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Business

Blackout lingers as Discos reject 5,452.96MW of electricity

Power distribution companies rejected a total of 5,452.96 megawatts of electricity in one week amid the outcry of blackout in various locations across the country by consumers. Latest industry figures on the Discos load summary obtained from the Transmission Company of Nigeria in Abuja on Saturday showed that the power distributors rejected this quantum of...

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Union Bank’s annual profit rises to N25.4bn

 Union Bank of Nigeria Plc has posted an increase of 2.8 per cent in its profit before tax for the 2020 financial year, compared to the previous year. Its pretax profit rose to N25.4bn in 2020 from N24.7bn in 2019, according to its financial statements released on Thursday. The lender’s gross earnings, however, fell by...

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Stock market records N140bn weekly loss

 The Nigerian stock market extended its decline last week as investors lost N140bn. The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 0.69 per cent to close the week at 38,382.39 and N20.08tn respectively. All other indices, however, finished higher with the exception of NSE Mainboard, NSE 30, NSE Insurance, NSE Consumer Goods,...

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Business

USSD disconnection: Emefiele, Pantami, Danbatta meet banks, telcos today

Governor of Central Bank of Nigeria, Godwin Emefiele, Minister of Communications, Dr Isa Pantami, and the Executive Vice Chairman of the Nigeria Communications Commission, Prof Umar Danbatta, will on Monday meet banks and telecoms operators over threat by telcos to disconnect Unstructured Supplementary Service Data to banks today. The Federal government had directed Mobile Network […] Read Full Story

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FG, firm sign MoU for oil palm development

Okechukwu Nnodim, Abuja  The Federal Government has signed a memorandum of understanding with Solidaridad West Africa for the development of Nigeria’s oil palm sector. In November 2020, The PUNCH reported that officials from the Federal Ministry of Agriculture and Rural Development, states, agencies and non-governmental organisations revealed that Nigeria was spending about $500m annually on […] Read Full Story

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Stocks post N370bn weekly loss amid profit-taking

 ’Femi Asu The nation’s stock market shed N370bn after five straight trading sessions of losses last week amid profit-taking. The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 1.66 per cent to close the week at 41,709.09 basis points and N21.82tn respectively. All other indices finished lower, with the exception of NSE Growth […] Read Full Story

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Notore ramps up TAM programme, intensifies diversification

Temiloluwa O’Peters Notore Chemical Industries Plc has said it has intensified efforts on its Turnaround Maintenance Programme to achieve nameplate capacity of 500,000mtpa and boost profitability from 2021. The company fixed March 8, 2021 as the completion date for the exercise, which is expected to significantly increase its current production volumes, revenue, and operating cash […] Read Full Story