Daar Communications posts 47% decline in revenue, earnings
Niyi Jacobs
June 14, 2017
Daar Communications Plc has recorded a net loss of N2.139 billion in 2016 as against a loss of N1.510 billion in year 2015. According to a notice posted on the Nigerian Stock Exchange on Tuesday, the company’s total revenue for the year under review was N3.732 billion in contrast with N7.089 billion it recorded in […]
UBA‘s $500m Eurobond oversubscribed by 240%
Niyi JacobsJune 13, 2017
… Reflects strong global investor appetite The United Bank for Africa Plc (UBA) has announced that it has successfully raised $500 million though a debut Eurobond, which was 240 per cent oversubscribed. The bank, in a statement, said the significant investor demand reflected the strong global investor appetite for UBA’s credit and support for the […]
Arik Air in talks with Dubai based investor to settle N375bn local, foreign debts
Businessam StaffJune 13, 2017
Four months after it was taken over by Assets Management Company of Nigeria (AMCON), over huge debt amounting to N375 billion, shareholders of Arik Air may have started discussions with a major investor to partner with the airline in a move to offset the debts it owed both local and international creditors. Businessamlive.com learnt from […]
Safaricom expands mobile-money service into Nigeria, Angola after Vodafone stake sale
Businessam StaffJune 12, 2017
Safaricom Ltd., a leading communications company in Kenya is set to expand its popular mobile-banking service M-Pesa into Nigeria and Angola, it grapples with regulatory scrutiny in its home market. The expansion of the mobile-banking service would be Safaricom’s first significant move since Vodacom’s $2.6 billion stake purchase last month and will enable the company to examine […]
Forte Oil moves to raise N20bn in fresh capital
Obodo EjiroJune 9, 2017
The management of Forte Oil Plc on Friday said it was perfecting arrangements to raise the sum of N20 billion from the equity market to support operation and drive diversification strategy. Julius Omodayo-Owotuga, Forte Oil Group Executive Director, Finance and Risk Management, said this at a news conference in Lagos. Omodayo-Owotuga said that the proceeds […]
Heritage Bank affirms commitment to empower Youth Corp members
Niyi JacobsJune 9, 2017
Heritage Bank Plc, has restated its commitment to support National Youth Service Corp members and young entrepreneurs in order to grow their businesses as a start-up or prospective business owners. The MD/CEO of Heritage Bank, Ifie Sekibo disclosed this at the weekend during the Leadership Development Programme for Corps member organised by Guardians of the […]
First Bank promotes financial inclusion with introduction of quick banking service
Niyi JacobsJune 9, 2017
First Bank of Nigeria Limited has shown its commitment to drive financial inclusion further by empowering the Nigerian banking populace with a new quick banking service. The banking service, tagged *894# is set to bring new innovative to the banking industry as beneficiary accounts are credited instantly with alert notifications when operated upon anywhere and […]
Dongfeng Motor reshuffles top-level management
Businessam StaffJune 9, 2017
Chinese carmaker Dongfeng Motor Corp. has reshuffled its senior management, affecting top-level executives at its Chinese subsidiaries and joint ventures with foreign firms, an insider told Yicai Global. Liu Weidong, chairman of Dongfeng Peugeot Citroen Automobile Co. and Dongfeng Hongtai Holdings Group, will move to oversee development of Dongfeng passenger cars and technology, the source […]
Unprofitable subsidiaries becoming new tax haven for multinational corporations
Businessam StaffJune 9, 2017
Multinational corporations are moving income from their profitable, high-tax subsidiaries into unprofitable ones to save money on taxes, a University of Waterloo study has found. The study’s findings shed light on a tax planning strategy that is not currently focused on by governments, which tend to focus their efforts on firms who move their money […]
Fitch assigns final ‘B’ rating to UBA $500m notes
Niyi JacobsJune 8, 2017
Fitch Ratings has assigned United Bank for Africa Plc’s $500 million 7.75% senior unsecured notes maturing 8 June 2022 a final ‘B’ rating. Fitch said its assessment was based on expected recoveries in a liquidation scenario. It also assigned a final recovery rating of ‘RR4 (EXP)’ to the notes, implying average recovery prospects. The final […]