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Author Archives: Business Hilights

New twist as banks seek forensic investigation on how Etisalat used $1.2bn loan

Etisalat

Fresh strange developments seem to be trailing the ongoing determination of the destiny of embattled telecoms group, Etisalat this week. Latest on Wednesday indicates that the consortium of 13 banks, involved in Etisalat Nigeria’s $1.2bn loan has changed its game, seeking the Federal Government’s intervention to investigate the management and use of the facility in the first instance. A dependable ...

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Venn, CEO of Spectranet explains why Nigeria’s internet speed ranked lowest in MEA

Venn Spectranet boss

A new report by Akamai, a content delivery platform, which ranked Internet speed across Africa has revealed that Nigeria ranked among the lowest and most frustrating in the sub-Saharan Africa as Kenya lead in Africa at 12.2Mbps. Whereas Qatar, and Israel’s Internet speed is cruising at 13.7Mbps topping chart in Middle East and Asia regions, Nigeria’s Internet speed ranked 114 ...

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Cyber attacks on Honda forces suspension of production at Japan plant

Wannacry virus

More negative effects of last month’s ransomware attack that struck hundreds of thousands of computers worldwide are still emerging. Honda Corporation on Wednesday said it had temporarily halted production at plant in Japan after it suffered a cyberattack from ransomware in May. The Japanese automaker said it had shut its plant in Sayama, near Tokyo, on Monday after discovering its ...

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Lagos worried on delay in Buhari’s campaign pledge, seeks return of abandoned assets

Buhari lagos

Following silence over the placement of Lagos State on a special status with special allocation two years after elections, indications have emerged that the state may have lost confidence on the campaign promise of assigning special status and allocation to the state. It would be recalled that during the last lap of presidential campaign at the Taslim Balogun Stadium, President ...

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NSE recalibrates market indices to situate trading activities at Exchange

nse-oscar

The Nigerian Stock Exchange (NSE) in Lagos on Wednesday, announced the expected review of the NSE 30, and the six sectoral indices of the Exchange. Affected indices include NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices. In a statement, the Exchange said “These indices are normally reviewed bi-annually (June ...

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Details emerge on how AG Dangote Construction group’ll deliver Apapa-Wharf road

Apapa Port 44

Following the recent signing of the reconstruction deal of the Apapa-Wharf road weekend in Lagos between the federal government and two others including Dangote Industries Limited and Flour Mills of Nigeria (FMN), the handling company, AG Dangote has given details on how the road will be delivered. AG Dangote, a civil construction company, and joint venture between Dangote Group and ...

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Dangote reveals how Nigeria loses over N140 bn weekly to Apapa gridlocks

Dangote

Joint financier of the reconstruction of the Apapa-Wharf road and President of Dangote Group, Aliko Dangote has lauded the decision of the Federal Government to involve stakeholders in the planned redevelopment of the failed highway to the nation’s gateway and flagship seaport, Apapa. He observed that the poor state of the Apapa Wharf road serves as both an embarrassment to ...

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Scarcity looms as oil marketers urge FG to pay outstanding N720bn fuel subsidy claims

Ibe Kachikwu

There are anxieties that the Major Oil Marketers Association of Nigeria (MOMAN) may be running out of patience on backlog of subsidy claims as it appealed to the Federal Government to pay the outstanding fuel subsidy claims to its members to pay back their bank loans. In Nigeria, whenever marketers get tired of appeals to the government on their demand, ...

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How power sector lost N1.43 bn on June 17 to gas, grid disruptions

power transmission lines

Fresh figures statistics released by the Presidential Advisory Power Team (PAPT) overseen by the Acting President, Yemi Osinbajo on Wednesday revealed that the nation’s power sector lost about N1.43 billion to constraints associated with grid and gas in one day (June 17, 2017) . Details showed that the disruptions involved 1,724 mega watts (MW) for gas while line constraints involved ...

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Chinese competition in construction pushing Julius Berger into oil, gas industry

CCECC Group

Leading construction giant, Julius Berger Nigeria Plc has given hint on plans to diversifying into oil and gas industry. Construction industry pundits say the move stemmed from sustained stiff competition from Chinese construction groups which have been raking in jobs that would have ordinarily gone to Julius Berger in the last few years. Trouble may have began for the construction ...

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