Investment

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Transcorp Hotels Plc delivers strong performance in 2023

… With 36% Year-on-Year Revenue Growth Lagos, April 2, 2024 – Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”), the listed hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”), has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records. In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close …

Diaspora investments can galvanise Nigeria’s economic prosperity – Dabiri-Erewa

Abuja, March, 22, 2024 – Abike Dabiri-Erewa, the Chairman of Nigerians in Diaspora Commission (NIDCOM), says  structured Diaspora investment can galvanise Nigeria’s economic prosperity. Dabiri-Erewa said this in Abuja on Thursday during a strategic meeting with a wealth management company, Optiva Capital Partners. She said the collaboration between Optiva Capital Partners and NiDCOM would be as a pivotal step toward harnessing the potential of Nigeria’s Diaspora community in fostering sustainable economic growth and strengthening ties between the Diaspora and their homeland. Dabiri-Erewa said that NiDCOM was willing to partner with …

Access Banks acquires National Bank of Kenya 

Lagos, March 21, 2024 – Access Holdings Plc has entered into a binding agreement with Kenyan-based KCB Group Plc to acquire 100 percent stake in National Bank of Kenya Limited. According to a statement filed with the Nigerian Exchange Limited on Wednesday, Sunday Ekwochi, the Secretary of Access Holdings, said the transaction was in furtherance of the Bank’s expansion strategy in Africa. He said the acquisition would reposition it as a stronger and significant player in the Kenyan market whilst serving as a regional hub for East Africa. Roosevelt Ogbonna, …

Nigerian economy is resilient, attractive to investors – IMPI

Abuja, March 19, 2024 – The Independent Media and Policy Initiative (IMPI) says the Nigerian economy is very resilient and attractive to investors as investments in its key sectors are highly profitable. It also says there are verifiable data to show that Nigeria has a robust investment climate under the President Bola Tinubu administration contrary to the narrative of an economy shorn of investor confidence. In a policy statement signed by its Chairman Niyi Akinsiju, the policy think tank noted that it came to that conclusion after a comparative analysis …

FG collaborates with U.S firm to create 50,000 jobs

Abuja, March 18, 2024 – A collaboration between the Federal Government and the U.S. Cybersecurity Institute, Lab Four, is expected to create 50,000 Business Process Outsourcing (BPO) jobs. These jobs will include tele sales, customer service, virtual administrative assistant, marketing/social media assistant and tech/cybersecurity. Doris Anite, the Minister of Industry Trade and Investment, announced this in Abuja on Monday at the Memorandum of Understanding (MoU) signing ceremony. She said the initiative, under the National Talent Export Programme (NATEP), which signed the MoU with Lab Four, could bring an annual influx …

CPPE cautions legislators against use of foul languages on investors

Lagos, March 17, 2024 -The Centre for the Promotion of Private Enterprise (CPPE), a private sector think-tank in Lagos, has appealed to the National Assembly members against the use foul languages on investors during their deliberations. Muda Yusuf, the Director of CPPE, gave the advice to the NASS members in a statement issued  on Sunday against the backdrop of recent deliberation in the House of Representatives on the rising prices of cement across the country. He said the CPPE had noted with concern the recent remarks on the floor of …

Heirs Holdings launches Heirs Technologies to lead Africa’s digital evolution

Lagos, March 11, 2024 – Heirs Holdings, a leading African investment company dedicated to improving lives and transforming Africa through strategic long-term investments, announced the launch of its new subsidiary, Heirs Technologies Limited, with an ambition to empower Africa’s digital transformation through innovative and locally tailored solutions. Heirs Technologies endeavours to provide value added services that capitalise on top-tier expertise while guaranteeing accessibility locally. The company’s range of offerings include IT consulting, which encompasses advisory services, business transformation, system integration, licencing, and partnerships. Additionally, Heirs Technologies will offer various managed …

767 companies shut down, 335 distressed in 2023 – MAN

Lagos, March 6, 2024 – A total of 767 companies were shut down while 335 were distressed in Nigeria in 2023. The Manufacturers Association of Nigeria (MAN) said this in a statement on Wednesday. It attributed the situation to exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. The association condemned the recently introduced Expatriate Employment Levy (EEL) by the Federal Government. It said the levy ran contrary to the Renewed Hope Agenda, the fiscal policy and tax reforms of the current administration.  “The …

The Alternative Bank fosters rural economic growth in Katsina

Katsina, Feb. 27, 2024 – The Katsina State Government has aligned with the mission of The Alternative Bank to support rural economies through innovative financial solutions tailored to empower local businesses and stimulate sustainable development across the state. This official endorsement marks a significant milestone for The Alternative Bank as it embarks on a new chapter in Katsina with the launch of its first branch in the state.  Speaking during the launch, the Katsina State Governor, Dikko Radda, emphasised the importance of combating poverty, particularly in rural areas, urging the …

Qatar accepts Tinubu’s visits for business investment forum

Abuja, Feb. 25, 2024 – Qatari has accepted President Bola Tinubu’s request to visit the country for a business investment forum in March.   The acceptance of Tinubu’s visit was confirmed by a letter from the Government of Qatar to the Minister of Foreign Affairs in Nigeria dated February 23, 2024.   The letter reads: “The Embassy of the State of Qatar in Abuja presents its compliments to the Protocol Department of the Ministry of Foreign Affairs of the Federal Republic of Nigeria.   “Regarding the upcoming State visit of H.E. Bola Ahmed …