Business News in Brief

First Bank to offer $500m Eurobond

FBN Holdings Plc, the parent company of First Bank Nigeria, plans to raise $500 million by selling a Eurobond this year after abandoning a similar offering last year.

The Chief Executive Officer, FBN Holding, Bello Maccido, said that the money was needed to finance investments in loans and infrastructure. He said, “The bank intends to expand its investment banking and commercial business as well as insurance.”

First Bank’s Q1 profit up by 29%

First Bank of Nigeria Plc has announced a 29% increase in its profit before tax to ₦31.4 billion for the first quarter ended March 31, 2013.

A statement by the bank yesterday said the bank’s gross earnings stood at ₦99.5 billion, representing an increase of 13.5% year-on-year, from ₦87.6 billion recorded in March 2012.

The bank’s total assets also rose by 8.6% quarter-on-quarter to ₦3.5 trillion, from ₦3.2 trillion in December 2012, while the total customer deposits increased by 5.5% to ₦2.5 trillion, from ₦2.4 trillion in December 2012.

Dana Air introduces mobile check-in

Guests of Dana Air will enjoy quicker and convenient check-in services with the launch of the ‘Roving Agent’, a mobile device which allows guests to be checked-in on arrival at the airport by mobile airline staff.

Strapped with tablet PCs and mini printers, the airline’s mobile check-in agents can now issue boarding passes to guests even before they reach the check-in counter. This new initiative complements the airline’s existing check-in counters and online check-in service.

Chinese firm to build 20,000mw plant in Nigeria

Chinese firm plans to build a 20,000 megawatts electricity generating plant in Nigeria, Minister of Power Prof. Chinedu Nebo said recently.

Vice-President Namadi Sambo, also said the government has approved $3.7b to boost power transmission to 20,000mw.
It was not, however, clear whether the cash is in support of the proposal by the Chinese firm.

Sambo spoke in Canada during a meeting with the Nigeria-Canada Association Greater Toronto Area.

CBN commences one day cheque settlement system

The Central Bank of Nigeria (CBN) said it has commenced move to reduce the settlement cycle of a cheque in the nation financial system known as cheque truncation system to one day, stating, that the project has now taken off across the nations.

The Nigeria InterBank Settlement Systems (NIBSS) and Nigeria’s leading financial services software provider, Precise Financial Systems (PFS), are working with the CBN to achieve this breakthrough across all the 37 branches of the CBN located in states capital in Nigeria including the federal capital territory, Abuja.

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.