Honeywell records N58bn revenue in 9 months
HONEYWELL Flour Mills Plc has announced N58.2 billion revenue for the nine-month period ended December 31, 2019, representing six percent increase when compared to N55 billion revenue posted in the…
New VAT rate triggers rise in stock market transaction cost
STOCK market investors and operators will from today pay more as transaction cost for shares traded on the Nigerian Stock Exchange, NSE following the commencement of the implementation of the…
Cadbury’s revenue, profit beat estimates in 2019
Cadbury has published its UNAUDITED FY 2019 results announcing a 9.3% y/y increase in Revenue to N39.3bn in FY 2019 from N36.0bn in FY 2018. Furthermore, Revenue within the quarter…
Konga restores investor confidence in Nigeria’s e-commerce
Co-Chief Executive Officer of Konga, Nnamdi Ekeh, said despite investors’ lack of interest in the e-commerce business in 2019, Konga has taken the forefront of driving the online marketplace growth…
Guinness Nigeria: Revenue recovers but operating performance remains weak
On Thursday, Guinness Nigeria Plc released its H1 2020 financial report announcing 0.8% y/y increase in Revenue to N68.3bn in H1 2020 from N67.8bn in H1 2019. On a q/q…
MTN Group to sell 14% of its Nigerian business
MTN Group says it is looking to reduce its majority shareholding in its Nigerian subsidiary by 14%. Bloomberg reports that the company hopes to raise $4 billion from the sale…
JMG celebrates staff at 20 years anniversary
JMG has recognized its workers that have stayed over 20 years and 10 years in the company. The company gave awards to staff who have stayed with the company for…
Enyo, Cars45 partner on auto sales, servicing
One of Nigeria’s fuel retailing companies, Enyo Retail and Supply, has strengthened its partnership with Nigeria’s digital vehicle trading platform, Cars45, to launch a world-class auto centre. The auto centre…
Volkswagen offers to buy all of Navistar for $2.9 bn
German auto giant Volkswagen said Thursday it wants to buy the part of American truck maker Navistar that it does not already own for $2.9 billion. In 2016, VW bought…
NNPC swapped N3.04tn crude for refined products
A total of 150.4 million barrels of crude oil valued at N3.04tn was swapped for refined petroleum products by the Nigerian National Petroleum Corporation between September 2018 and September 2019,…
Nigeria To Begin Rice Exportation In 2020
Increased production and capacity utilisation by rice millers across the country, may have boosted Nigeria’s quest to commence exportation of Rice by 2022. The development comes against the backdrop of…
Boeing posts $636m loss, first in 20 years
Boeing reported on Wednesday its first annual loss since 1997, as the company continues to grapple with the fallout of the 737 Max crisis. Boeing also lost $1.01 billion in…
MTN budgets $1.6 billion to invest in Nigeria
The Minister of Communications and Digital Economy, Dr Isa Pantami, has expressed delight as the Mobile Telephone Network (MTN) budgeted 1.6 billion dollars to invest in the Nigerian market within…
Shakeup in Unilever management following massive losses recorded in 2019
Last November, Unilever Nigeria announced the resignation of its CEO, Yaw Nsarkoh. Prior to his resignation, Mr Nsarkoh was placed on a leave of absence. Nsarkoh, a Ghanaian citizen, has…
Buhari directs trade minister to set up agro-allied industry in 36 states
The President, Major-General Muhammadu Buhari (retd) has directed the Ministry of Industry, Trade and Investment to establish agro-allied industry in each state of the federation. The Minister of State for…
Refineries recorded N123.3bn loss in 10 months – NNPC
The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An…
Currency issues least of ECOWAS integration process, says LCCI
Citing the need to address key fundamental issues and non-tariff barriers affecting regional trade among Economic Community of West African States (ECOWAS) member countries, the Lagos Chamber of Commerce and…
Economy: IMF & World Bank disagree on Nigeria’s growth outlook
On Monday, the International Monetary Fund (IMF) released its Global Economic Outlook where the fund announced it expects global growth to slow in 2020 to 2.9% (World Bank – 2.5%)…
Key Levels for Amazon Stock in the First Half of 2020
Amazon.com, Inc. (AMZN) stock closed 2019 at $1,847.84 and closed Friday, Jan. 17 at $1,864.72, up just 0.9% so far in 2020. The stock is in bull market territory at…