Business News in Brief

Nigeria seeks Afreximbank’s support

Nigerian Vice-President Namadi Sambo has urged the African Export-Import Bank (Afreximbank) to support Nigeria’s economic development by enhancing the Bank’s activities, particularly in the areas of agricultural and development financing.

The Vice President was speaking in Abuja recently when he received an Afreximbank delegation led by the Bank’s President Jean-Louis Ekra at Aso Rock, the Nigerian State House.

CBN to Extend Cashless Policy to FCT, 4 other states from July 1

The Central Bank of Nigeria (CBN) has concluded plans to extend the cashless policy to Rivers, Kano, Anambra and Abia States as well as the Federal Capital Territory (FCT) from July 1.

The apex bank’s Deputy Governor in charge of Operations, Tunde Lemo, said that the aforementioned states and the FCT were chosen because of the large volume of cash transactions in some of their major cities such as Aba, Kano, Port Harcourt and Onitsha.

Oracle improves business efficiency

Oracle, the global information technology firm, has declared Oracle infrastructure as a service with Capacity-on-Demand for businesses in Nigeria to boost their operational efficiency and cut cost.

Called ‘Oracle IaaS,’ the service enables organisations to deploy fully integrated engineered systems, including Oracle Exadata Database Machine, Oracle Exalogic Elastic Cloud, Oracle SPARC SuperCluster, Oracle Exalytics In-Memory Machine and Oracle Sun ZFS Storage Appliance in their data centers behind their firewall, all for a simple monthly fee.

Stanbic IBTC and CAT Financial launch partnership

Caterpillar Financial Services Limited and Stanbic IBTC Bank officially launched their collaboration agreement in Lagos recently.

Caterpillar Financial Services Limited, Dubai, is an indirect subsidiary of Caterpillar Incorporation and a wholly owned subsidiary of Caterpillar Financial Services Corporation, the largest financier of CAT machines worldwide; while Stanbic IBTC Bank is a member of Standard Bank Group, which is Africa’s largest banking group by assets and earnings with a banking presence in 18 African countries.  

FBN Capital launches new products

FBN Capital Limited, through its asset management arm, has launched new mutual fund products, designed as part of the company’s commitment to provide investors with safe investment options and competitive returns for their money.

These investment platforms, according to a statement from the company, will aid financial growth both for individual businesses and corporate bodies.

Delta Buys Stake In Virgin Atlantic

Delta Air Lines is grabbing a bigger share of the world’s most important travel route: New York to London.

Associated Press reported that the airline is paying $360 million for almost half of Virgin Atlantic, the swanky airline founded by Sir Richard Branson in 1984 as a cheaper and more stylish way to fly between the U.S. and London.

The carrier’s 49% stake in Virgin Atlantic was held by Singapore Airlines, which paid $960 million for it in 2000.

NIPCO Invests ₦17b In Compressed Natural Gas Projects

Integrated indigenous downstream operator, NIPCO Plc, has injected over ₦17 billion in the provision of Compressed Natural Gas (CNG) infrastructure in a joint venture scheme with the Nigerian Gas Company, a subsidiary of the Nigerian National Petroleum Corporation.

NIPCO said in a statement that the Joint Venture scheme, which resulted in the setting up Green Gas Limited (GGL), had already inaugurated eight CNG stations and three conversion workshops in the city of Benin while more outlets are currently under construction in other parts of the country.

Lafarge Empowers Artisans, Technicians

Lafarge Cement WAPCO Nigeria Plc has empowered block makers and apprentices in Ogun State with the required technical and vocational skills to enable them start up and expand their businesses in the country.

The Managing Director of the company, Joseph Hudson, said that the empowerment was aimed at improving the socio-economic status of its host communities and the Nigerian society at large.

GTB Asset Management now Investment One Financial Services

GTB Asset Management Limited, the former investment and wealth management subsidiary of Guaranty Trust Bank Plc, has changed its name to Investment One Financial Services Limited.

Following a management buyout, Investment One Financial Services Limited is now owned by the staff and management of the company as well as some selected investors.

EFInA unveils 2012 Access To Financial Service Report

Enhancing Financial Innovation & Access (EFInA), a financial sector development firm, has unveiled its report on the Access To Financial Services In Nigeria (survey) for 2012.

According to the survey, only 37.8 million Nigerians, representing 43.0 per cent of the adult population have access to and/or use formal financial services; while 34.9 million Nigerians representing 39.7 per cent of the adult population are financially excluded.