Business News in Brief

Dulux mobile room make-over campaign unveiled

Chemical and Allied Products (CAP) Plc, a subsidiary of UAC of Nigeria Plc (UAC) and the technological licensee of AkzoNobel, world’s largest paints and coatings company and manufacturers of Dulux premium brand of paint, has unveiled an experiential campaign, tagged ‘Dulux Mobile Room Make-Over Activation.’

The road show was formally activated by the Executive Director Corporate Services of UAC, Joe Dada, with a call to Dulux customers to take advantage of the campaign to add both colour and value to their lives.

Exchange Commission postpones e-dividend migration deadline

The Securities and Exchange Commission (SEC) has postponed the June 3, 2013 deadline given to shareholders to migrate to e-dividend payment till further notice.

According to a paid advertorial by the SEC management, the decision was taken as a result of feedback received from various stakeholders in the capital market on the issue.

According to the statement, “consequent upon feedback received from various stakeholders in the capital market, the deadline of Monday June 3, 2013 for transitioning to e-dividend payment is postponed till further notice.

MasterCard Profit Beats Estimates

Master Card the second-biggest U.S. payments network, posted a first-quarter profit that beat analysts’ estimates as customer spending climbed.

Net income increased 12% to $766 million, or $6.23 a share, from $682 million, or $5.36, a year earlier, the Purchase, New York-based company said Wednesday in a statement.

The average estimate of 33 analysts surveyed by Bloomberg was for $6.17 a share.

India now single-largest importer of Nigerian crude

A sharp twist to the new shale oil development has eventually begun to impact on Nigeria’s export market, as India has surpassed the United States (U.S.) to become the single-largest importer of crude from Nigeria.

Analysis from an international energy agency, Platts indicated that India is now accounting for about 17 per cent of the crude imports from Nigeria.

Global Editorial Director of Oil News, Richard Swann, said that the emergence of India as the largest consumer of Nigerian crude occurred rapidly over the past year.

Nigerian regulator aims to limit MTN mobile dominance

Nigeria's telecoms regulator has ordered South African mobile operator MTN to charge customers the same rate whether calling rival operators or other MTN users, in order to reduce its market dominance, it said on Friday.

MTN has 44 percent of the mobile phone market in Africa's second biggest economy and charges its customers three times more to call rival operators than for calls between MTN users, the Nigerian Communications Commission said.

Fidelity Bank in $300m 5-year Eurobond, 7% yield

Fidelity Bank has issued a $300 million 5-year Eurobond paying a 6.88% coupon and priced at a discount to give a 7% yield, the bank said on Friday.

A senior official at Fidelity, who declined to be named, said the bond sale was completed on Thursday.

Citibank and Deutsche Bank were joint lead managers on the deal, a prospectus obtained by Reuters shows.

Fidelity CEO Reginald Ihejiahi told Reuters last month that the planned bond was part of a funding drive for projects with dollar financing needs, including in oil, power and infrastructure.

Nestle Nigeria's Q1 pre-tax profit falls to ₦7.05b

Nestle Nigeria said on Friday its first quarter pretax profit fell by 4.08% to ₦7.05 billion ($44.56 million), compared with ₦7.35 billion a year ago.

Total revenue at the local unit of the world's biggest food group, Nestle SA, however rose to ₦30.69 billion from ₦28.67 billion last year, the company said in a filing with the Nigerian Stock Exchange.


Berkshire Hathaway Acquires Balance of Iscar

Warren Buffett’s Berkshire Hathaway Incorporated on Wednesday said it paid $2.05 billion cash to buy the 20% it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family.

Berkshire had in 2006 bought an 80% stake in Iscar, a maker of metal cutting tools whose formal name is IMC International Metalworking Cos, for $4 billion.

CBN Extends Deadline for MFBs, Mortgage Institutions

The Central Bank of Nigeria (CBN) has announced the extension of the deadline for compliance with the revised microfinance policy regulation and supervisory framework for Microfinance Banks (MFBs) from December 31, 2012 to December 31, 2013.

The was just as the apex bank also revealed that the compliance with the revised guidelines for Primary Mortgage Banks (PMBs) has been moved from April 30, 2013 to December 31, 2013.

The CBN stated this in separate circulars signed by its Director, Other Financial Institutions Supervision Department, Olufemi Fabamwo.

MTN Foundation Awards Scholarships to 670 Students

The MTN Foundation has awarded scholarship to 670 brilliant Nigerian students in public tertiary institutions, comprising 590 science and technology students and 80 blind students from the south-west region.

The foundation said the scholarship, worth ₦200,000 would enable the beneficiaries to complete their education and pursue their dreams, despite their financial limitations. MTNF also renewed existing scholarships.