Nigeria subsidises fuel for others, says NNPC ex-chief

Though Nigeria is not able to adequately meet local demand for fuel, it is currently subsidising the product for Ghana, Burkina Faso, Mali and Niger, according to former Executive Director (Exploration and Production) of the...

Power sector gulped N78.969 billion, FG

The Federal Government has disclosed that the ailing power sector gulped a whooping N78.969 billion in 2009 in an effort to realise the failed 6000 Megawatts of power targeted at the...

NNPC/Mobil to build 500MW power plant

To boost power supply the Nigerian National Petroleum Corporation, (NNPC) and Mobil Producing Nigeria have commenced the construction of a power station that will supply...

Dangote's NSE election: Counsel wants judge to hands off case for alleged bias

Discordant tunes have continued to trail the suit initiated by some shareholders of African Petroleum Plc, at the Federal High Court, Lagos challenging the election of...

Senators Set With Motion To Empower Jonathan . Ministers to back Akunyili’s memo on Yar’Adua’s exit

The battle for Vice President Goodluck Jonathan to become acting president will today shift to the...

Jonathan locks out ministers for lateness

Two Ministers, Chief Ojo Maduekwe (Foreign Affairs) and Mr Lanre Babalola (Power), were yesterday locked out for coming late for a scheduled meeting with...

Market capitalisation drops by N87b on the Exchange

Price losses yesterday out weighed gainers on the trading floor of the Nigerian stock exchange, causing the4 market to reopened for the week on a bearish note, as market capitalisation dropped by...

Excess crude account declines to $6.2b

The Excess Crude Account (ECA) has dropped from $20billion to $6.2b in three years, Minister of State for Finance Remi Babalola said yesterday.
He blamed the fall on the utilisation of the account by the three tiers of government in the wake...

Nigeria protests inclusion on US terror screening list

Nigeria is unhappy over its inclusion on a list of countries whose air travellers will face tighter screening on journeys to the United States...

Intercontinental Bank: Court orders detention of 6 managers

The Central Bank of Nigeria (CBN) is to convert the toxic assets of the nine troubled banks into government guaranteed bonds to ensure...

NSE is world’s worst performing equity

Although the Nigerian Stock Exchange (NSE) all-share index climbed 1.3 per cent to 20,827.17 last week, it witnessed a 34 per cent decline in year 2009, making it the worst performing equity index worldwide among the world’s 91 largest indexes, according to Bloomberg data...

CBN denies directing banks to disengage staff

The Central Bank of Nigeria (CBN) has denied directing banks to disengage their staff. In a statement issued on Monday and signed by the Deputy Director, Corporate Affairs Department, the apex bank said...

CBN converts assets of troubled banks to bonds

The Central Bank of Nigeria (CBN) is to convert the toxic assets of the nine troubled banks into government guaranteed bonds to ensure...

ATM fraud victims sue CBN, 24 banks in class action

Some victims of Automated Teller Machine (ATM) fraud, have sued the Central Bank of Nigeria, (CBN), the 24 commercial banks and Interswitch Nigeria limited at the...

Bank debtors get two-week ultimatum

The Economic and Financial Crimes Commission has given debtors of the recently bailed out banks two weeks to pay up or face the consequences...

Yar’Adua sends N4.079tr Budget 2010 to Assembly. Adviser to lay document before Senate, House

The Governor of the nation's Central Bank, Sanusi Lamido Sanusi, stated yesterday that the bank has traced about 60 shops in Dubai to one of the sacked bank chief executive officers. Mr. Sanusi disclosed this in his presentation at...

World Bank urges FG to extend EITI to solid mineral

The federal government has once again being urged to extend the Extractive Industry Transparency Initiative (EITI) to the nation’s solid mineral sector if...

NNPC, Rivers government to resuscitate Obigbo gas plant

The Nigerian National Petroleum Corporation (NNPC) and the Rivers State Government have pledged to work together to restore production activities at the Shell Petroleum Development Company, SPDC operated Obigbo Gas Plant in...

Fed Govt bonds over-subscribed by N65b

Federal Government of Nigeria (FGN) bonds put up for sale were over-subscribed by more than N65billion, the Debt Management Office (DMO) has...

CBN traces 60 shops in Dubai to sacked bank chief

The Governor of the nation's Central Bank, Sanusi Lamido Sanusi, stated yesterday that the bank has traced about 60 shops in Dubai to one of the sacked bank chief executive officers. Mr. Sanusi disclosed this in his presentation at...

Acute fuel scarcity grips Lagos

Another bout of fuel scarcity held Lagos by the jugular yesterday, as fuel queues reappeared across the city over the weekend. However, reports from Abuja said the queues which...

World Bank allays fears over $120m mining loan

The World Bank has al-layed fears that the $120 million loan it granted the Ministry of Mines and Steel Development to develop the Nigerian mining industry was...

Anambra launches N2.5 billion microfinance scheme

The Anambra State government has launched a N2.5 billion microfinance scheme, which is a collaborative effort between the state government and...

MTN Group blames retrenchment on economic crunch

MTN Group, one of the leading mobile telecommunication operators in Africa, says it plans to lay off both permanent and temporary staff in South Africa, as a result of the decline in the economic...

FG, CBN to mobilise N250bn for bad loans

The Federal Government and the Central Bank, CBN, are to provide a fresh N250 billion to buy back bad debts of banks under the ongoing banking reforms through the proposed...

FG to reverse tariff on automobile imports to 40%, NAC Boss

The Director General, National Automotive Council (NAC), Engr. Aminu Jalal said at the weekend that the 2017 set mandate of getting out the first made in Nigeria car is not  feasible, just as he disclosed that the...

Union Bank sets N50b debt recovery target

The Group Managing Director of Union Bank of Nigeria Plc, Mrs Funke Osibodu, said the bank intends to recover about N50 billion of its outstanding debts before the...

EFCC recovers N171b from bank debtors

The Economic and Financial Crimes Commission (EFCC) yesterday said it has recovered about N171.045,670,248 bilion from the debtors of seven of the eight banks with bad loan portfolios...

Telecom operators spend N14b on generators

Telecommunica-tion operators have spent over N14 billion in the acquisition of generators to power base stations, the Chairman, Association of Licensed Telecom Operators of Nigeria...

Govt silent as deregulation worries continue

Four days after marketers resorted to fuel hoarding in anticipation of the take-off of the planned deregulation of the downstream sector of the oil and gas industry, the issue is still being discussed in official...

3rd November 2009

FG, CCECC Sign $875m Abuja-Kaduna Rail Deal

The Federal Government yesterday signed a new agreement with the China Civil and Engineering Construction Corporation (CCECC) for the first phase of the...

Oceanic Bank recovers N35b

Oceanic Bank International Plc has recovered non-performing loans in excess of N35billion in order to stimulate its growth potentials...

Govt to establish N57.5b commodity exchange market, says minister

The Federal Government will soon establish a N57.5 billion Agricultural Commodity Exchange Market (ACCOMEX), Dr. Sayyadi Ruma, the Minister of Agriculture and Water Resources has...

N620bn bank bailout: Rep drags Sanusi, Aondoakaa to court

The Minority Whip of the House of Representatives, Rep. Femi Gajabiamila, has filed a suit at a Federal High Court challenging the decision by the Central Bank to inject N620 billion into the...

Bank debtors give commitment to EFCC on loan repayment

Some of the high profile debtors of  Bank PHB Plc, Equatorial Trust Bank Ltd and Spring Bank Plc, yesterday, met with officials of the Economic and Financial Crimes Commission, EFCC, at an undisclosed location in...

SAHCOL: How Fed Govt Lost N4b In Privatisation Deal

The Federal Government may have lost over N4 billion in the controversial sale of Skypower Aviation Handling Company Limited (SAHCOL), it was learnt at the...

EFCC Moves To Extradite Akingbola, Others •Commission to file charges against Cecilia Ibru over $110m facility

The Economic and Financial Crimes Commission (EFCC) has concluded plans to file money laundering charges in court to hasten the extradition of the former Vice-Chairman of...

Oil Firms Battle Plans For Sector’s Overhaul

Worried by a Chinese company’s bid for stakes in prime fields, major oil groups have scheduled a meeting this week with government officials on an overhaul of sub-Saharan Africa’s biggest energy...

ICAN Backs CBN On Foreign Investments In Banks

The President, Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Elizabeth Adegite, has drummed-up support for the Central Bank of Nigeria’s (CBN’s) drive allowing foreign ownership of some...

