Business News in Brief

GSK Suspends Plan to Raise Stake in Nigerian Subsidiary

GlaxoSmithKline United Kingdom (GSK UK) has suspended plan to increase its stake in GlaxoSmithKline Consumer Nigeria Plc (GSK Nigeria) from 46.4 per cent to 75 per cent following complaints from minority shareholders who consider the deal unfavourable.

The UK firm has made the proposal to buy additional shares from Nigerian shareholders at ₦48 through a scheme of arrangement slated to be approved at a court-ordered meeting today in Lagos.

Yahoo Plans to Buy Back 40 million shares

Activist hedge fund, Third Point LLC, reached an agreement to sell two-thirds of its stake in Yahoo Incorporated back to the company for $29.11 per share on Monday, sending shares of the Internet company down nearly five per cent.

According to Reuters, three Yahoo board directors appointed by Third Point, including Daniel Loeb, the hedge fund’s chief, will resign from Yahoo’s board. Third Point will still own about 20 million shares, less than two per cent of the Internet media company’s common stock.

Skye Bank Donates ₦600m ICT Centre to OAU

Skye Bank Plc has donated a ₦600 million state-of-the-art Information and Communication Technology centre to the Obafemi Awolowo University, Ile-Ife, Osun State.

The Group Managing Director and Chief Executive Officer of the bank, Mr. Kehinde Durosinmi-Etti, handed over the centre to the Vice Chancellor, OAU, Prof. Bamitale Omole, on Tuesday.

Built on the campus of the university, the 700-seater centre, according to Durosinmi-Etti, will expand the frontiers of education and aid learning.

PHCCIMA Unveils Reality TV Show

Photo L-R: PHCCIMA President, Emeka Unachukwu; The Promise MD/CEO, Oluwatobi Alabi; FOSSCCIMA President, Billy Gillis Harry; and King Diette Spiff unveiling the Enterprise Reality TV show.

The Port Harcourt Chamber of Commerce Industry, Mines and Agriculture (PHCCIMA) has official unveiled an entrepreneurial reality TV show, tagged, ‘The Enterprise.’

PwC Nigeria Announces New Partner Appointments

The management of PricewaterhouseCoopers (PwC) Nigeria, a provider of professional services, has announced the appointment of three new partners.

The new partners are Sam Abu, Partner –Financial Services; Edafe Erhie, Partner –Consumer and Industrial Products & Services; and Darrell McGraw, Partner –Energy, Utilities and Mining.

UBA launches ‘All About U’ Debit Card

The United Bank for Africa (UBA) Plc has introduced a personalised debit card called the UBA “All About U” Card, following the recent deployment of the exclusive World Mastercard.

In a statement, the bank said the product allows customers to carry around their fond memories while using their debit cards.

It added that the product is a customised debit MasterCard which gives customers the opportunity to create a one-of-a-kind card with their favorite photograph or image –allowing them the privilege of branding their payment card.

Fitch Affirms Eight Banks, Downgrades One

Fitch Ratings yesterday affirmed the Long-term Issuer Default Ratings (IDR) of Zenith Bank Plc , First Bank, United Bank for Africa Plc, Guaranty Trust Bank Plc , Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc and the Long-term National Ratings of Stanbic IBTC Bank Plc.

Reuters report said the agency has downgraded Union Bank Plc’s Long-term IDR due to a change in Fitch’s opinion of the bank’s systemic importance relative to peers. Union’s Support Rating Floor (SRF) has been revised to ‘B’ from ‘B+’ due to its perceived lower systemic importance post restructuring.

Ernst & Young Rebrands Globally, Names New CEO

Ernst & Young has adopted ‘EY’ as its new global brand name. The rebranding is in sync with the firm’s global vision 2020 strategy, which is to be the most distinctive professional services firm with the best brand, even in the face of the competitive business environment in which it operates in.

Also, the firm has appointed the former US Assistant Secretary of Treasury, Mark Weinberger as its new global Chairman and Chief Executive Officer (CEO).

NEITI Recovers $2b Education Tax

The Nigeria Extractive Industries and Transparency Initiative (NEITI) has disclosed that it recovered only $2 billion from the $9.8 billion uncovered by its audit reports.

In a statement, Orji Ogbonaya Orji, Director of Communications at NEITI, said that out of $9.8 billion uncovered by its audit reports as the difference between what was paid and what government received, only $2 billion has been recovered through NEITI efforts, leaving a balance of $7.8 in the hands of companies.