IBEDC earmarks N4.5bn for enumeration of consumers, equipment

Businessam StaffJuly 11, 2017

Ibadan Electricity Distribution Company (IBEDC)has earmarked over N4.5 billion for the enumeration of consumers and equipment in its areas of coverage, the management said, accordoing to NAN. Dele Ayodele, the Deputy Managing Director, IBEDC, made the remarks in an interview with the the news agancy in Lagos, saying that the cost would cover its area of […]

Nestle still under pressure from activist investor Loeb

Businessam StaffJuly 10, 2017

Nestle

Activist investor Daniel Loeb is keeping up pressure on Nestle by sharing views with the company as part of a regular dialogue, according to Reuters, referring to a source familiar with the matter. Nestle, Europe’s most valuable public company, announced a 20 billion Swiss franc ($21 billion) share buyback programme last month coupled with a […]

Moody assigns Nigeria’s Dangote Cement Ba3 corporate family rating

Businessam StaffJuly 7, 2017

Moody’s Investors Service has assigned a first-time Ba3 corporate family rating (CFR), Ba3-PD probability of default rating and Aaa.ng national scale rating (NSR) to Dangote Cement Plc. (DCP), a Nigeria-based cement producer. The outlook on the ratings is stable. DCP’s Ba3 CFR and Ba3-PD probability of default ratings reflect strong financial profile, which factors high […]

Ethiopian Airlines commences operation to Kaduna Nigeria

Businessam StaffJuly 7, 2017

Ethiopia national carrier Ethiopian Airlines has finalized preparations to start scheduled thrice weekly services to Kaduna, Nigeria, as of August 1st, 2017, According to Africa Business Communities (ABC) Kaduna, located in north-western Nigeria, is a trade center and a major transportation hub for the surrounding agricultural areas with its rail and road junction. According to […]

Konica Minolta to buy Ambry Genetics, deal worth up to $1 billion

Businessam StaffJuly 6, 2017

Konica Minolta Inc (4902.T) said it was purchasing U.S. diagnostics company Ambry Genetics in a deal valued at up to $1 billion – an acquisition that marks a strategic shift for the Japanese firm’s healthcare business as it seeks a leading position in precision medicine. The deal is the largest ever for the photocopier maker, […]

Qatar Air said to cancel four Airbus A350s on supplier issue

Businessam StaffJuly 6, 2017

Qatar Airways has refused to take delivery of four Airbus SE A350-900 jets and is set to scrap its orders for the planes, according to people with knowledge of the matter. The Persian Gulf carrier declined to take the wide-bodies amid issues with quality control and cabin specifications, said the people, who asked not to […]

Etisalat gives timeline on resolution of debts to banks, restructuring

Businessam StaffJuly 5, 2017

The new management team at Etisalat Nigeria has given a timeline of between three to six months to resolve the lingering multi-million-dollar debt the telecoms company owed 13 Nigerian banks and restructure the firm under new owners. This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the company […]

Joseph Nnanna named new chairman of Etisalat Nigeria

Businessam StaffJuly 5, 2017

The Deputy Governor of CBN on Financial System Stability was announced the new chairman of Etisalat Nigeria in a press release by the company Tuesday, July 4. “Etisalat Nigeria today confirms that as a result of the on-going restructuring efforts, a new board has been constituted. It comprises of Joseph Nnanna – Chairman, Oluseyi Bickersteth, Ken […]

Guinness Nigeria starts $126 million share sale to cut funding costs

Businessam StaffJuly 5, 2017

Guinness Nigeria on Tuesday launched a share sale to raise 39.7 billion naira ($126 million) from existing shareholders to help lower its financing costs after reporting its first annual loss in 30 years last year, according to Reuters. The beer maker, the local division of the world’s leading spirit maker Diageo, said funds raised will […]