First Bank Clinches 3 Awards in Turkey

It was a trio of awards for First Bank of Nigeria Plc at the 11th Annual Global Finance Awards held at the prestigious Hyatt Regency in Istanbul, Turkey, this year's venue for the...

EFCC Declares Ibru’s Associates Wanted

The Economic and Financial Crimes Commission, EFCC has declared the Chairman, Abuja Chamber of Commerce and Industry, Mr. Dele Oye and Mrs. Nananshettu Bedell, claimed by the commission as associates of the...

EFCC Denies Blackmailing Judiciary On Bank Chiefs

The Economic and Financial Crimes Commission (EFCC) has faulted the claim by the Nigerian Bar Association (NBA) that its chairman, Mrs. Farida Waziri, had been trying to blackmail the judiciary before...

Economy Gloomy As Revenue Slides By 14%

Nigeria’s economic indices are bad, going by the latest Central Bank of Nigeria (CBN’s) report for the second quarter ending...

Nigeria’s External Debt Hits $3.73b

Nigeria’s external debt portfolio stands at N551.27 billion (US $3.72b), while the domestic debt remains at N2.812.79 trillion at the end of June, the Central Bank of Nigeria (CBN), has said in its second quarter...

$20bn Investment at Risk, Says Study. Oil-for-Infrastructure

Some $20 billion worth of investments promised by Asian National Oil Companies (ANOCs) in the 2005/06 oil-for-infrastructure deal is at “risk”, according to a report released by Chatham House, the United Kingdom (UK)-based...

‘Mismanagement mars Nigeria-Asia oil deals’

A foremost consultancy firm, Chatham House, in a special report revealed that Nigeria mismanaged relations with Asian oil firms, resulting in failure to capitalise on deals which could have helped it develop her...

DANA offers seats for N9, 000

Dana Airlines Limited has launched a new promo in which passengers can pay as low as N9, 000 for a one way ticket to any of its routes. The airline currently operates daily flights to Enugu, Lagos and...

Banks Borrow N9trn From CBN In 1st Quarter

Banks borrowed N9 trillion from the Central Bank (CBN) to fund their operations in the first quarter of this year. This comprises N7.89 trillion through the Standing Lending Facility and the balance of...

Tinapa Waives Rent For Investors

In its bid to boost the tempo of activities at the Tinapa Business cum Leisure Resort, the management has announced a one-year free shop rent for indigenous entrepreneurs who wish to do business at...

Further Attacks On Nigerian Facilities raise Oil Prices

Crude-oil futures rose yesterday after a new supply disruption cropped up in Nigeria...

Search For Crude Oil Begins Again In Bauchi, Gombe

The search for crude oil in the Northern part of the country may soon commence again, going by indications from Petroleum Trust Development Fund...

FG Reaffirms Commitment To Land Reform

The Federal Government has reaffirmed   its commitment to the effective implementation of a land reform scheme as proposed by the Yar-Adua administration within a reasonable...

Govt, World Bank Begin $380 Million Rural Project In 23 States

The Federal Government and the World Bank have commenced a $380 million (N55 billion) community and social development scheme, which would cover 23 states of the...

FG Seals Housing Deals With 10 Developers

The Federal government has sealed    partnership agreements with ten  private real estate developers and investors under a Public-Private Partnership (PPP) arrangement, to deliver 16 housing projects in five...

All-Share Index Dips Further As Market Capitalisation Drops

The bearish trend which trailed the Nigerian Stock Exchange for the better part of last week, continued yesterday, following share price depreciation by major blue chip companies, as market indices...

Stanbic IBTC To Provide Options On Home Ownership

Stanbic IBTC Bank, a member of the Standard Bank Group, has reiterated its commitment towards empowering more Nigerians with the wherewithal, including information and financing, to own their own...

Otedola Denies Share Price Manipulation

President/CEO of Zenon Petrol and Gas, Mr. Femi Otedola, has denied allegations of share price manipulation by Chevron Oil Plc...

Zain Nigeria Enters Five-year Outsourcing Pact With Ericsson

In the first agreement of its kind on the African continent, Zain Nigeria, has teamed-up with Ericsson, the world's leading provider of technology and services to telecom...

Nigeria, Sao Tome To Offer Four New Oil Blocks For Bidding In JDZ

Barring unforeseen circumstances, Nigeria and its partners in the Joint Development Zone (JDZ)-Sao Tome and Principe, will in 2011, auction four new oil blocks in the hydrocarbon rich...

CBN: Senate Grills Sanusi Today . Yar'Adua Thanks Soludo For ‘dedicated service and uncommon sense of duty’

As the Senate gets set to grill the Governor-designate of the Central Bank, Mr Sanusi Lamido Sanusi today, the leadership of the Chamber was in a meeting last night to decide on the...

Govt Revokes Sale of NITEL to TRANSCORP

The Economic and Financial Crimes Commission on Monday filed a 32-count charge against the Group Managing Director of Transcorp, Mr. Tom Iseghohi, over an alleged...

Yar’Adua Gets List Of Militants’ Backers

A list of highly-placed Nigerians, including some retired generals, said to be backers of militants in the Niger Delta has been found, it was learnt...

Heavy Trading Lifts Indices By 3.4 Per Cent On The Exchange

Despite the one-day public holiday to commemorate Democracy Day on Friday, equity transactions re-opened in an upbeat yesterday, following trading in the shares of major blue chip companies, thus pushing the indices further by...

N15bn Scam: Transcorp’s GMD, Two Others To Face 32 Charges

The Economic and Financial Crimes Commission on Monday filed a 32-count charge against the Group Managing Director of Transcorp, Mr. Tom Iseghohi, over an alleged...

Halliburton: Okiro Panel Quizzes Shinkafi, Etiebet, Kupolokun

The special panel set up to investigate the $180m Halliburton’s bribe scandal on Monday quizzed a former Director-General of the defunct National Security Organisation, Alhaji Umaru Shinkafi, and a...

Banking Stocks Boost Trading At NSE

Highly capitalised stocks have continued to record share price appreciation on the floor of the Nigerian Stock Exchange (NSE), putting the bulls ahead of the bears, as the All-share index rose further...

Association To Float Mortgage Firm. Plans acquisition of N7b block-making equipment

The Real Estate Development Association of Nigeria said it plans to establish a Primary Mortgage Institution to facilitate its participation in the mass housing development in the...

Nigerian Traders Banned From Doing Business In Ghana

Ghana’s Minister of Trade Ms. Hannah Atteteh said at the weekend that Nigerian traders’ shops in Ghana are to remain under lock as the government is yet undecided as to when they should...

Nigeria Loses More Crude As Militants Hit Pipelines. 100,000 barrels of crude shut in

About 100,000 barrels of crude oil was shut in yesterday by Chevron Nigeria Limited following attacks on its pipelines by the Movement for the Emancipation of the...

EFCC Arrests NCC Boss Ndukwe Over N5.4b Licences

Nigerian Communications Commission (NCC) boss Ernest Ndukwe was quizzed yesterday by the Economic and Financial Crimes Commission (EFCC) over the award of four slots of 2.3GHZ spectrum at about...

El-Rufai To Face 150 More Charges Over N3bn Fraud

The Economic and Financial Crimes Commission may soon prefer 150 criminal charges against a former Minister of the Federal Capital Territory, Mallam Nasir el-Rufai, over an alleged N3bn fraud...

Oando, Agip Seal $150m Drilling Contract

Oando Energy Services Limited (OESL), oil field services subsidiary of Oando PLC, has signed a $150 million two-year drilling contract with Nigerian Agip Oil Company (NAOC) for its oilfields in the Niger Delta swamps...

NSE Lists 4.03 Billion Afromedia Shares

The Nigerian Stock Exchange listed 4,034,497,260 shares of Afromedia Plc into its Daily Official List on Monday...

Crude Oil Futures Rebound Over Unrest In Nigeria, Sunoco Fire

United States (U.S.) crude oil futures rose yesterday as unrest in Nigeria and a fire at a Sunoco refinery in the U.S. Northeast helped lift crude oil and products prices...

Halliburton: $150m Traced To AVM Bello's Account

It has come to light that over $150 million of the $180 million Halliburton bribe money was allegedly disbursed through the account of former Chief of Air Staff, AVM A.D. Bello (rtd), while the sum of $11.5 million of the bribe money was found in Ibrahim Aliyu’s foreign account, according to...

