It gets worse: World Bank report labels Nigeria ‘unsuitable’ for business

A damning report which would further scare away investors from Nigeria has been delivered by the World Bank Group’s Doing Business Report 2016, saying Nigeria is no longer a good business environment. Comparatively, the 2015 report saw Nigeria ranking 170 point of 189 in the world, with a Distance To Frontier (DTF) or Ease of […]

Brace Yourselves: First Bank to sack 1000 workers

Bloomberg reports that First Bank of Nigeria is planning to sack at least 1000 of its staff. According to Bloomberg, the plan to cut jump is is as a result of the banks 82% loss in profit after its financial year ending for 2015. The bank also plans to focus less on providing loans to […]

Economic Situation worsens as Nigeria breaks 15 year record at IMF

Nigeria for the first time in 15 years has dropped out of the league of fastest growing economies in Africa, according to the International Monetary Fund’s (IMF) World Economic Outlook for Africa in 2016. The revised outlook released on Tuesday indicates that the country’s economy will grow by a modest 3.2 percent from an average […]

Over N103bn withdrawn as investors scamper out of Nigeria

With all risk factors gaining prominence in Nigeria, investors have continued to withdraw the little investments left. Just in three months, they withdrew investments worth N103 billion from the economy. Latest figures obtained by our correspondent have shown that there has been a chronologically downward investment trend since January 2016. While there were high hopes […]

Recession? What recession?: Guinness makes N70bn profit in 9 months

Guinness Nigeria Plc today announced net revenue of ₦70bn for the 9 months period which ended on the 31st March 2016. The company’s Managing Director/Chief Executive Officer, Mr. Peter Ndegwa, observed, “Third quarter sales were impacted by a tough operating environment and the lapping of a very strong quarter in the previous year – particularly with […]

Bad market: MTN loses 4m subscribers after N780bn NCC fine

The fine imposed on MTN Nigeria has taken a toll on the company as the communications giant has reportedly lost 6.9 per cent of its subscriber base with 4.5 million subscribers disconnected in February 2016. The drop related to the registration compliance process led to MTN Nigeria subscriber dropping to 57 million at the end […]

Arik reveals how much it really owes FAAN

Arik Air Nigeria has finally waded into reports that it owes the Federal Airports Authority of Nigeria (FAAN) N12.5 billion, explaining that it has paid N18.9 billion to date in excess of the said amount of debt. The said debt brouhaha resulted in a delay of flights on Wednesday which left hundreds of passengers stranded […]

SEGUN AGBAJE: Banker Extra-ordinaire

Mr. Olusegun Agbaje, popularly known as Segun, was born in 1964, to the family of Chief Julius Kosebinu Agbaje, who was formerly the Chairman of Guaranty Trust Bank. He developed interest in banking in his early age, having received tutelage from his banker-father. Mr. Agbaje is the Managing Director of Guaranty Trust Bank Plc. With […]

Governor Akinwunmi Ambode launches Ambsam Memorial Foundation in Lagos

As part of consolatory steps to immortalize the six illustrious sons of Epe community who lost their lives in a boat mishap while on election related assignments and the need to cater for less privileged indigenes of the community who might have suffered similar fate, this resulted have led to the establishment of the AMBSAM […]

Aliko Dangote: World Class Businessman and Philanthropist

When Niccolo Machiaveli the popular Italian Historian, Diplomat and Writer stated that “Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity, and are able to turn both to their advantage”. He, in fact, was describing billionaire businessman, Alhaji Aliko Dangote. Listed by Forbes Magazine as Africa’s Richest Man, many […]

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