The World Bank on Friday approved debt relief for the poor and vulnerable member-countries of its International Development Agency (IDA) as the coronavirus pandemic continues to take a devastating toll on the global economy. The World Bank Group President, David Malpass, announced the debt relief during the Spring 2020 Plenary...
The Ibadan Electricity Distribution Company Plc (IBEDC) says there will be no disconnection of electricity to non-paying customers during this period of lockdown in Coronavirus pandemic. Its Chief Operating Officer, Mr John Ayodele, made this known in a statement issued in Lagos on Friday. According to him, this is in recognition...
Air Peace, Arik Air, Dana Air, Azman and Max Air  have said they will be suspending all their domestic flight services as part of efforts to curtail the spread of the coronavirus. While Air Peace, Arik Air and Azman’s suspension will become effective from midnight of Friday, March 27, Max...
Ford Motor Co said on Monday it has decided to temporarily halt vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus. In India, it began on March 21 and will be followed by other markets, the...
Telecommunication giant MTN on Tuesday closed its case over an alleged N300m copyright infringement suit involving an Abuja-based musician, Liberty Williams. Nkeakam Abhulimen, a staff of MTN and Chris Anusa, a staff of Defcom Technologies, both appeared as witnesses for MTN at the Federal High Court, Abuja before Justice Ifeoma...
Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business year, its first dividend payment in 11 years. Shareholders will receive a dividend per share of 25 kobo. The dividend was a major highlight of considerable improvements in the commercial...
Nokia’s chief executive officer Rajeev Suri will leave the telecom equipment provider in September and be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday. Pekka Lundmark will take over on September 1, Nokia said. Suri, who has been Nokia’s president and CEO since April 2014,...
The coronavirus epidemic could damage global economic growth this year, the IMF head said Sunday, but a sharp and rapid economic rebound could follow. “There may be a cut that we are still hoping would be in the 0.1-0.2 percentage space,” the managing director of the International Monetary Fund, Kristalina...
Polaris Bank has introduced its Agency Banking Solution to serve as a vehicle to reach the unbanked and underbanked, as well as deepen financial inclusion across the country. The product known as ‘SurePadi’ was designed to provide convenient and easy access to funds and other banking services in far-flung neighbourhoods,...
High interest rates, unfavourable economic climate and insufficient power supply have been identified as the major constraints to businesses in the country. The Statistics Department of the Central Bank of Nigeria said these in its ‘January 2020 business expectations survey report’. Part of the report read, “Respondent firms identified insufficient power...