Chevron Confirms Discovery Offshore Republic Of The Congo

CHEVRON Corporation, the parent owners of Chevron Nigeria Limited, one of the major Upstream operators in Nigeria has announced the discovery within the Moho-Bilondo license in the Moho Nord Marine-4 well, in which Chevron Overseas (Congo) Limited holds...

Firm To Invest $6 Billion Into Power Generation From Coal

Investors may have started reaching positively to calls for diversification of Nigeria's energy source, currently being dominated by hydro and gas power resources...

AfDB To Assist SMEs With $3bn Facility

The African Development Bank (AfDB) said it will set up an African Guarantee   Facility worth $3 billion aimed at granting credit facilities to small and medium enterprises across the continent...

Taxes: FG Records N124bn Shortfall In First Quarter

The Federal Government’s tax revenue of N477bn for the first quarter of the year fall short by N124bn, Chairman, Federal Inland Revenue Services, Mrs. Ifueko Okauru...

Forex Abuse: CBN Moves To Curb Sharp Practices

The Central Bank of Nigeria (CBN) is set to introduce a card based regime for business travel allowance (BTA), personal travel allowance (PTA) and Estacode, which experts believe is an attempt to further curb sharp...

South African Bank Eyes Nigeria

First National Bank (FNB), controlled by South Africa’s second-biggest financial services company, is eyeing Nigeria as part of its investment outpost as it seeks growth on the...

SEC Upturns NSE's Suspension Of Three Dealing Forms

The Securities and Exchange Commission (SEC), yesterday, bared its fangs to assert its profile as the nation's apex capital market regulatory body, when it upturned the decision of Nigeria Stock Exchange (NSE), to suspend three dealers from operating on...

UK, Others Now Accept Electronic Payments From Nigeria

Nigeria’s image has received a boost as many developed countries now accept electronic payments from her...

FHA Woos European Investors

The Federal Housing Authority (FHA) is currently wooing European investors into the nation’s housing sector. The acting Managing Director of Federal Housing Authority...

Ecobank Group Grows Asset Base To $8.3b . Lifts Nigeria's operations with N45b

The Ecobank Group has realised $1.2 billion (N176.4 billion) revenue in its operations last year, against $697 million (N102.5 billion) achieved in the previous year, representing...

Foreign Investors Return, Target 4 Banks' Stocks… Hope Rises For Capital Market Recovery In June

The Nigerian capital market is expected to bottom out completely by June, according to the forecast of Renaissance Capital, a Russia-based investment bank in its research...

Capital Market Crash: Banks Perpetuated Illegality— ICAN Boss

The President of the Institute of Chattered Accountants of Nigeria (ICAN), Chief Richard Uche, has attributed the sudden crash in the nation’s capital market to illegalities perpetuated by banks which did not only give individuals loans to buy shares but also to...

Banks’ Non-Performing Assets Worth N60.5b

Banks, due to various internal and external changes, have recorded non- performing risk assets worth N60.5 billion. This represents 4.74 per cent of the N12.78 trillion recorded as total risk assets recorded by the 25 banks as at the end of...

Lagos-Badagry Road Expansion: Property Owners To Get Compensation

Most of the over 1,065 property owners along the Lagos-Badagry Expressway, whose premises may give way to the expansion of the road and the construction of the light rail...

The Expulsion Of Vaswani Brothers

Three enterprising Indians, Sunis, Haresh and Mahesh, collectively known as the Vaswani brothers have been 'permanently' expelled from Nigeria. They were at the head of the Stallion Group, a multi-million, multi-faceted conglomerate whose business interests ranged...

Delta To Commence Abuja-New York Flights

World largest carrier, Delta Airlines, will on June 11 commence the first non-stop scheduled commercial flights between Abuja and New York City...

Halliburton: We’ll Expose Culprits In 8 Weeks — Okiro

The Inspector-General of Police, Mr. Mike Okiro who is also chairman of the five-man inter-agency probe panel set up to probe the Halliburton bribery says his panel will unravel the scam and name Nigerians involved within...

IMF Report Raises Concern On Nigerian Banks

The credit account balance of Nigerian banks is worrisome, the International Monetary Fund (IMF) has said. "In terms of our indicators of potential concern, Nigeria has a credit account balance which is...

Blame Banks Not Us For Market Crisis – NSE

Despite the fact that some financial analysts have blamed the capital market regulators for the current meltdown rocking the market, the Nigerian Stock Exchange has absolved itself of the crisis rocking the...

Dangote, Anenih Appear Before EFCC Over AP's Share Price Scam

Business mogul and President of Dangote Group of Companies, Alhaji Aliko Dangote and the Managing Director of Nova Finance and Securities Limited, Mr. Eugene Anenih, yesterday, appeared before the Economic and Financial Crimes Commission (EFCC), in Abuja, over the...

Petrol Tanker Drivers Call Off Strike

Normalcy started returning to the fuel supply chain in Lagos and environs yesterday, following suspension of the 5-day-old strike by members of the Petroleum Tanker Drivers (PTD) branch of the National Union of Petroleum and Natural Gas Workers (NUPENG), which caused acute...

Inflation Slows To 14.4 Per Cent In March

Despite expansionary measures taken by the Central Bank of Nigeria to infuse more liquidity in the system, inflation rate slowed to 14.4 per cent. The inflation rate stood at 14.6 per cent in...

Nigeria Loses N3.7 Trillion Oil Revenue To Niger Delta Crisis In Nine Months

Over $23.7 billion (about N 3.7 trillion) may have been sliced off the nation's current account in the first nine months of last year, courtesy of the lingering Niger Delta crisis, a report from the Technical Committee has...

Stock Registrars Indicted Over Capital Market Fall

The committee set up by the capital market authorities to review the operation of the market has, in its report, blamed the recent fall in capitalisation which has led to severe losses...

FG Set To Reposition FMBN... Appoints New Helmsmen

The Federal Government is set to reposition the Federal Mortgage Bank of Nigeria (FMBN) in order to make it fulfill its role...

FCT Sets Guidelines for Mass Housing Projects

The Federal Capital Territory (FCT) has approved new guidelines for the execution of mass housing projects in...

BOI Grants N767m Loans To Co-operative Groups

The Bank of Industry (BOI) has granted N767 million loans to 200 co-operative societies...

Banks’ Toxic Assets Hit N400b

The Central Bank of Nigeria (CBN) will not allow any bank to fail because of the likely effects on the economy, Governor Charles Soludo has said. The Central Bank will take over any bank that becomes insolvent, Soludo said in a presentation on...

De-marketing: Stockbrokers Indict Bank MD

Stockbrokers in the country yesterday indicted the Managing Director of one of the top five banks in the country as the source of the de-marketing going on now in the...

XDS Set To Transform Nigeria’s Credit Reporting System

The pioneer credit bureau in Nigeria to be licensed by the Central Bank of Nigeria (CBN), XDS Credit Bureau Limited, has announced its plans to transform the country’s credit reporting system, as part of its contribution to the development and...

SEC Clears Five Firms On Share Price Manipulation

The Securities and Exchange Commission (SEC), yesterday, declared its position on the alleged share price manipulation by six firms...

MTN May Buy ZTE’s 51% Stake In Congo Firm

MTN Group Limited may buy ZTE Corp.’s 51 per cent stake in a mobile-phone company in the Democratic Republic of Congo to widen its lead as the biggest wireless operator...

Govt Earns N2.475trn From Excess Crude in 2008

With the power sector in comatose and other infrastructure in decay, it has come to light that N2.475 trillion was saved in the excess crude account last year, according to figures made available to...

Naira Depreciation: Banks Deposits Fall Again By N75.3bn In February

For the second consecutive time this year banks’ deposit liability fell by another N75.3 billion as the Central Bank of Nigeria (CBN) returned excess cash reserve requirement ratio (CRR) of N1.506 billion to...

FG Replaces NCC With NIPCOM

The Federal Government has approved the establishment of the Nigerian Intellectual Property Commission...

Experts Differ On Review Of Land Use Act

President Umaru Musa Yar’Adua has proposed some amendments in the Land Use Act which have been forwarded to the National Assembly. The amendments are based on a report of the...

In the wake of the global economic crisis, President Yar’Adua earlier this month set up a steering Committee to evolve a realistic response that would protect our economy and insulate the welfare of our people from further deterioration.  After the elaborate inauguration, the government’s ‘wise men’ first set of recommendations...

CBN May Refund Combination Expenses To Banks

A windfall may be in the offing for the nation's consolidated banks, if the Central Bank of Nigeria (CBN) fulfils its pledge for a combination expenses refund for the financial...

