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Intels decides revenue sharing formula with FG – NPA The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share. Punch Naira records marginal gain, closes at 362/dollar The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market. Punch Fuel scarcity may continue, IPMAN warns The Independent Petroleum Marketers Association of Nigeria has warned that the ongoing scarcity of petrol, which started since December 2017 may continue if the right steps are not taken by the authorities to address the problem. Punch Will redenominating the naira improve its value? The answer to this question is no. We shouldn’t give the naira artificial value, it would be counterprodu...

12 Months Report TRANSCORP HOTELS PLC  2017 N'000 2016 N'000 change Year End Revenue 13,843,470 15,311,879 -10% December Profit before taxation 3,680,155 5,234,986 -30% Profit for the period 2,681,733 4,095,404 -35% Issued Shares (Units) 7,600,403,900 7,600,403,900 Basic Earnings Per Shares (Kobo) 35.00  49.00  -29% Last total dividend paid (Kobo) 12.45  40.00  -69% Transcorp Hotel became the second company after Nigerian Breweries Plc to make its 2017 result public. Revenue declined by 10% compared to 2016 result. This was as a result of decline in room, food and beverages, service charges and other operating revenue by 11.39%, 9.65%, 20.16% and 32% respectively. Quarter on Quarter Revenue Analysis Revenue #000 #2,988,093 #3,211,757 #3,588,046 #4,055,574 Quarter on Quarter PAT Analysis PAT #00...

How to solve downstream oil challenges, by Kachikwu M inister of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, said appropriate pricing of petroleum products, fixing existing refineries and encouraging private investors to build new ones are some of the ways to permanently address the challenges in the downstream oil sector. The Nation Afreximbank to expand Africa’s regional value chains African countries should take make use of factoring in order to take advantage of the opportunities for expanding the continent’s regional value chains, participants at a regional factoring conference held in Dakar have heard. The Nation RenCap: FBN Holdings not affected by CBN’s dividend payout rule Renaissance Capital (RenCap), a global investment bank, yesterday said FBN Holdings Plc will not be affected by the new dividend payout rule released by the Central Bank of Nigeria (CBN). The Nation American equity firm dangles N2.6tr on Nigerian investments Milost G...

Delta to build 30,000bpd modular refineries The Delta State Government on Monday announced that it would commence the construction of three modular refineries with total crude refining capacity of 30,000 barrels per day before the end of this year. Punch Tax evasion: Adeosun seeks tougher sanctions against multinationals The Minister of Finance, Mrs. Kemi Adeosun, on Monday called for tougher sanctions against multinational companies engaged in illicit financial flows and tax evasion. Punch Unpaid debt: AMCON takes over Osigwe Foods Justice Saliu Saidu of the Federal High Court, Lagos Division, has granted an injunction against Osigwe Foods and Agro Industrial Company Limited, owned by Chief Anselm Kayode Mohammed, on the application of Asset Management Corporation of Nigeria Punch We’re expecting $40bn oil investments in five years – Kachikwu Nigeria would be expecting about $40bn worth of oil investments in the next five years, the Minister of State for Petrol...