Business News in Brief

Lagos to Get Cable Car By 2015

A cable car company, Ropeways Transport Limited, is set to launch a cable car mass urban transit system in Lagos, the nation’s commercial capital.

This followed the signing of a 30-year franchise agreement between Ropeways Transport Limited, the Lagos Metropolitan Area Transport Authority (LAMATA) and the Lagos State government recently.

Conoil Intensifies Export of Lubricants

The drive of Conoil, the first indigenous oil marketing company in Nigeria and a petroleum product manufacturing company, to export its lubricant brands to the West coast got a major boost recently when the company was admitted into the ECOWAS Trade Liberalization Scheme.

Its admission into the scheme would afford the company the opportunity to export its high grade, proudly made in Nigeria motor engine oils to established markets in the sub-region duty free.

Flour Mills Completes ₦200m CSR Projects

As part of its social and economic responsibilities to its host community, Flour Mills of Nigeria Plc has concluded the last phase of its development project for its host community.

The company, through the commissioning of the rehabilitated United Christian Primary and Nursery school, Apapa, noted that it has committed ₦60 million in the promotion of educational and manpower development across the country.

Promasidor Flags off New Loya Milk Promo

Loya Milk, from the stable of Promasidor Nigeria Limited, has launched a new consumer promo tagged “It’s What’s Inside That Matters.” The new promo, which will run from February 1 to May 31, was unveiled at a press briefing in Lagos, attended by many dignitaries including Loya Milk brand ambassador, Don Jazzy.

Speaking at the event, Kachi Onubogu, commercial director, Promasidor Nigeria, stated that the promo was a way of rewarding loyal consumers of the brand.

GTBank Lists Benefits of Mobile Money Transfer

Guaranty Trust Bank Plc (GTBank) has described its mobile money product as a preferred option for discerning users of alternative banking channels in the country.

The Bank said that the its mobile money services has recorded remarkable achievement in both the download and usage of the application as a result of the financial institution’s penetration strategy and partnership with major telecommunication companies in Nigeria.

Shoprite Enters Anambra State

South African retail chain, Shoprite has entered Anambra State in South East, Nigeria as it moves to open for business in many parts of the state, beginning with Onitsha, the state’s commercial capital.

Anambra is the fourth state Shoprite is opening shop in after Lagos, Kwara and Enugu.

Peter Obi, the Anambra State governor, laid the foundation in Onitsha recently for the construction of the shopping mall that is estimated to cost about $30 million.

UBA Introduces MasterCard for Domiciliary Accounts

United Bank for Africa (UBA) Plc has added MasterCard for domiciliary accounts to its bouquet of electronic products.

UBA said in a statement that the move is a demonstration of its support for the Central Bank of Nigeria’s cashless initiative and to ease the transaction needs of its customers who can now upgrade their Debit MasterCard for use on accounts denominated in currencies.  

Interswitch Rewards Cardholders

To drive the cash-less exercise and also aid government’s financial inclusion exercise, Interswitch, through a relationship with merchants, has intensified the campaign of its Reward Money loyalty programme in partnership with merchants in a bid to reward cardholders.

According to the firm, customers, who make cash-less payments with Verve cards are awarded Reward Money for purchases made at merchant locations.