Senate Rejects Abrupt Removal Of N640b Fuel Subsidy

Worried by the likely adverse effects of abrupt oil subsidy removal on Nigerians, the Senate Committee on Petroleum (Downstream) is pushing for gradual deregulation of the...

Oil Prices Fall More Than $4 On Recession, Demand Concern

Crude oil prices fell more than $4 a barrel, the biggest decline in seven weeks, on signs that the recession in the world's major energy-consuming countries is...

Chevron To Delay Commencement Of Three Projects In Nigeria

Chevron Corp., the world’s fourth- largest energy company, has announced a delay in the commencement of production at three projects in Nigeria. It also raised cost estimates by as much as 103 per cent on some...

Bank Fails To Return Failed Bank’s $30m Cash

About $30million of recovered depositors fund kept in a second generation bank appears to be missing, it emerged yesterday...

Financial Crisis: N220bn Pension Fund At Risk

Strong indications emerged at the weekend that over N220 billion pension contributions invested in the capital market by Pension Fund Administrators (PFAs), may have been adversely affected by the bearish trend in the stock market, making PFAs stand the risk of returning losses on their...

OTC Records N27.3b Turnover In One Week

The Over-The-Counter (OTC) Bond market, which traded a total of 332.1 million units valued at N320.7 billion in 1,663 deals in the previous week, went down last week by N53.4 billion from a turnover of...

FG To Partner States On Low-Income Housing

The Federal Government is ready to partner with State governments to provide housing for low income earners in the country...

Marketers Defy FG, Jack Up Cement Price To N1,900

Barely 24 hours after the Federal Government directed cement manufacturers to bring down its price to N1,000 per bag, the cost of the commodity has increased by over 25 per...

Central Bank Probes Banks' Profit Claims . AGF Trails Saboteurs Of E-payment Regime

Are profits being declared by Nigerian banks genuine? Are these banks adhering to the rules of the prudential guidelines, especially as regards their loan status in arriving at their...

Bill Seeks 30% Control Of Telecoms Firms By Nigerians

A bill seeking to give Nigerians more control in telecommunication companies has scaled second reading at the House of Representatives...

Federation Account Records N244b For January

Warri Refinery Records N5.6bn Profit

The Warri Refining and Petrochemical Company processed a total of 2.3 million barrels of crude oil in 2008 and made a net profit of N5.6bn between February and October, it has been...

Banks Adopt Moral Suasion To Recover Funds

In a bid to recoup some of the funds trapped in margin loans, banks in Nigeria have resorted to moral suasion in order to convince debtors to pay back. Information at the...

Nigeria No Dumping Ground For Consumables

The Minister of Commerce and Industry, Chief Achike Udenwa, says necessary measures are being put in place to ensure that Nigeria does not become a dumping ground for consumables from...

OTC Records N320 Billion Transactions Last Week

The Over-The-Counter (OTC) Bond market recorded a turnover of 3221 million units worth N320.7 billion in 1,663 deals at the close of...

RDAS: Naira Slides Further To N144.1

The naira further depreciated on Monday at the Central Bank of Nigeria twice-weekly Retail Dutch Auction System...

African Banks Kick Off Bailout Plan

A Pan-African financing package, scripted to bail out governments and financial institutions from the pangs of the global meltdown, was initiated yesterday in Abuja by African Finance Corporation (AFC) and African Export-Import...

Four Firms Present Scorecard To The Exchange

Four quoted companies presented their scorecards to the Nigerian Stock Exchange (NSE) and shareholders last week...

60m Nigerians Now Own Power Generators —MAN

AN estimated 60 million Nigerians now own power generating sets for their electricity, while the same number of people spend a staggering N1.56 trillion ($13.35m ) to fuel them annually, and despite the...

Forex Funding Cripples Inter-bank Market*As CBN Sells $6.5 bn In Two Months

Scarcity of funds, occasioned by funding of foreign exchange demand, returned to the interbank money market, leading to sharp increase in cost of funds...

Transcorp May Hands Off NITEL

Transnational Corporation has agreed to cede its entire equity in the Nigerian Telecommunications Limited if the evaluation of the company is favourable to it, investigations have revealed...

SA Insurance Posts N1.18bn Profit In 3Q

Standard Alliance Insurance Plc has recorded N1.18bn as profit before tax from its operations in the third quarter of this year. This amount represents 241 per cent change from the N302.25m it recorded during the...

‘38 unregistered Firms Won Oil Blocks’

More facts have emerged that 38 oil companies that were not registered for the 2005 bid rounds won interests in 23 oil blocks during the exercise...

FG Draws Down N106.7bn From Excess Crude Account

As revenues accruing to the nation dipped in November by N177.52bn due to falling crude oil prices, the Federal Government has drawn down the domestic excess crude account by N106.73bn to...

Nigeria Records N177b Decline In Revenue

Nigeria’s revenue declined by N177.52 billion last month – no thanks to tumbling crude oil prices, which dropped below $45 per barrel...

Against All Odds Book Launch & Networking Event

The long awaited launch of ‘Against all Odds – Back From the Point Of No return ’ takes place on the 16th of December, 2008 at the Motion Bar- Hungerford House, Victoria Embankment, London...

FG Cedes 6.67% Equity In NITEL To IILL

After a protracted battle lasting more than six years, the Federal Government has ceded 6.67 per cent equity in the Nigerian Telecommunications Limited to Investors International of London...

Investment At Oil And Gas Free Zones Hit $5 Billion

The Federal Government at the weekend took stock of its oil and gas free zones concept, disclosing that the level of foreign direct investment at the Oil and Gas Free Zone, Onne had hit $5 billion...

‘Bank PHB, SpringBank To Conclude Merger Soon’

The Chairman, Platinum Habib Bank, Mr Kolawole Abiola, said that the planned acquisition of Spring Bank Plc by Bank PHB ,would be formalised before the end of the year...

Arik Air Begins Lagos-London Flight Monday

Arik Air is to launch daily non-stop service from Murtala Muhammed International Airport, Lagos to London, December 15th, 2008. This will be the first international flight for Arik Air since commencing...

Naira Crashes Further

The naira crashed further to about N137 to a dollar on Wednesday, as the dollar shortage in the inter-bank market deepened...

Huge Capital Flight Hits Nigerian Economy * $13.9bn repatriated in 8 weeks

THE global financial crisis has begun to take its toll on the Nigerian economy as corporate bodies are moving funds massively out of the country and from naira to dollar...

Budget Under Threat As Oil Prices Crash To Four-year Low

Nigeria’s 2009 budget may miss its revenue targets, as oil prices continued the downward slide on Thursday to a four-year low...

Honeywell Rolls Out 2.2bn Public Offer

Honeywell Flour Mills Plc is offering for sale to the public 1,252,941,177 ordinary shares of 50k each and also offering for subscription 941,176,471 ordinary shares of 50 kobo...

Shareholders Approve Zenith Bank's N28.46b Dividend

With an assurance from the board of directors of Zenith Bank Plc that shareholders would get more returns in the 2009 financial year, investors of the bank yesterday unanimously approved the proposed N28.4 billion dividend for the 2008 financial year, the highest...

External Reserves Drop To $57.2bn In Nov

With the continuous slide of crude oil prices coupled with unrelenting sharing of excess crude oil revenue by the three tiers of government, the nation's external reserves have continued to dwindle...

Decline Deepens As Market Loses N189bn

Activities on the Nigerian Stock Exchange continued on a low note on Monday as market indices, declined further at the end of the first trading day of the...

OTC Records N207.9b Turnover

Trading at the Over-the Counter Bond last week recorded a downturn, as a turnover of 203.43 million units, valued at N207.9 billion was done in 1,519 deals. This is in contrast with 255.8 million units, valued at N259.25 billion exchanged in 1,706 deals in...

Bank PHB Makes N21bn Bid For Spring Bank Shares

Bank PHB on Monday opened a N21bn mandatory bid for over three billion units of the issued shares of Spring Bank Plc at N7.00 per share in a bid to complete its acquisition of majority shares of the..

Oil Prices Back To Below $50

Crude oil fell below $50 a barrel after the Organisation of the Petroleum Exporting Countries deferred a decision to reduce output until its next meeting on...

Nigeria’s Satellite Lands In N8b Insurance Scandal

The Federal Government will this week begin investigations to confirm if its damaged N12 billion communication satellite was underinsured by as much as N8 billion, it was learnt at the weekend...

