Nigeria

07
August
Shoprite considers selling majority stake in Nigerian business
Shoprite considers selling majority stake in Nigerian business

Shoprite Holdings Limited is weighing its ownership options for its outlets in Nigeria.In an “Operational and Voluntary Trading Update 52 Weeks Ended 28 June 2020” released on Monday, the company...

07
August
NIGERIA:NNPC rakes in N2.3tn from petroleum sales.
NIGERIA:NNPC rakes in N2.3tn from petroleum sales.

The Nigerian National Petroleum Corporation (NNPC) said it generated N2.393.88 trillion from the sales of petroleum products from May 2019 to May 2020. In its May 2020 Monthly Financial and Operations...

07
August
Nigeria:Over 700 contractors bid for rail projects
Nigeria:Over 700 contractors bid for rail projects

The Nigerian Railway Corporation (NRC) on Wednesday opened bids for the prequalification of contractors for the 2020 capital projects. Daily Trust reports that over 700 bidders are jostling for the 20...

07
August
Nigeria:Flour Mills records N11.4bn trading profit
Nigeria:Flour Mills records N11.4bn trading profit

Flour Mills of Nigeria Plc (FMN), an agro-allied firm in Africa has announced N11.4 billion Profit after Tax (PAT) representing 184% in its 2019-2020 financial report. The company in a statement said...

07
August
NIGERIA:LEKOIL signs agreements for Otakikpo JV
NIGERIA:LEKOIL signs agreements for Otakikpo JV

LEKOIL has signed agreements for the development of the next phase of the Otakikpo marginal field.Further to the execution of a non-binding Memorandum of Understanding (MoU), the Otakikpo Joint Ventur...

06
August
Nigeria:NB records N5.7bn profit in H1, 2020
Nigeria:NB records N5.7bn profit in H1, 2020

The Board of Directors of the Nigerian Breweries Plc has released the company’s trading results for the half-year ended June 30, 2020. According to its unaudited and provisional results filed wit...

06
August
Nigeria:BUA Cement H1, 2020 revenue increases to N101.3bn
Nigeria:BUA Cement H1, 2020 revenue increases to N101.3bn

One of Africa’s largest cement producers, BUA Cement, has announced an impressive 2020 half-year results declaring revenue of N101.3 billion and a Profit After Tax of N34.82 billion representing...

06
August
Nigeria:Sterling Bank, stakeholders brainstorm on driving foreign trade
Nigeria:Sterling Bank, stakeholders brainstorm on driving foreign trade

To highlight and address challenges of the manufacturing and trade sectors in light of the COVID- 19 pandemic, Sterling Bank Plc held a webinar for customers in import/export businesses.In a keyn...

06
August
Nigeria:Electricity grid records 5377MW peak generation
Nigeria:Electricity grid records 5377MW peak generation

The Nigerian power grid rose to 5,377 megawatts (MW) peak power generation on Saturday night, a feat attained 18 months after the previous record. The Transmission Company of Nigeria (TCN) disclosed t...

06
August
$500m loan: No plan to take over Nigeria’s sovereign right — China
$500m loan: No plan to take over Nigeria’s sovereign right — China

The Chinese government says there’s no clause in the $500 million loan it gave to Nigeria that include taking over its sovereignty.The House of Representatives had in the probe of Chinese loans to Nig...

05
August
Stock Market Today: Flour Mills Nigeria Leads Gainers Chart, As UACN Top Losers
Stock Market Today: Flour Mills Nigeria Leads Gainers Chart, As UACN Top Losers

The Nigerian stock market closed at 4,718 deals today, Monday, August 3, 2020, while the volume dropped to 186.4 million units today, from the 169.9 million units of Monday, while the value of trades...

05
August
Shoprite exits Nigeria after 15 years
Shoprite exits Nigeria after 15 years

South Africa owned grocery retail giant, Shoprite, has announced that it is exiting Nigeria after 15 years of operations and months of decline in sales.In a statement released on Monday, August 3, the...