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Sunday, July 5, 2020

Actis-backed African education group acquires Nigeria’s Nile University- CEO

Chijioke Ohuocha ABUJA, July 1 - A pan-African education group backed by global investment firm Actis has acquired its first university in Nigeria as it seeks to make inroads into Africa’s largest economy, its chief executive told Reuters. Honoris United Universities, majority owned by private equity...

Analysts endorse FCMB Group plan to Acquire 96% Stake in AIICO Pensions

The FCMB Group has notified the Nigerian Stock Exchange that its pensions arm, FCMB Pensions Limited, has entered into an agreement to acquire 96 per cent stake in AIICO Pensions Limited. The move has been described by analysts as a deliberate strategy to grow the...

Transcorp Hotels Gets Shareholders’ Approval To Raise N10billion Through Rights Issue.

Lagos, Nigeria - Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the Board of Directors to raise N10 billion in its proposed Rights Issue to fortify its balance sheet. The approval given at the...

Nigeria lender FCMB Gets $50 Million Loan from IFC Over Virus

FCMB Group Plc, a Nigerian lender, obtained a $50 million loan from International Finance Corp. to support companies affected by the coronavirus pandemic. The fund is from an $8 billion credit facility launched in March by the World Bank’s private-lending arm to support companies impacted...

Ecobank Nigeria seeks to curb COVID19 spread with Zero Charge for Digital Money Transfers

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In...

Coca-Cola pauses advertising on all social media platforms globally

Coca Cola on Friday announced it will be pausing advertising on all social media globally. The company clarified it was not joining the official boycott, but said “we are pausing” advertising. Dockers and Levi’s also announced late Friday said they’d be pausing ads on Facebook and...

Unilever suspends Facebook and Twitter advertising for rest of 2020 due to ‘polarized atmosphere’ in U.S.

Consumer packaged goods giant Unilever said it will pause brand advertising on Facebook, Instagram and Twitter in the U.S. “through at least the end of the year.” The consumer products giant has spent more than $11.8 million in the U.S. this year on Facebook,...

South Africa’s Mr Price Pull Plug off Nigeria in Third Country Departure in a Year

South African retailer to concentrate more on home market Company closed shops in Australia and Poland in last year Mr Price Group Ltd. plans to close its Nigerian business in favor of a stronger focus on its home market of South Africa. The specialist in mid-range clothing,...

Herbert Wigwe spends N21.4 million to buy back Access Bank 3.1 million shares

Access Bank’s Chief Executive Officer and Managing Director, Herbert Wigwe purchased 3.1 million shares worth N21.4 million. In a disclosure filed at the Nigerian Stock Exchange, the transaction, which noted to be carried out via indirect holding through Tengen Holdings (Mauritius) Ltd. The notification of...

Ecobank Partners African Union

The AUDA-NEPAD (the African Union Development Agency) and Ecobank Group have announced that they are committing resources to Africa’s micro, small and medium scale enterprises (MSMEs). The second virtual workshop facilitated by McKinsey recently, provided an opportunity to reaffirm the importance of sustaining market access...
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