Yar'Adua Presents 2009 Budget This Week

Nigeria, US Firm Set To Build N14bn Refinery In Edo

A Nigeria firm, TFS Financial Services Limited and its counterpart from the United States of America, Financial Bridge Incorporated has announced plan to build a N14 billion (US$121 million) refinery in Edo State, Nigeria to boost the country’s oil...

OTC Records N274 Billion On The Exchange

Trading at the Over the Counter Bond Market (OTC) witnessed an increase last week, as a turnover of 275.7 million units, valued at N274.4 billion, was done on 1,800 deals, in contrast to 237.8 million units, valued at N237.9 billion; exchanged in 2,036 deals...

Ajaokuta: FG Loses N2bn To Shutdown

About N2bn revenue has been lost by the Federal Government in the past six months for not allowing the Interim Management Committee of Ajaokuta Steel Company and the National Iron Ore Mining Companies to operate some of the...

Tribunal Upholds Sanctions On Cadbury

The Investments and Securities Tribunal has upheld the sanctions imposed by the Securities and Exchange Commission (SEC) on Cadbury Nigeria Plc and its directors for culpability in fraudulent statements contained in the 2002 - 2005 annual...

Govt Okays N55b For Fuel Subsidy

The Federal Government has released the sum of N54.6 billion for fuel subsidy. The Minister of State for Finance, Mr. Remi Babalola, yesterday disclosed in Abuja in a chat with reporters that the...

Infrastructure: World Bank Offers Nigeria Fresh $3bn Loan

The World Bank has offered Nigeria the opportunity of a fresh loan of $3bn to improve on its infrastructure.The window of opportunity is open between 2009 and 2011, according to a senior official of the bank, Mr. Simeon Ehui, who...

FG Invests $721m On ICT, As NCC Cedes Internet Facility To Galaxy Backbone

The Nigerian Communications Commission (NCC), last week in Abuja, ceded a multimillion naira Internet project installed at the Federal Secretariat, Abuja, to Galaxy Backbone Plc to manage and...

Yar’Adua Tasks Private Sector On Economy

President Umar Musa Yar‘Adua has urged the private sector to increase their contribution towards the development of the economy...

The Role Of Share Certificates To An Investor

Stock ownership always takes the form of shares. Shares certificate is the legal proof of ownership of the company by an investor. It shows the necessary information to support the claim of ownership to the...
10th November 2008
 

Market Transactions End On Cheerful Note - Light Of Resurgence Ends Week’s Transaction

The week ended in a colourful mood. A bullish light emerged down the dark bearish tunnel on Thursday, illuminating the long murky moment for investors. With a two day market bubble to cap up activities for the...
10th November 2008
 

Accenture Lauds FG’s Effort To Address Infrastructural Challenges

Accenture Nigeria has commended Federal government’s efforts aimed at boosting investment in the provision of infrastructure in the country through Private Sector...
10th November 2008
 

EFCC Recovers N21b From Politicians *Intercepts N39b In Counterfeit Cheques

The Economic and Financial Crimes Commission (EFCC) recovered N21 billion from politicians, their collaborators and perpetrators of other financial crimes last year. The commission, in its annual report just presented to the Senate, also...
27th October 2008
 

Restructuring: NSE To Be Listed On The Exchange

The Nigerian Stock Exchange (NSE) has commenced a total restructuring of its structure which will culminate to its being listed on it own exchange and other...

27th October 2008
 

China Bars Nigerian Businessmen

The Chinese authorities and a group of Nigerian businessmen are at loggerheads over an allegation of discrimination against its members...
27th October 2008
 

EFCC Targets Nigerians Living Above Their Income

Are you living above your income? Well, you may have to account for your wealth under an amendment being proposed to the law establishing the Economic and Financial Crimes Commission (EFCC). And should...
20th October 2008
 

OTC Records N391b Transactions, As Indices Dip By 3.21 Per cent

Trading at the Over The Counters bend (OTC) recorded an increase last week, as a turnover of 397.3 million units, valued at N391.31 billion, was exchanged in 3,505 deals, higher...
20th October 2008
 

EFCC Sues Former Bank MD

The Economic and Financial Crimes Commission (EFCC) has told a Federal High Court in Lagos that its decision to prosecute the former Managing Director and Chief Executive of the defunct Triumph Bank, Mr. Francis Atoju, and three others was as a...
20th October 2008
 

Abbey Building Society Lists Shares Tomorrow

After obtaining the approval of the Nigerian Stock Exchange's council to list its shares on its official list, Abbey Building Society Plc, a Primary Mortgage Institution (PMI), will list its shares by...
20th October 2008
 

FG Estimates $510bn Investment For Rail, Power, Others

The Federal Government weekend, said it would require about $510 billion investment over the next 10 years in rail, power and energy, construction and other infrastructures in order to be...
20th October 2008
 

Nigeria Seeks World Bank Assistance To Fix Power

At this year’s annual meetings of the IMF/World Bank, Professor Chukwuma Soludo, CBN Governor who took up the leadership of the Nigerian delegation to the Bank meeting in the absence of the Minister of Finance and the economic...
20th October 2008
 

Lagos' TBS Complex In N48b Refurbishment Scheme

An all-inclusive plan to enhance the status of Nigeria's independence day landmark, the Tafawa Balewa Square complex in Lagos, popularly referred to as TBS, is about to be effected by the new...
20th October 2008
 

BankPHB Takes Over Spring Bank

The number of commercial banks in the country has dropped by one as BankPHB Plc is set to acquire Spring Bank...
14th October 2008
 

Common External Tariff Ready Jan 2009

Franklin Alli reports that the much anticipated uniform tariffs for ECOWAS region will likely become a reality from January 2009, as harmonisation of the Common External Tariff (CET) between...
14th October 2008
 

Naira Appreciates By 500 Kobo Against the Pound

The nation’s currency Naira further appreciated by 500 kobo against the British Pounds Sterling, while it gained 200 kobo against the...
14th October 2008
 

Interbank Rates Rise Over NNPC Cash Withdrawal

Nigerian interbank interest rates climbed to 12.25 per cent on average this week from 11.75 per cent last week on the back of a cash withdrawal by state oil firm NNPC from retail banks, dealers said...
14th October 2008
 

Six Firms Present Scorecards, As Exchange Adjusts Nigerian Breweries' Price

Six companies last week presented their scorecards to the council of the Nigerian Stock Exchange (NSE) and their shareholders, as the price of Nigerian Breweries Plc was adjusted for an...
14th October 2008
 

Intercontinental Bank Sustains Ratings

FITCH Ratings has affirmed Intercontinental Bank Plc’s  national long-term ratings at A+. The interpretation according to analysts is that the bank is a low risk financial...
13th October 2008
 

MTN Partners With FCMB On Wide Area Network Solutions

MTN Nigeria communications Limited, has signed a five-year deal for the provision of a Wide Area Network solution to support...
13th October 2008
 

CSCS Will Not Extend Deadline For Dematerialisation Of Certificates

Dialogue with the Securities and Exchange Commission (SEC) has been accepted by the Nigerian Stock Exchange (NSE) on the need for registrars to deposit the electronic registers of shareholders with the Central Securities Clearing...
13th October 2008
 

Fidelity Bank Profit Rises By 259 Per Cent

Fidelity Bank’s determination to lead in the Nigerian banking industry has received a boost with the result of her last financial year which had been approved by all the relevant regulatory bodies and released on...
13th October 2008
 

Controversy Trails State Of Warri Refinery

Controversy has continued to trail the actual production capacity of one of the country's main refineries, the Warri...
6th October 2008
 

PHCN Breaks Electricity Generation Record

The Power Holding Company of Nigeria said on Friday that it had recorded the highest peak energy generation level ever in the history of...
6th October 2008
 

Ericsson To Set Up Mobile Innovation Centre In Nigeria, Others

Leading telecommunications firm, Ericsson has announced plans to set up an Innovation Centre in sub-Saharan Africa which will include three application development hubs in Nigeria, South...
6th October 2008
 

Govt’s N50b Bond Oversubscribed

The over-the counter bonds market activities increase by 64 percent during the week. A market turnover of 342.45 million units worth N340.22 billion in 3,150 deals was ...
2nd October 2008
 

Four Firms Present Scorecards To The Exchange

Four companies, Cornerstone Insurance Plc, Studio Press Nigeria Plc, Guinea Insurance Plc and Vono Products Plc have presented their interim and final results to the...
2nd October 2008
 

Equity Assurance Source Strategic Investors In Ongoing Offer

Equity Assurance Plc is presently sourcing for Strategic Investors in its ongoing offer. Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the...
2nd October 2008
 

