Nigeria Access Bank grew earnings by 20% to N459bn in 2017
Businessam Staff
March 21, 2018
Nigeria commercial lender, Access Bank, Wednesday released its financial statements for the year ended December 2017 wherein it recorded 20 percent growth in earnings from N381 billion in 2016 to N459 billion for the reporting period. However, profit before tax fell from ₦90 billion in 2016 to ₦80 billion as well as profit after tax […]
Dangote Cement plans N300bn capital raise via bonds to fund expansion
Businessam StaffMarch 21, 2018
Dangote Cement Plc. has unveiled plans to raise N300 billion ($833m) in bonds to fund expansion of its operations across the continent. Brian Egan, its chief financial officer (CFO), disclosed this during an investor conference call, according to Bloomberg reports The debt instrument would be issued in tranches of N50 billion at a time whenever […]
Nigeria’s central bank holds interest rate meeting April 3-4
Businessam StaffMarch 19, 2018
Nigeria’s central bank plans to hold its next interest rate meeting April 3-4, a spokesman said on Monday, contingent on the upper house of parliament confirming the president’s nominees for the monetary policy committee (MPC). The spokesman according to Reuters said, “the new dates for the MPC are April 3 and 4. “We are hoping […]
Central bank issues regulation for payment of bills in Nigeria
Businessam StaffMarch 19, 2018
The Central Bank of Nigeria (CBN), in an effort to promote sound financial, efficient and effective payments system in the country, has unveiled regulations for the payment of bills. In a circular released on its website at the weekend, the CBN explained that the move was to document the minimum standards that must be complied […]
Lafarge Africa allots N132bn worth of shares to shareholders
Ajose SehindemiMarch 17, 2018
Lafarge Africa Plc. has announced allotment of its rights issue of 3.098 billion ordinary shares on the basis of five new ordinary shares for every nine ordinary shares held by shareholders. According to allotment paper sighted by business a.m., a total of 3,577 acceptances for 3.098 billion ordinary shares valued at N131.650 were received and […]
Central Bank of Nigeria to delay rate meeting till April- governor
Businessam StaffMarch 15, 2018
Godwin Emefiele, governor of Nigeria central bank said Thursday that the bank will delay its next interest rate-setting meeting following a political spat over nominations for its Monetary Policy Committee. Emefiele told CNBC the meeting scheduled for March 19-20 would be delayed by about seven to 10 days, or at the latest until the first week […]
GTBank, Shell grant $270m oil-backed loan to Nigeria’s Amni
Businessam StaffMarch 15, 2018
Nigeria’s Guaranty Trust Bank and Barbados-based Shell Western Supply and Trading Limited, a subsidiary of Royal Dutch Shell, have granted a $270 million loan to Nigeria’s independent oil and gas producer Amni International, Amni officials told Reuters on Thursday. The terms of the loan would give Shell Western Supply and Trade sole access to the […]
Stanbic IBTC Holdings posts N61.2bn profit, up 64% year-on-year
Businessam StaffMarch 14, 2018
Stanbic IBTC Holdings Plc,the holding company under which umbrella Stanbic IBTC bank falls announced Wednesday that it saw a 64.4 percent rise in its pre-tax profit from N37.2 billion in the 2016 financial year to N61.2 billion last year. Profit after tax also grew by 69.6 percent as the holding company reported it achieved N48.4 […]
Seplat announces $350m bond offering to repay existing debt
Businessam StaffMarch 13, 2018
Seplat Petroleum Development Company Plc., Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange (LSE), Tuesday announced that it has priced its offering of $350 million in an aggregate principal amount of 9.25 percent senior notes due 2023. Information made available by the company to the NSE in […]
Krispy Kreme investing $7m in Nigeria outlets
Ajose SehindemiMarch 12, 2018
Krispy Kreme Doughnut Corporation, an American brand is investing $7 million in a network of outlets as it begins a journey into the Nigerian food and beverage market. The company’s executives said they would be offering 16 different varieties if doughnuts, as well as Nigerian blended coffee. The expansion into the Nigerian market is expected […]