City BusinessNews, Author at City Business News

November 2, 2015 No Responses

Osinbajo decries state of Southeast roads

The Vice President, Prof. Yemi Osinbajo, has described dilapidated road networks as a major challenge to the people of Southeast. According to Osinbajo, despite Federal Government’s financial constraints, there is need to make improvements on roads in the South East....

November 2, 2015 No Responses

Fidelity Bank declares N11.4b profit in Q3

For the third quarter ended September 30, 2015, Fidelity Bank Plc recorded Profit After Tax (PAT) of N11.4billion and gross earning of N106 billion, indicating an increase of 1.8 per cent and 11.0 percent respectively. According to the bank, Gross...

October 30, 2015 No Responses

NCC explains MTN sanction

The National Communications Commission (NCC) has described as untrue reports in some quarters that it singled out MTN Nigeria for penalty over non-compliance with the deadline to deactivate all subscribers’ unregistered SIM cards on its network. The commi...

October 30, 2015 No Responses

FG rejects Naira devaluation

The Vice President, Prof Yemi Osinbajo has ruled out the possibility of devaluing the naira, explaining that it was not an appropriate option in the current economic realities. Osinbajo reiterated the government’s position while receiving the Italian Ambas...

October 30, 2015 No Responses

Customs DCGs resigns

Five Deputy Comptroller-Generals of Nigeria Customs Service (NCS), yesterday offered to voluntarily resign from service. In a letter dated October 29, 2015 and titled “Voluntary Retirement”, the senior Customs officers reportedly said: “We, the under-lis...

October 29, 2015 No Responses

Senate rejects N64b budges for second Abuja Airport runway

The Senate has described the proposed N64b budget for the second runway for Nnamdi Azikiwe International Airport as “bogus and too high’. In a motion sponsored by Senator Dino Melaye APC, Kogi West, Senate acknowledged the fact that a second...

October 29, 2015 No Responses

NLC faults Sanusi over calls for naira’s devaluation

The National Headquarters of Nigeria Labour Congress (NLC) has criticized Emir of Kano, Mallam Sanusi Lamido Sanusi for his calls for naira devaluation and fuel subsidy.In a statement yesterday, the central labour body described the calls as “anti-pe...

October 28, 2015 No Responses

FBN Holdings unveils FBNQUEST

INLINE with to improve service delivery to clients and position the group at the forefront of the emerging merchant banking and asset management sector in Nigeria, the Investment Banking and Asset Management business of FBN Holdings Plc has announced the...

October 28, 2015 No Responses

Dangote Cement declares N365.5b turnover in Q3

FOR the nine month ended September 30, 2015, Dangote Cement Plc has declared 17.81 per cent growth in turnover to 365.54 billion. Also, sales from Nigeria contributed 39 per cent in the third quarter turnover, which, according to Chief Executive...

October 28, 2015 No Responses

NNPC opens bid for crude oil grade

NIGERIAN National Petroleum Corporation (NNPC) has conducted the public opening of bids tendered by Nigerian and international companies for the purchase of Nigeria’s crude oil grade. According to the News Agency of Nigeria (NAN) 278 local and internatio...

October 27, 2015 No Responses

FRC suspends Peterside, three IBTC directors

THE Financial Reporting Council, FRC has suspended Chairman of Stanbic IBTC Holdings, Mr. Atedo Peterside, and three directors of the company from signing any financial statement, over allegations of improper disclosures in the financial statements of the ban...

October 27, 2015 No Responses

FBN Holdings declares N390.0b gross earnings in Q3

FOR the third quarter ended September 30, 2015, FBN Holdings Plc has declared N390.0 billion Gross Earnings, up by 16.9 per cent when compared to N333.6 billion recorded within same period in 2014. According to the unaudicted results, net interest...

October 26, 2015 No Responses

Maritime workers shelve strike

MEMBERS of the Maritime Workers’ Union of Nigeria (MWUN) have suspended its strike declared last Thursday over alleged unpaid wages to Tally Clerks and Onboard security men. The suspension of the strike is contained in a communique issued in Lagos...

October 26, 2015 No Responses

Oando explains N183.9b loss in 2014

THE controversy surrounding Onado’s N183.9billion loss for the year 2014 continued at the weekend unabated. In its full-year ending 2014, the company last Friday declared loss after tax of N183.9billion compared to a profit after tax of N1.396billion in 2013...