Intercontinental Wapic Posts N847m Profits In 2007

Intercontinental Wapic Insurance Plc is optimistic that its seven-point prospective growth plan will push the company’s profit- before-tax to N847 million at the end of...
2nd September 2008
 

FCT Initiates Moves For Mass Housing

The Federal Capital Territory (FCT) administration has approved a new     broad framework to be aggressively pursued to drive mass housing delivery in the...
30th September 2008
 

Nigeria Commences Review Of Crude Oil Lifting Contracts

The Federal Government said on Friday that it was it reviewing crude oil lifting contracts against next...
30th September 2008
 

Vitamalt To Raise N2.5bn From Capital Market

Vitamalt Plc, makers of Vitamalt drink, has concluded plans to raise N2.5 billion from the capital market, through a combination of rights issue and private placement. According to the company, its decision...
30th September 2008
 

Mixed Reactions Trail New Policy On Imported Vehicles

Importers and users of used vehicles, at the weekend, expressed divergent opinions on government's new policy on the importation of...
30th September 2008
 

CBN Set To Publish Banks’ Lending Rates

The Director of Banking Supervision, Central Bank of Nigeria (CBN), Mr. Ignatius Imala, said yesterday that the apex bank would publish the lending rates of banks in the next few...
18th September 2008
 

Nigeria's Bilateral Trade With China Hits $4.3 Billion

SINO-Nigeria bilateral trade hit $4.3 billion in 2007, thereby making Nigeria an important trading partner of for Eastern country in...
18th September 2008
 

Intercontinental Wapic Insurance Posts N847m Profits In 2007

Intercontinental Wapic Insurance Plc is optimistic that its seven-point prospective growth plan will push the company’s profit- before-tax to N847 million at the end of 2007 financial year as...
18th September 2008
 

Afribank: Doubles Return On Equity With Efficiency Gains ... Share Price Surges By 39%

Reflecting marked improvement in the efficiency of its operations, and a major attraction for investors in the capital market, Afribank has recorded triple digit increase in its major...
18th September 2008
 

Conoil, UACN Top Price Gainers

Conoil Plc and United African Company of Nigeria Plc recorded the highest price appreciation at the close of trading activities on Tuesday with a gain of N4.00 and 99 kobo to close at...
18th September 2008
 

Equities’ Value On NSE Drop By N175bn

The value of listed equities on the Nigerian Stock Exchange (NSE) depreciated last week by N174.92 billion. This was represented by a dip in one of the indices used for measuring performance of...
15th September 2008
 

Oil/Gas Sector: New bill On Community Content Underway

A new bill which will create a legal framework for community participation in the oil and gas sector will soon be presented to the National Assembly for...
15th September 2008
 

Why Govt Bids For Fresh $500m Bond, By Babalola

What may have inspired the Federal Government last week to secure fresh foreign credit through the floatation of a $500 million bond at the London Stock Exchange could be likened to...
15th September 2008
 

Informal Sector Accounts For 90% Of New Jobs In Nigeria

Ministry of Labour and Productivity has said the informal sector of the nation’s economy accounts for not less than 90 per cent of new job openings in...
15th September 2008
 

Exchange Places Full Suspension On 28 Quoted Firms

Apparently enforcing its earlier promise to delist non-performing firms from its daily official list, the Nigerian Stock Exchange (NSE) on Friday, placed 28 companies on full suspension for breaching the post-listing requirements of...
15th September 2008
 

PZ Turnover Hits N65.9 Billion

PZ Cussons Nigeria Plc’s turnover surged by 22 per cent from N54.2 billion to N65.9 billion in its financial year, which ended on May 31, 2008...
15th September 2008
 

Fed Govt To Sell N50b Bonds On Aug. 29

The Federal Government will sell N50 billion ($424.5 million) of bonds on August 29 to finance its budget deficit and repay short-term...
25th August 2008
 

Nigeria Loses Billions Of Dollars To Poor LNG Deal

Disparity in prevailing liquefied natural gas fiscal terms and those of the Nigeria Liquefied Natural Gas (NLNG) Act of 1989 has caused the economy to lose billions of dollars, with no end in sight to the...
25th August 2008
 

ETI’s $2.5b Hybrid Offer Opens . Conoil Projects N175b Turnover By December

The $2.5 billion (N295 billion) hybrid offer of Ecobank Transnational Incorporated (ETI), the pan African bank, opens today...
25th August 2008
 

NSL Public Offering Closes August 29

National Sport Lottery (NSL) on    going public offering   which was initially scheduled to close on August 20, 2008 has been extended to...
25th August 2008
 

Starcomms Connects Calabar, Warri

Starcomms, Nigeria’s fourth largest telecom operator, has said that it is getting ready to connect Calabar and Warri to its network...
25th August 2008
 

Spring Capital To Boost Shareholders’ Fund

Spring Capital Markets Limited, a subsidiary of Spring Bank Plc, has disclosed plans to boost its shareholders funds, and create value...
25th August 2008
 

Stock Market Will Regain N3.4tn Loss – Sanusi

Nigeria’s capital market, which has lost more than N3tn in the last five months will soon recover from the beat grip, the former Governor of Central Bank of Nigeria, Chief Joseph Sanusi...
25th August 2008
 

Union Bank Dares The Market

Union Bank of Nigeria Plc is coming to the market with a jumbo offer to raise over N300 billion at a time investors are licking their wounds following sharp depreciation of stocks in the...
19th August 2008
 

Remittances From Nigerians Abroad Hit $17.9 Billion

Remittances from Nigerians abroad almost doubled last year, rising to $17.9 billion from $10.5 billion in 2006, the Minister of Finance, Dr. Shamsuddeen Usman, said in...
19th August 2008
 

Banks Jostle For N16bn Commercial Agric Fund

Dr Amin Babandi, National Coordinator, Commercial  Agricultural  Development Project (CADP), said, Tuesday, in Abuja that eight banks are jostling to capture the N15.9 billion fund  earmarked for...
19th August 2008
 

Exchange Grosses N16b Income In 2007

The Nigerian Stock Exchange (NSE) has posted a gross income of N16.1 billion in its 2007 operations, against N5.7 billion recorded in the previous year. Its operating surplus also rose from N1.3 billion in...
19th August 2008
 

NSE Adjusts Five Equity Prices, Reclassifies REAN

The Nigerian Stock Exchange (NSE) last week adjusted five equity prices as a result of their announcement for dividend payout and or bonus issue as recommended by their board of...
19th August 2008
 

OTC Trades N145b In One Week

The Over The Counter (OTC) bond, last week, recorded a decline, as a turnover of 147.44 million units, valued at N144.7 billion was exchanged in 1,339 deals, down from 191 million units, worth N189.6 billion recorded in...
19th August 2008
 

Chinese Firm Divests 35% Stake In Oil Block

China National Offshore Oil Corporation (CNOOC) Limited has relinquished its 35 per cent share in an oil block - Oil Mining Lease (OML) 141 formerly Oil Prospecting License (OPL) 229 - which it...
19th August 2008
 

Lagoon Home Returns To Profitability

The Chairman, Lagoon Home Savings and Loans Limited, a subsidiary of Standard Alliance Insurance Group, Olorogun Emerhor Ortega, has said that the company recorded profit after tax of N87m for the...
19th August 2008
 

NSE Lifts Suspension On Spring Bank

The Nigerian Stock Exchange (NSE) yesterday lifted the full suspension placed on the bank in the early since February 2 2007 at N5.59 per share. 3,558,800 units of the stock were traded on the day of its...
13th August 2008
 

Glo Connects Subscribers In Lagos, Abuja To Fixed Lines

National telecoms operator, Globacom, has commenced commercial service on its fixed lines operation as it connects key corporate subscribers in Lagos and...
13th August 2008
 

Fuel Subsidy ‘to go in phases’

Should the Federal Government have its way, the planned fuel subsidy removal would begin in phases next year and stretch over five years or more. In view of the anticipated hardship that...
13th August 2008
 

Nigeria Loses 11.5b To Oil Imports, Says Minister

The Minister of Science and Technology, Mrs. Grace EKpiwhre, has disclosed that the ministry has made a technology breakthrough which can save Nigeria the annual loss of over...
13th August 2008
 

NNPC To Rank Among World’s Top 500 Companies • ExxonMobil, Chevron, others bag SPE awards

The ongoing reform and re-structuring of the Nigerian National Petroleum Corporation (NNPC) is not just to make the corporation efficient and a world class company, but also to be listed among the world’s top...
13th August 2008
 

