Business News In Nigeria Today 26th January 2019

iDONSABI presents the trending business news in Nigeria today 26th January 2019.


Fire Burns UAC House, Marina, Lagos

UAC of Nigeria Plc Thursday informed the Nigerian Stock Exchange that there was an unfortunate fire incident yesterday, at UAC House, Lagos, its Corporate Head Office, which also houses the Head office of its Real Estate subsidiary, UACN Property Development Company PLC and other tenants.

The fire which started on the 10th floor of the building occupied by its tenants was contained after a while by the combined efforts of Lagos State Government Fire Service, and those of neighbouring companies as well as its staff on ground. The company said no life was lost in the incident, although a lot of damage was done to furniture and fittings of the affected tenants.

Meanwhile, the UAC management said it has activated its Disaster recovery programme and reported the incident to its insurers. ‘We are cleaning the offices which were flooded in the process of putting out the fire and working on restoring the facilities’, the management said.


SEC Urges States To Revitalise Moribund Industries Through Capital Market

The Securities and Exchange Commission, (SEC), has urged state governments to take advantage of the enormous opportunities available in the capital market to revitalise moribund companies in their state in a bid to create wealth for the citizens.

Acting Director General of the SEC, Ms Mary Uduk, stated this in Akure, Ondo State at an e-dividend enlightenment campaign, Thursday.

Uduk described by Head, Zonal Offices Coordinating Department, Mr. Edward Okolo, said some of the companies still have potential adding that the capital market has instruments to revamp such companies through private equity funding and partnerships.


NCC, Telecom Stakeholders Parley On Cybercrimes Mitigation

The Nigerian Communications Commission (NCC), telecom users and service providers on Thursday met in Ibadan, the Oyo State capital, on how to checking rising cases of cybercrime that has become a thorn in the flesh of millions of Nigerians.

The stakeholders met during the 102nd edition of Consumer Outreach Programme (COP), held at Mapo Hall, Ibadan with the theme: ‘Mitigating the Effects of Cybercrime: Roles of Telecoms Consumers.’

The programme was attended by the Otun Olubadan of Ibadanland, Oba Lekan Balogun; Commissioner for Information, Culture and Tourism in the state, Mr. Toye Arulogun, a delegation of NCC, representatives of service providers and other stakeholders.


Enugu Benefits From NBC’s C500m Plant Expansion, Upgrade

Nigerian Bottling Company Limited (NBC), has transformed its Enugu plant into a hub for material handling and logistics for the region.

According to the company, the decision to transform the plant from a production facility to a logistics and distribution hub was largely informed by the desire to deliver better value to its honored customers and trade partners not solely in Enugu State however within the entire South-East region.

Acting Director, Public Affairs and Communications, Mr. Ekuma Eze, said the development was in line with the holistic strategy to reposition the company’s operation for better efficiency and accelerate the business transformation plan.


N9bn UNEC Postgraduate Block To Achieve Educational Revolution – CBN Gov

Efforts to revamp tertiary education in Nigeria got further strengthened Thursday, as the Central Bank of Nigeria (CBN), unveiled an ultramodern Postgraduate block christened the Centre of Excellence, at the University of Nigeria Enugu Campus (UNEC) in Enugu State.

The Governor of CBN, Mr Godwin Emefiele, while conducting journalists round the edifice said it was the apex bank’s contribution towards uplifting the standards of education in Nigeria.

The complex, he said, has 150 postgraduate accommodation, 500-seater auditorium, a tele-conference centre where students can stay in a classroom and receive lectures and seminars from universities globally.


CPC Provides Online Channel To Drive Recall Process In Nigeria

The Consumer Protection Council (CPC) has provided an online channel to aid Nigerian consumers in an ongoing recall of Hyundai Sonata and Hyundai Santa Fe Sport vehicles whose engines were replaced under two previous recalls.

The ongoing recall is to inspect and confirm proper reinstallation of the fuel tube to the high-pressure fuel pump. The Company also seeks to update its engine monitoring technology with a new device known as a knock sensor detection system.


DBN disburses N31.36bn to 35,000 MSMEs in 12 months

Managing Director, Development Bank of Nigeria (DBN), Mr. Tony Okpanachi, Thursday, disclosed that the bank in its first year of operations exceeded its projected performance with a total loan disbursement of N31.36 billion to 35,000 Micro, Small and Medium Enterprises (MSMEs).

This comes as part of strategies to broaden access to credit by MSMEs often regarded as the engine of economic growth.


NDIC Paid N7bn To FG In 2018 – patriarch

The Nigeria Deposit Insurance Corporation on Thursday aforementioned it remitted N7bn into the Consolidated Revenue Fund as its in operation surplus for 2018 operations.

The Managing Director/ Chief Executive of the corporation, Umar Ibrahim, gave the amount in Abuja at the inauguration of newly appointed boards by the Minister of Finance, Hajiya Zainab Ahmed.

Umar aforementioned the fund was the corporation’s traditional contribution PRN by the business responsibility Act.

This came even as the minister of finance enjoined members of the board to exhibit high moral values within the discharge of their responsibility.

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