87 per share in third quarter of 2022. Analysts on average had expected […]
Court reserves judgement in Mamu’s terrorism case
The bilateral trade between Nigeria and China has dropped by N37.3 bn in 2022 from the previous record in 2021, just as both countries make efforts to improve bilateral relations. The Minister and Counsellor for Economic and Commercial Affairs, Embassy of the People’s Republic of China, Wang Yingqi, who led a delegation of […]
Investment firm acquires controlling stake in Infrastructure Bank
An investment firm, Norrenberger group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank. The process of acquiring the majority stake in TIB started in 2019. In a statement made available to journalists, the Chairman, Norrenberger Group, Ibrahim Aliyu, stated that the Central Bank of Nigeria approved […]
How poor mortgage system frustrates housing programmes
Low-income earners have been facing challenges meeting one of the basic needs of man, shelter, due to lack of access to finance. The poor mortgage system in Nigeria has made housing unaffordable for millions, writes JOSEPHINE OGUNDEJI Nigeria’s housing shortage still persists, despite the real estate industry contributing 5.64 per cent to the country’s GDP […]
ECOWAS advises Nigeria to grow VAT revenue
The Economic Community of West African States on Monday raised concern over the low contribution of Value Added Tax to the tax revenue rate in Nigeria. ECOWAS blamed the setback on policy decisions and compliance rate. The ECOWAS Director of the Customs Union and Taxation, Salifou Tiemtore, expressed the concern in Abuja during a workshop […]
Mortgage bank records N830.4m profit
Abbey Mortgage Bank has said it recorded N830.4m profit before tax in its 2022 financial period. The bank disclosed this in a statement to celebrate its 31st anniversary. It said, “Abbey ended 2022 with profit before tax of N830.4m, a 26.62 per cent increase from 2021 and kicked off 2023 with a new investment rating […]
FCMB Group issues N20.68bn bond
FCMB Group Plc has announced the issuance of N20.68bn perpetual 16 per cent fixed rate resettable NC5.25 additional tier 1 capital subordinated bond as part of its N300bn debt issuance programme. In a corporate notice signed by the Company Secretary, Olufunmilayo Adedibu, to the Nigerian Exchange Limited, the firm said the N20.68bn bond was issued […]
Firm empowers female entrepreneurs with digital skills
AXA Mansard, a member of AXA, a global insurance and asset management firm, has empowered over 100 young female entrepreneurs with digital marketing skills in Lagos. It said in a statement that this was part of its continued effort to increase opportunities for women, accelerate their participation in economic activities and encourage digital equity. The […]
Harvard alumnus advises incoming govt on economic growth
A former Chairman of the Federal Inland Revenue Service, Ms Ifueko Okauru, has urged the incoming government to focus on policies that will bring collective economic growth. She advised the incoming administration to create an enabling environment that would foster the private sector to thrive which would also help reduce unemployment. Okauru spoke during the […]
Unilever Nigeria to exit home care, skin cleansing markets
Fast Moving Consumer Goods, Unilever Nigeria, has said that it will be exiting the home care and skin cleansing markets to reposition its business for sustained profitability. This was revealed in a corporate notice to the Nigerian Exchange Limited and signed by its Company Secretary, Abidemi Ademola. The company said that it was changing its […]