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DHL announces new heads for key Africa regions

DHL Global Forwarding, the air and ocean freight specialist within Deutsche Post DHL has promoted two African Country Heads to take regional roles in a continent poised for renewed growth. Former Managing dDrector, South Africa, Lubabalo ‘Twine’ Mtya becomes the new CEO for the Southern Africa region while Pramod Bagalwadi, currently Country Manager DHL Global Forwarding Ghana, has been named Eastern ... Read More »

UBA IN TROUBLE AS PROFIT FALLS BY 21 PERCENT

United Bank for Africa (UBA) is in trouble-and there is no better indicator than its financial figures that had just been made public which indicate that the bank is bleeding. According to UBA, though Gross Earnings rose from N62.9b  last year to N68.1b this year, its Profit Before Tax has fallen drastically from N17.1b to N13.5b a shortfall of 21.1 ... Read More »

Forte Oil declares N1.1bn profit

Forte Oil Plc has released its unaudited results for the first quarter of 2014, declaring a profit after tax of N1.1bn. The figure represents a 108 per cent increase on the N530m it reported for the corresponding period of 2013. The result showed, among other things, that the company’s revenue rose by 31 per cent to N34.8bn in the period ... Read More »

GDP REBASING UPDATE; TONY ELUMELU CALLS FOR DIVERSIFICATION OF ECONOMY

Chairman of Heirs Holding, Mr Tony Elumelu has applauded the Federal government on the recent report concerning the rebasing of the GDP but he noted that to truly benefit from this goodnews, the  Nigerian economy needed to be further diversified. In his words “April 7, 2014, marked a historic day for Nigeria, with the rebasing of our GDP to nearly ... Read More »

KASE LAWAL’S CAMAC ENERGY GETS OIL BLOCK IN GHANA

Kase Lawal, the Nigerian oil tycoon is certainly in the best moods of his life. The reason is that his company, CAMAC Energy has secured a juicy oil block in the growing Ghanaian oil industry. The deal which was announced to the world a few days ago following an endorsement of the arrangement by the Ghanaian Parliament covers The Expanded ... Read More »

Corruption: Raging sleaze in Nigeria

When Anti-corruption, non-profit Transparency International (TI) released its report on Nigeria two years ago, it was chest-beating for Jonathan’s administration as the account indicated that the country had faired better in its war against corruption. According to the 2012 global Corruption Perception Index (CPI) report, Nigeria was ranked the 35th most corrupt country in the world by TI, having scored ... Read More »

Dangote promises more youth-focused investments

Alhaji Aliko Dangote, President, Dangote Group

President of Dangote Group, Aliko Dangote, has vowed to focus his strategic investments in the Nigerian economy on youth development and also ensure more partnership with state governments. Dangote made this promise through the company’s General Manager, Corporate Communications, Mr. Sunday Esan while speaking during the Children Segment of the on-going Calabar Carnival in Cross River State. Dangote said the ... Read More »

Barclays fined N600m in the US for keeping poor records

BARCLAYS

Barclays Bank has been fined $3.75m (over N600million) by a US regulator for allegedly failing to keep proper electronic records, emails and instant messages. The shortcomings occurred between 2002 and 2012, said the Financial Industry Regulatory Authority (Finra). Finra said the bank failed to preserve data detailing its orders, confirmation of trades, records of accounts and other information. Barclays did ... Read More »

2014 Budget: Jonathan to spend N2.3 billion as travel expenses

President Goodluck Ebele Jonathan

As details of the 2014 budget begins to come out, it is becoming obvious that the President Goodluck Ebele Jonathan’s 2014 budget has no clear difference from that of previous administrations. For example, in 2014, the Presidency has proposed to spend of N2.378 billion on his travels. While N1.159 billion is for international journey, N1.219 has been earmarked for local ... Read More »