BPE To Handover Oku Ibokun Paper Mill On Tuesday

The Director-General, Bureau of Public Enterprises, Mrs. Irene Chigbue, will on Tuesday hand over the Nigerian Newsprint Manufacturing Company, Oku Iboku, to the core investor, Negris Holdings...
13th August 2008
 

Oil Prices Sink On Stronger Dollar To $115 A Barrel

Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating demand around the world and the burgeoning belief that commodities...
11th August 2008
 

Shell Remains In Nigeria, Pays N2.9 Trillion Tax

Shell Petroleum Development Company (SPDC) has again refuted claims that it plans to leave Nigeria for Iraq...
11th August 2008
 

Union Homes Floats N50bn REIT, Targets 10% Mortgage Rate

Union Homes Savings and Loans Plc, one of Nigeria’s foremost primary mortgage institutions (PMIs), is offering investors an opportunity to invest across a suite of commercial properties through...
11th August 2008
 

NSE Market Turnover Up By 4.3%

The Nigerian Stock Exchange (NSE) recorded marginal upsurge in its activity last week, recording a turnover of 3.25 billion shares worth N43.71 billion in 72,486 deals, in contrast to a total of 3.11 billion shares valued at...
11th August 2008
 

Bond Market Records 49% Decrease In Turnover

The over the counter bond market has recorded a 49 per cent decrease in turnover volume last week according to the weekly report of the Nigerian Stock Exchange for the...
11th August 2008
 

MicroRating International Commences Rating Of Nigerian Microfinance Banks

Microrating International (MRI), the global leading rating agency for microfinance banks, has commenced rating of microfinance banks in...
11th August 2008
 

Afribank Appoints 260 Sales Agents

A-Save, Afribank Nigeria Plc has appointed 260 more agents to market A-save, a product meant to enhance saving culture of the people. The Bank assured that it would...
11th August 2008
 

World Bank Spots Loopholes In West African Gas Project

The World Bank has spotted loopholes in the planning of the West African Gas Project. WAPG is a natural-gas pipeline in West Africa, which the World Bank is underwriting with risk...
11th August 2008
 

Union Bank To Raise N310bn From Capital Market

Union Bank Nigeria Plc is set to raise over N301 billion from the Nigerian capital market, the highest amount to be raised by any bank in the history of the nation’s capital...
8th August 2008
 

Access Bank Grosses N19bn Profit, Pays N10.5bn Dividend

Access Bank Plc has posted a profit before tax of N19 billion for its operations in the last financial year ended March 31, 2008, indicating an...
8th August 2008
 

Currency In Circulation Hits N937b, Triggers Inflation, Says CBN

Currency in circulation in the country rose from N918 billion to N937 billion, between June and July, the Central Bank of Nigeria (CBN) has...
8th August 2008
 

Govt Eyes GDP Growth Of Nine Per Cent

Federal government has unfolded plans to increase Gross Domestic Product (GDP) growth rate to nine per cent...
8th August 2008
 

DPR Can’t Account For Eight Oil Blocks

Who got eight of the 77 oil blocks offered for bidding from 1999 till date by the Department of Petroleum Resources? This question remained knotty yesterday at the House of Representatives inquiry into...
30th July 2008
 

Govt To Plug Holes In Procurement Procedure

President Umaru Musa Yar'Adua on Tuesday said that the Federal Government is working towards plugging all loopholes in order to ensure that diversion of public funds through...
30th July 2008
 

Nestoil Set To Source N44.25b From Stock Market

The Nestoil Group has concluded arrangements to shop for about N44.25 billion from the Nigerian Stock Exchange (NSE) through private...
30th July 2008
 

Bitumen Bid Round To Hold Before December

A fresh bid for three bitumen blocks in the country would hold between August and December this year, the Federal Government announced on...
30th July 2008
 

793 Farmers In Edo Receive N86m Agric Loan

No fewer than 793 farmers in Edo have received agricultural loans totalling N86 million in the last one year...
30th July 2008
 

Govt, NEXIM Unfold New Plan To Revive Textile Industry

The depression that hit the ailing textile companies across the country may soon ease, going by efforts being made by the Federal Government and Nigerian Export-Import (NEXIM) Bank, to facilitate...
30th July 2008
 

EFCC Reopens Probe Into Siemens 10m Euros Bribe *Set To Prosecute Those Involved In Scandal

Nigerians mentioned in the Siemens 10 million Euro bribe scandal which rocked the nation, last year, will soon face interrogation and possible prosecution by the Economic and Financial Crimes...
28th July 2008
 

Govt Frets Over Drop In Oil Production

Despite enjoying a windfall from sale of crude oil occasioned by a rise in global prices, Nigeria's actual output has gone down in terms of volume...
28th July 2008
 

Standard Chartered Leads NNPC/Mobil's $220m Facility

Standard Chartered Bank in its strategic move to support Nigeria's Oil and Gas sector has structured a deal with eight other financial institutions to provide $220 million (about N25.96 billion)bank debt financing priced at Libor +275 barrels per day (bps)for the...
28th July 2008
 

Arik Signs N35bn Facility With Eight Banks

Arik Air will on Tuesday sign N35bn syndicate facility with a consortium of eight Nigerian banks...
28th July 2008
 

ARM Discovery Fund’s Profit After Tax Rises By 24.8%

ARM Discovery Fund, a mutual fund managed by Assets Resources Management Limited, has declared a profit after tax of N603m for financial year 2007. The figure marked an...
28th July 2008
 

Banks' Supervision: The CBN Dilemma

The move by the Central Bank of Nigeria (CBN)to strengthen the nation's monetary policy framework, especially as related to effective bank supervision, interest rate and general price stability, seems to...
28th July 2008
 

NNPC Rakes In N3.9t In Five Years

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Alhaji Abubakar Lawal Yar'Adua has disclosed that the corporation yielded a whopping sum of N3.90 trillion as revenue for the government between...
23rd July 2008
 

Intrigues Over Oil Deals, Govt May Revoke 25 Blocks

Messy, oily deals. That is perhaps the best way to capture some of the ways Nigeria's crude oil business is done. This much is contained in the findings of the probe panel into the sector. That report and...
23rd July 2008
 

Sterling Bank Guarantees N11.8b Facility For New Refinery

Sterling Bank has provided guarantee for the $100 million (about N11.18 billion) Amakpe International Refinery, which is expected to process about 12,000 barrels of crude oil per day...
23rd July 2008
 

Coscharis Motors Partners SIXT Rent A Car

The Chairman, Sixt Nigeria /Virtual Travel Network and Management Services Limited, Dr. Cosmos Maduka, said in Abuja at the weekend that Coscharis Motors and SIXT Rent A Car were partnering to afford...
23rd July 2008
 

Addax Clinches Additional Interest In JDZ Block 4

ADDAX Petroleum Corporation has been awarded an additional 7.2 per cent participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone (JDZ) by an independent arbitration...
23rd July 2008
 

Petroleum Stocks Record Highest Losses

Three petroleum stocks recorded the highest losses at the close of trading on the first day of the week...
23rd July 2008
 

Mobil Relocation: Akwa Ibom Set For Major Investment In Housing

The Akwa Ibom State Government is set to embark on major investment in housing development to facilitate relocation of the headquarters of Mobil Oil Producing from Lagos to its operational base in Akwa Ibom State, in line with...
23rd July 2008
 

Inflation Rate Rises To 12 Per Cent

Inflation rate rose to 12.1 percent in June, the National Bureau of Statistics said in a statement on its Website. The rate was 9.7 percent in May...
21st July 2008
 

Fuel Subsidy: FG Spent N1.45trn In One Year — Minister  *Marketers Get N45bn Claims

The Federal Government says it spent about N1.5 trillion to subsidise Premium Motor Spirit (PMS) popularly called petrol in the first year of President Yar’Adua’s administration...
21st July 2008
 

Nigeria To Supply Ghana 30 Million Cubic Metres Of Gas

Nigeria has restated its commitment to supply Ghana with 30 million cubic metres of gas for power generation...
21st July 2008
 

Nigeria Exports 18,000 Garments To US Under AGOA

The Nigerian Export Promotion Commission (NEPC) through F & D Garment Manufacturing Co has kicked-off export of 18,000 locally made garments to the United States of America under the...
21st July 2008
 

Oil Blocks: FG Makes $2.1bn From Bids

The Federal Government collected a total of $2.11bn revenue from oil block bid rounds between 2003 and 2007, a document prepared by the Department of Petroleum Resources has revealed...
21st July 2008
 

Nigerian Banks Have World’s Lowest Internet Presence

Only about 50 of the 1,565 registered financial institutions in Nigeria are on the internet, according to the Central Bank of Nigeria (CBN), writes...
21st July 2008
 

Standard Alliance’s Capital Base Exceeds N25b

Standard Alliance Group has raised its capital base above N25 billion, exceeding the industry’s statutory capital base of N2billion to N10 billion...
21st July 2008
 

Building Materials' Prices Record Marginal Increase Despite Wet Season

AGRA Welcomes EU's Commitment To African Farmers

The Alliance for a Green Revolution in Africa (AGRA) has welcomed the European Union's intention to channel one billion Euros (about N183 billion) to African farmers, a statement...
21st July 2008
 

Mark Survives

Senate President David Mark yesterday won his battle to retain his legislative seat. The Court of Appeal in Jos upheld his appeal against an Election Petitions Tribunal’s verdict invalidating his election at the instance of the All...

