Category Archives: Business News

Nigeria’s IHS Towers Buys Brazilian Telecoms Infrastructure Company CCS for Undisclosed Amount

Nigerian telecoms group IHS Towers said on Monday it has agreed to buy Brazilian telecoms infrastructure company Cell Site Solutions (CSS) from Goldman Sachs and Centaurus Capital LP for an undisclosed amount, to expand in Latin America.

Munachi Mbonu, launches Yet another book titled, Fathers Will

Sunday, December 15, was no doubt an eventful evening when distinguished personalities, led by His Excellency, Governor Babajide Sanwoolu; family, friends and well-wishers gathered at Eko Hotel, Victoria Island, Lagos to launch yet another book, written by Munachi Mbonu.

UBA Staff Across Africa Give Back at UBA Foundation’s Each One, Teach One Initiative

UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, on Friday held the 2019 edition of its annual Each One, Teach One initiative, hosting a huge impact day in Nigeria and across all its subsidiaries in Africa.

UNIBEN Alumni honours UBA’s Uzoka; Giwa-Osagie, others

University of Benin Alumni Association, Lagos Chapter has honoured the Group Managing Director/Chief Executive Officer of United Bank for Africa(UBA), Mr. Kennedy Uzoka.

Chevron is Trying to Sell 2 Nigerian Businesses, Again

Over the years, a number of foreign oil companies including Chevron, Royal Dutch Shell and ExxonMobil have retreated from onshore and shallow-water production in Nigeria due to oil theft.
Energy giant Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters News Agency showed, as the company seeks to dispose of aging assets to focus on its fast-growing production in the United States.

Manufacturers win big from central bank’s credit push … Lending to manufacturers rises to a two-decade high

The manufacturing sector is the biggest winner of central bank policies that have forced lenders to extend more credit to the private sector.
Lending to manufacturing companies in Africa’s most-populous country from May to the end of October totaled N459.7 billion ($1.3 billion), the most in two decades, central bank Governor Godwin Emefiele said in Abuja.

Nigerian border closures cut smuggling but drive up prices

The closure of the Nigerian borders may have achieved its set goals, but some things not bargained for have also surfaced, the combination, pushing up prices of goods and affecting some other businesses as well.

Sim Shagaya’s uLesson African edtech startup raises $3.1M

Nigerian founder Sim Shagaya is back with a new startup — uLesson — that has raised a $3.1 million seed round led by TLcom Capital.
The venture is integrating mobile platforms, SD cards, culture-specific curriculum and a network of tutors to bridge educational gaps for secondary school students in Nigeria and broader Africa.

Nigerians to pay more for fuel as sulphur regulation takes effect Jan. 1, 2020

The 2020 International Maritime Organisation (IMO) Fuel Sulphur Regulation comes into effect from I January 2020. The new regulation provides a 0.5 per cent global sulphur cap on fuel content, lowering from the present 3.5 per cent limit. This new cap is part of the IMO’s response to heightening environmental concerns, contributed in part by harmful emissions from ships.

University dons proffer solutions to Africa’s economic prosperity at the UBA Professorial Lecture

Intellectuals and leading minds across Africa have suggested the adoption by governments, of strategic policy actions which are expected to ultimately lead to the economic prosperity of the continent.