Naira floatation, cost cut-back boost Okomu Oil revenues by 47%
Obodo Ejiro
June 23, 2017
The technical devaluation of naira by Central Bank of Nigeria, which increased demand for local crude palm oil (CPO) and a cost cut-back strategy have seen Okomu Oil Palm Company Plc. record 47.42 percent growth in revenue in 2016. Okomu Oil grew revenues to N14.3 billion in 2016 as against N9.7 billion recorded in 2015. Gbenga Oyebode, […]
Ford recalls 15,600 cars in South Africa over fire risk
Businessam StaffJune 23, 2017
Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a potential fire risk, it said on Friday, Reuters reports. The models were built between 2004 and 2012 in India, Ford said in a statement. “A power steering fluid leak could result in fumes being emitted from the engine […]
Africa’s richest man may quit Ethiopia over mining dispute
Businessam StaffJune 22, 2017
Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, said it may shut its operations in Ethiopia if authorities in the central state of Oromia don’t reverse an order to cement makers to hand over control of some parts of their businesses to local young people. Oromia state’s East Shewa Zone administration wants the […]
BoI’s profit slumps on reduced gains on disposals
Businessam StaffJune 22, 2017
Bank of Industry (BoI)’s full year net income has slumped 67.42 percent due to a significant decline in gains on disposal of equity securities as the Nigerian premier development financial institution recorded improved asset quality amid a tough operating environment. Net profit of the bank declined to N14.56 billion in December 2016 from N44.69 billion […]
High cost outlay, poor investment deny Linkage Assurance shareholders of dividend
Obodo EjiroJune 22, 2017
Shareholders of Linkage Assurance Plc will have to wait a little longer to earn dividend from their investment. This is as a result of the company’s high cost of doing business and lacklustre earnings from investment, which combined to whittle down profitability. This is despite the company announcing a 1.9 percent increase in gross profit […]
Nigeria Breweries deepens cost efficiency, to source 60% raw materials locally
Obodo EjiroJune 22, 2017
Federal Government’s backward integration policy appears to be taking root as Nigeria’s brewing giant, Nigerian Breweries (NB Plc.), is set to source about 60 percent of its raw material needs locally by year 2020, three years from now. The 60 percent local content of the brewer’s needs would come from sorghum, food grade starch and […]
Etisalat Nigeria repaid $500m of loan amount before default
Businessam StaffJune 22, 2017
Etisalat Nigeria reportedly repaid $500 million of $1.2 billion in loans owed to banks before it defaulted in February as a consequence of currency devaluation. A senior executive told Reuters on Thursday. Talks between Etisalat Nigeria and lenders to restructure the $1.2 billion loan agreed in 2013 have failed to produce a deal, forcing the banks to […]
Conoil records N2.84bn profit for FY 2016
Obodo EjiroJune 21, 2017
Conoil Plc has recorded a gross profit of N2.84 billion for the 2016 business year, up from the N2.31billion it recorded prior year. The company’s ability to grow it revenues while cutting down on distribution expenses ensured that it was able to close the year on a profitable note, posting basic earnings per share of […]
Sterling Assurance records 256% rise in profit
Kelvin EgerueJune 21, 2017
Sterling Assurance Nigeria Limited has finally rendered and got approval of its year 2016 accounts from the National Insurance Commission (NAICOM), declaring a 256 percent rise in profit. Analysis of the company’s 2016 trading results shows that Sterling Assurance net profit rose by 255.94 percent to stand at N341.76 million as against N96.02 million reported […]
Julius Berger, Petralon venture into oil exploration despite global price instability
Obodo EjiroJune 19, 2017
Still searching for growth opportunities, Nigeria’s construction giant, Julius Berger Nigeria Plc said it is venturing into crude oil exploration across the African continent. The company said it has already signed a strategic partnership and joint investment agreement with Petralon Energy Limited for the acquisition and development of oil fields in Nigeria. Petralon Energy Limited […]