Business Watch

West Africa and Nigeria’s biggest airline, Arik Air has suspended its international flight operations to the London and Johannesburg routes. Spokesman of the Asset Management Company of Nigeria, AMCON, Jude Nwauzor, made the announcement in a statement issued in Lagos. Nwauzor said the suspension would enable Arik Air to find…

Thusang Mahlangu has succeeded Delphine Traoré Maïdou as CEO of Allianz Global Corporate & Specialty (AGCS) Africa. Allianz Global said in a statement Friday that subject to regulatory approval, the change of baton took effect February 1, 2017. The company said that Ms. Maïdou 43, remains on AGCS Africa Board…

E-commerce giant, Alibaba is buying US based MoneyGram for $880 million through its digital payments arm, Ant Financial. MoneyGram has about 350,000 outlets in nearly 200 countries. Ant Financial has more than 630 million users. The takeover by the Chinese group will need regulatory approval from the US Committee on…

First Bank of Nigeria Limited has been named the most valuable banking brand in Nigeria in The Top 500 Banking Brands of The Banker magazine of the Financial Times  and Brand Finance, London, United Kingdom for the sixth consecutive time. According to a press release issued on Sunday by the…

A German customer, Fish distributor Deutsche See is suing Volkswagen for misrepresenting a fleet of vehicles it leased as environmentally friendly. Quoting a German tabloid Bild am Sonntag, Aljazeera reported that Deutsche See was suing for 11.9 million euros ($12.8 million). Though, Fish distributor is yet to comment, the paper…

Brewery giant, Guinness Nigeria Plc has announced its results for the half year ended 31 December 2016. The results, which were released via a statement to the Nigerian Stock Exchange, shows that the company grew its topline by 19% year-on-year. Speaking on the results, Peter Ndegwa, Managing Director/CEO, Guinness Nigeria…

U.S. healthcare giant Johnson & Johnson will acquire Swiss biotech company Actelion in a $30 billion all-cash deal that includes spinning off Actelion’s research and development pipeline, the companies said on Thursday. The acquisition gives J&J access to the Swiss group’s line-up of high-price, high-margin medicines for rare diseases, helping…

The head of Corporate Communications, Enugu Electricity Distribution Company (EEDC), Chukwuemeka Ezeh has said that his organization has always been open to dialologue for the good of the people. Ezeh said this in a statement made available to Espi news following the picketing of EEDC premises by the Nigerian union…

Nigerians who are expecting to see MTN list the shares of its Nigerian unit on the Nigerian Stock Exchange (NSE) may have to have a bit longer. The telco had said it was going to list the shares of its Nigerian unit in 2017. However, comments credited to the Chief…

President Donald Trump on Friday signed an executive order aimed at limiting the “burden” of the Obamacare health law that the incoming US leader has vowed to repeal. During the signing in the Oval Office, Trump’s chief of staff Reince Priebus described the order as aimed at “minimizing the economic…