Crude Oil Slumps To $71.83 On Account Of Adequate Supply, Waivers On Iran

Crude Oil Slumps To $71.83 On Account Of Adequate Supply, Waivers On Iran

U.S. BANK J.P. MORGAN SAID THE “SELL-OFF IN OIL WAS DUE TO EXCESSIVE CRUDE” FROM RISING PRODUCTION “WHILST IRANIAN SUPPLY WAS STILL IN THE MARKET”. Washington re-imposed sanctions against Iran’s oil exports on Monday but granted waivers to its biggest customers, allowing limited imports for the next 180 days. Refinitiv data showed Iranian exports have fallen to 1 million barrels per day (bpd) so far in November, down from around 3 million bpd in mid-2018. But Iran supply is expected to rise after November as waivers are used to start…

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Standard Chartered Unveils $4b Clean Technology Initiative

Standard Chartered Unveils $4b Clean Technology Initiative

Emerging rich consumers in Nigeria have been assessed to have plans to start a business, as a way to increase their wealth, more than observed in any other market, the Standard Chartered, in a new study, said. The Emerging Affluent Study 2018, titled “Climbing the Prosperity Ladder”, examines the views of 11,000 emerging affluent consumers, who are earning enough to save and invest, from 11 markets across Asia, Africa and the Middle East. In Nigeria, 41 per cent of emerging affluent consumers say that starting their own business is a…

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C&I Leasing Declares N1.2 Billion Q3 Profit

C&I Leasing Declares N1.2 Billion Q3 Profit

C&I Leasing Group has achieved gross earnings of N19.9 billion in its unaudited result for the nine months ended September 30, 2018, or 15.7 per cent rise against N17.2 billion recorded in the corresponding period of 2017. Also, the Group posted profit after tax of 1.2 billion representing 25 per cent increase over N950 million achieved in 2017, while profit before tax also rose from N1.2 billion to N1.3 billion, representing 11.4 per cent increase. C&I Leasing in a statement attributed the improved performance to increased efficiency recorded across all the business…

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Non-Performing Loans Threaten Unity Bank’s R.O.I

Non-Performing Loans Threaten Unity Bank’s R.O.I

The Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, has attributed the poor performance of the bank to high non-performing loans. While speaking during an interaction with journalists in Lagos, she stated that the bank sold off its remaining bad loans because it was spending a lot of time on debt recovery. She stated that the bank was suspended by the Nigerian Stock Exchange for failing to file its financial statement, adding that the Central Bank of Nigeria wanted to confirm that its loans were not performing before…

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NPA Reposition For ISO 9001 Certification

NPA Reposition For ISO 9001 Certification

The Managing Director, Nigerian Port Authority (NPA), Hadiza Bala Usman, has expressed commitment to achieving the ISO 9001 & OHSAS 18001 certification, with a view to accelerating efficiency in the system. Usman has, therefore, issued a 90-day ultimatum to the relevant divisions and departments in NPA to accomplish all the identified critical requirements needed to ensure the successful attainment of the ISO 9001 Certification project. Speaking at a Management Awareness Workshop on the subject in Lagos, Monday, Usman implored all the NPA top cadre management officers to fully identify with…

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CBN: Commercial Banks Lost N12 Billion To Robbery & Fraudu

CBN: Commercial Banks Lost N12 Billion To Robbery & Fraudu

Losses recorded by banks from armed robbery cases and other criminal activities perpetrated by members of staff and non-staff members of lending institutions rose to N12bn in six months. Figures obtained from the Central Bank of Nigeria stated that the attempted fraud and forgery cases, which were, however, not successful, stood at a figure of N7.99bn between January and June 2018. The CBN said that there was a staggering rise in the reported cases of such incidences from 16,762 in the first half of the financial year of 2017 to…

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Bill & Melinda Gates Foundation Partner AfDB On Sanitation

Bill & Melinda Gates Foundation Partner AfDB On Sanitation

President, AfDB, Dr. Akinwunmi Adesina The African Development Bank on Tuesday announced a new initiative to promote innovation and citywide inclusive sanitation services for sub-Saharan Africa’s urban inhabitants with an investment of $500m. A statement issued by the bank said that its Africa Urban Sanitation Investment Fund Programme, with support from the Bill & Melinda Gates Foundation, would fund the initiative designed to focus on the poor. The Gates Foundation, in partnership with the Government of the People’s Republic of China, showcased the new initiative at the Reinvented Toilet Expo…

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NSE Lifts Suspension On Academy Press, Three Others

NSE Lifts Suspension On Academy Press, Three Others

The Nigerian Stock Exchange has lifted the suspension it placed on trading in the shares of Premier Paints Plc and three other firms more than a year ago. The firms, including Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, were suspended for failure to adhere to best corporate governance practices and refusal to submit their accounts and operational reports. Premier Paints and Ekocorp were suspended on July 5, 2017; Austin Laz was suspended on August 2, 2017, and Academy Press on October 4, 2017. The Head, Listings…

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