South African Airways To Be Sold For $3 If Deal Is Approved

South African Airways (SA, Johannesburg O.R. Tambo) has no cash value and will be sold off for ZAR51 rand (USD3) to the private sector Takatso Consortium, but the transaction remains unfinalised with no indication of when it is likely to be completed. In return for a 51% stake, Takatso will inject ZAR3 billion (USD185 million) in working capital over two years (reduced from three years as initially stated) and pay the ZAR51 as its share of the nominal transaction fee required under South African law. This is according to a…

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Aero Allegedly Plans To Reduce Workforce By 40%, Unions Bicker

Information reaching our newsroom has it that aviation unions are threatening to disrupt Aero Contractors’ operations over a serious allegation that the management of the airline, which is under the receivership of Asset Management Corporation of Nigeria (AMCON) over the plans to sack 40 per cent of the workforce. The National Union of Air Transport Employees (NUATE) and the Air Transport Senior Staff Services Association of Nigeria (ATSSSAN) accused aero management of concluding plans to reduce the staff strength of the company without considering redundancy or any other alternative to…

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MTN Nigeria Sets Aside N174.53bn As Shareholders Dividend

Telecommunications heavyweight MTN Nigeria said it has set aside N174.53 billion as dividend to its shareholders whose names appeared in the Company’s Register of Members (CRM) at the close of business on Wednesday, April 6, 2022, which translates to N8.57 Kobo per every two kobo ordinary share. This would bring the total dividend for the year that ended on December 31, 2021, to N13.12 per share, subject to withholding tax. The MTN Nigeria also announced that its initial 575 million share unit’s offer was exceeded with an oversubscription rate of…

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AMCON Takes Over Assets Of Aeroland Travels Limited Over N1.8bn Debt

Sequel to the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Aeroland Travels Limited, and its directors over an indebtedness of N1.8bn.    It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order of the Court, AMCON put logistics together, and on Friday May 6, 2022, took effective possession of the nine properties as listed by the Court through its Debt Recovery…

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Finally, Chelsea Agree Terms With LA Dodgers’ Boehly

After weeks and months of back-and-forth Chelsea Football Club of England have agreed terms on the £4.25bn ($5.2bn) sale of the club to a consortium led by Todd Boehly, co-owner of the LA Dodgers baseball team. The club was put up for sale before owner Roman Abramovich was sanctioned for his alleged links to Russian President Vladimir Putin following the invasion of Ukraine. A Chelsea statement on Saturday said the new owners will pay £2.5bn for the club’s shares. The proceeds will go into a frozen bank account to be…

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Lexus Release Its New RZ For Global Market Says Its First Pure Battery EV

Lexus has unveiled details of all new “RZ”, which marks a new era begins for Lexus Battery EVs and the Lexus Electrified visio. The creation is the luxury brand’s first globally available pure Battery EV (BEV) model. The automobile maker said since the launch of the RX400h in 2005, Lexus has been a pioneer of electrification within the luxury market. As with the first RX hybrid model, our engineers have imbued our hybrid vehicles with an excellent driving identity and environmental performance. In 2019, Lexus’ fundamental approach toward vehicle electrification…

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MTN Earnings Hit N96.8bn, Records 1.7m Subscribers In First Quarter Of 2022

MTN Nigeria Chief Executive Officer, Mr Karl Toriola MTN Nigeria has declared its unaudited results for the quarter, which ended 31 March 2022. According to the financials, the telecommunications giant said it recorded N96.8 billion profit after tax, which is a 31.3 per cent increase in profit. The telecoms company also recorded an additional 1.7 subscribers to its network, within the same period. The report also added that its cumulative mobile subscribers declined by 1.3 million to 70.2 million year on year (YoY), impacted by the regulatory restrictions on new…

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Zenith Bank Declares 2022 First Quarter Unaudited Result

Zenith Bank Plc has announced its unaudited results for the first quarter ended March 31, 2022, with a growth of 22 per cent in Gross Earnings from N157.3 billion reported in first quarter(Q1) 2021 to N191.5 billion in Q1 2022. From the unaudited statement of account presented to the Nigerian Exchange (NGX) on Thursday, 28th April 2022, the strong double-digit growth in the topline culminated in an increase in the bottom line, as the Group recorded an 11 per cent Year-on-Year (YoY) increase in profit before tax, growing from N61.02…

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Nigeria Shares N725.571bn FAAC March Revenue To States, LGs

Mrs Zainab Ahmed, Nigeria’s Finance Minister The Federation Account Allocation Committee (FAAC) on Wednesday shared N725.571 billion to the federal government, states, and local government councils as March 2022 Federation Account revenue.  While displaying the communiqué issued at the end of a virtual meeting of the FAAC for April 2022, the Director, Information, Press and Public Relations, Office of the Accountant General of the Federation, Mr. Henshaw Ogubike said the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and distributable Value Added Tax (VAT) revenue of…

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Jimoh Ibrahim In Trouble As Court Of Appeal Orders Stay Of Contempt Proceedings Initiated By Him Against AMCON Regarding His N69.4billion Debt

File photograph of the embattled Jimoh Ibrahim who has been in court with AMCON for years The Court of Appeal sitting in Abuja in Appeal No. CA/ABJ/CV/269/2022 in the case between the Asset Management Corporation of Nigeria (AMCON) vs Barrister Jimoh Ibrahim has ruled that all proceedings including the contempt proceedings initiated by Barrister Jimoh Ibrahim and co at the trial court should be stayed pending the hearing, and determination of the substantive appeal. The application for stay was argued on behalf of AMCON by their defence counsel A.U. Mustapha…

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