Business News in Brief

Forex Trading Firm Set to Commence Operation

The HTT FX Capital has announced plans to commence trading in Nigeria as it promised to simplify trading and make it more appealing to interested Nigerians.

According to a statement, the firm is a certified partner of Abshire Smith, an FSA-regulated liquidity in UK, registered in England and Wales, which is also authorised and regulated by the Financial Services Authority,  which would be officially launched in Lagos and Abuja, is expected to provide alternative investment market worth over $4trillion a day, for Nigerians.

South African Bank Targets Nigerian Market

Absa Group Limited, one of the ‘big four’ consumer banks in South Africa acquiring majority shareholding in Barclays Bank, its parent company’s African assets yesterday indicated interest to enter the Nigerian market.

“The bank needs a competitive advantage before it can enter Nigeria, Africa’s second-largest economy and biggest oil producer,” Bloomberg quoted Absa’s Chief Financial Officer, David Hodnett, to have said in an interview in Johannesburg, The lender could take advantage of its experience in corporate banking, he added.

Five Banks Dominate Banking Industry

The Central Bank of Nigeria (CBN) recently said that a situation whereby five banks controlled over 50% of the industry’s market share in 2012 showed that competition was limited in the banking system.

The CBN, which stated this in its “Financial Stability Report,” posted on its website, as at December 2012 however did not disclose the identity of the five commercial banks.

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.