Barclays names ex-Citi banker Barry Rodrigues as head of Barclaycard

Businessam StaffAugust 10, 2017

Barclays has named former Citigroup banker Barry Rodrigues as the head of its Barclaycard International credit card division, the British bank said Thursday. Rodrigues, formerly the head of Citi’s digital payments business, will be based in New York in his new role and will start in early November, the bank said. He replaces Amer Sajed, […]

Mitsubishi to export new model from Indonesia next year, supply Nissan

Businessam StaffAugust 10, 2017

Mitsubishi Motors Corp will start exporting its new multi purpose vehicle from its Indonesian plant next year, and plans to eventually supply the model to the group’s new parent Nissan Motor, Mitsubishi’s chief executive said. Mitsubishi on Thursday launched the “Xpander”, a new 1.5 liter MPV model, at a car show in Tangerang, on the […]

Qatar Air targets other U.S. investments after American spat

Businessam StaffAugust 9, 2017

Qatar Airways hasn’t given up on investing in the U.S. after scrapping plans to buy a stake in American Airlines Group Inc. amid opposition from the Fort Worth, Texas-based company. “We have other opportunities, both in America and North America, which we will consider,” Akbar Al Baker, the Persian Gulf carrier’s chief executive officer, said […]

Chevron thrives on excellence as company wins multiple awards at SPE’s conference, exhibition

Businessam StaffAugust 9, 2017

Chevron Nigeria Limited Wednesday lauded its team for winning multiple awards at this year’s Nigeria Annual International Conference and Exhibition (NAICE) of the Society of Petroleum Engineers (SPE) in Lagos. Esimaje Brikinn, Chevron General Manager (Policy, Government, and Public Affairs), commended the team for emerging the best exhibitor and the best technical paper presented at […]

Mobil Oil new owners take “11 plc” as new name for operation

Oluwafemi OgunjobiAugust 8, 2017

The new owners of Nigeria-based petroleum marketer, Mobil Oil Nigeria, have taken on a new name for the on-going and future operations of the business, it emerged Tuesday. The company is now to be known as 11 plc (pronounced as “Double One Plc”). The name change is coming within a year of the successful completion […]

Lafarge Africa announces merger with UniCem, Atlas

Oluwafemi OgunjobiAugust 7, 2017

The board of leading sub-Saharan Africa building materials company, Lafarge Africa Plc, has approved and authorised the merger of the company with both United Cement Company of Nigeria (Unicem) and Atlas Cement Company Limited. In a statement signed Friday by the company’s secretary, Edith Onwuchekwa, the board was waiting for the approval of the necessary […]

Presco reports Q2 2017 results; sales up by 30.4% YoY

Businessam StaffAugust 4, 2017

Presco reported its Q2 2017 results this afternoon showing sales growth of 30.4% y/y to N5.7bn. Similarly, PBT and PAT increased by 10.1% y/y and 2.5% y/y respectively. The topline growth surprised slightly. The company continued to benefit from increased demand following encouraging government policy on crude palm oil imports. This has also given it […]

Nestle Nigeria: In line to deliver strong earnings growth in 2017

Businessam StaffAugust 4, 2017

FBNQuest Research Neutral rating maintained Nestle Nigeria (Nestle) posted earnings of N8.2bn compared with a loss of –N6.2bn in Q2 2016. We draw many positives from these results such as gross margin expansion and a strong interest income line, which was up by more than 600% y/y to N2.5bn during the quarter. Gross margin which […]

Winners emerge in Union Bank’s Centenary Innovation Challenge

Businessam StaffAugust 2, 2017

“Biodegradeable Starch Bags” by Ized Uanikheli emerged as the winner of the Union Bank Centenary Innovation Challenge – an initiative set up in partnership with Co-Creation Hub to socially impact Nigeria by unearthing and supporting innovative ideas that address the Sustainable Development Goals (SDGs). The pitch event held on Thursday, 27th July 2017 at the […]