David Mark

17th July 2008
 

EFCC To Swoop On Banks - Over Money Laundering, Others

Chairman of the Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, has said that the banking sector will soon come under the searchlight of the commission in its renewed bid to rid the nation of...
17th July 2008
 

Federal Monthly Revenue Generation Hits N701bn

The monthly revenue accruable to the national treasury has hit N701bn for June; a statement from the Accountant-General of the Federation, Mr. Ibrahim Dankwambo, at the end of the July meeting of the...
17th July 2008
 

First Bank Opens Paris Branch To Capture Francophone Businesses

In a bid to capture more francophone businesses, First Bank of Nigeria Plc on Tuesday, opened a branch of its United Kingdom subsidiary, FBN Bank (UK) Limited, in Paris, France...
17th July 2008
 

VAT May Go Up To 15 Per Cent

A wave of tax changes involving the Value Added Tax (VAT), Companies Income Tax (CIT) and Personal Income Tax (PIT), are due for implementation next January, going by a report released yesterday by...
17th July 2008
 

Access Bank Declares N10.5b Dividend  • Asset base hits N1.2trn

Access Bank Plc, in its financial result has reported a triple digit growth across key performance indices. The bank has thus declared a N10.5bn dividend pay - out. The Bank by this performance has surpassed its revised forecast for the...
17th July 2008
 

Appeal Court Sacks Cross River Governor, Liyel Imoke

The Appeal Court sitting in Calabar, the Cross River State capital, has nullified the election of Senator Liyel Imoke of the Peoples Democratic Party, as governor of the...
15th July 2008
 

Investment Tribunal Shuts Down 30 ‘Wonder Banks’

The Investments and Securities Tribunal has granted the request of the Securities and Exchange Commission to close down some 30 companies popularly known as ‘wonder banks’ from operating as...
15th July 2008
 

UK Grants Arik Heathrow Slot

The United Kingdom Government has given approval to Arik Air to begin scheduled operations to London through the Heathrow Airport...
15th July 2008
 

SEC Approves NSL’s N12.4bn IPO

The National Sports Lottery has finally secured the approval of the Securities and Exchange Commission to float 800 million units of its shares at an offer price of N15.50 per...
15th July 2008
 

Japan Grants Nigeria N648m For Power Sector

The Japanese Government on Friday granted Nigeria 574m Japanese Yen, about N648m to complement the Federal Government’s efforts in the execution of the ongoing National Rural Electrification...
15th July 2008
 

Govt Woos Nigerians Abroad With N80b Investment Funds

The Federal Government has taken its investment campaign to Nigerians abroad. And to demonstrate its desire to assist its citizens, the government has designed a funding package...
15th July 2008
 

Most Nigerian Firms Have No Addresses, Says CAC

From the corporate Affairs Commission (CAC), came a startling revelation that most of the firms in Nigeria were 'briefcase companies' that did not have any credible contact addresses...
15th July 2008
 

Lagos Asks Supreme Court To Stop FG From Collecting VAT

The Lagos State Government has asked the Supreme Court to nullify the power of the Federal Government to collect Value Added Tax in the 36 states of the federation...
15th July 2008
 

Lagos Coop Plans N200m Resort

About N200m is required to develop a business-cum-recreational resort on the 15 acres of land recently acquired by the Lagos State Cooperative Federation Limited in Epe, a Lagos...
14th July 2008
 

Senate Okays N89bn NDDC Budget

The Senate yester day passed an N89 billion budget for the Niger Delta Development Commission (NDDC) for the 2008 fiscal year with a stipulation that the commission renders monthly account...
14th July 2008
 

Oil Workers Shelve Strike

The strike action embarked upon by oil workers under the aegis of the National Union of Petroleum and Natural Gas, NUPENG, to protest the bad state of roads in the...
14th July 2008
 

TAM: Kaduna Refinery To Gulp $60m

The Managing Director of the Kaduna Refinery and Petro-Chemical Company, Mr. Mojood Agoro on Friday in Kaduna said that it was impossible for the nation‘s three refineries...
14th July 2008
 

Zenith Bank Backs Airport Automation Project With N2.3b

Zenith Bank Plc has unfolded plans to back the airport automation project, with N2.3 billion. The project, being handled by Maevis Company Limited, with technical support from...
11th July 2008
 

All States IPO: NDIC Ordered To Pay Subscriber

The Investments and Securities Tribunal has ordered the Nigerian Deposit Insurance Corporation to pay a subscriber in the aborted...
11th July 2008
 

2007 Bid Round Audit: Ministry Yet To Receive Report

Two days after the deadline given to the review committee to submit its recommendations on the audit of the 2007 Bid Round for the award of oil blocks, the...
11th July 2008
 

Nigeria Imports Goods Worth €553m From Italy

The Italian Embassy in Nigeria says about €553 million (N99.54 billion) worth of goods and services were exported to Nigeria last year from...
11th July 2008
 

Nigerian Exporters Take 125 Local Products To Liberia

Vice President Goodluck Jonathan on Tuesday held a meeting with a delegation of Vodafone Executives led by the Company's Chief Executive Officer (UK), Paul Donovad, stating that...
11th July 2008
 

I Didn’t Authorise N6.5b Loan, Says Okonjo-Iweala

Ngozi Okonjo-Iweala

Former Finance Minister Dr. Ngozi Okonjo-Iweala yesterday washed her hands of the controversy over the N19.5 billion aviation safety fund: she denied reports that she authorised a N6.5billion...
9th July 2008
 

Best Bidder Would Get NITEL, Says Jonathan

Vice President Goodluck Jonathan on Tuesday held a meeting with a delegation of Vodafone Executives led by the Company's Chief Executive Officer (UK), Paul Donovad, stating that...
9th July 2008
 

Govt To Create 10 million Jobs, Plans Double Digit GDP Growth

The Federal Government, yesterday, pledged to create 10 million jobs and propel the Gross Domestic Product (GDP) growth rate to double digits, between now...
9th July 2008
 

Why Nigeria Is Sinking Deeper Into Darkness

There are strong indications that the current failure  in public power supply that has thrown most parts of the country into perpetual darkness for  weeks may not be unconnected to...
9th July 2008
 

Kia Now Second Most Imported Vehicle In Nigeria

The Kia brand of vehicles has climbed to the second on the list of vehicle brands imported into Nigeria in the first quarter of...
9th July 2008
 

Wemabod Estates Moves To Go Public

Wemabod Estates Limited, a real  estate subsidiary of Odu’a Investment Company Limited, has commenced moves to raise money from the capital market through a public offering of...
9th July 2008
 

FG Moves To Separate Gas Business From Oil

In an effort to achieve maximum utilisation of natural gas, the Federal Government has announced the commencement of moves to help it separate gas business from oil as...
9th July 2008
 

Transcorp Seals N600b Deal With Hilton Hotels

The Nigeria hotel sector may have received a boost, with a N600 billion ($5 billion) deal, sealed by Transnational Corporation of Nigeria (Transcorp) and the Hilton Hotels International to...
9th July 2008
 

World Bank Moves To Stop Soaring Food Prices In Africa

International Finance Corporation (IFC), a member of the World Bank Group, has announced a new financing transaction to support private sector-led development of the agribusiness sector in Africa and alleviate the burden of soaring food prices...
7th July 2008
 

Excess Crude Account Now $11.22 b, Says Finance Minister

The excess crude account that was $18 billion last month has reduced to $11.22 billion, said the Minister of State for Finance, Mr. Remi Babalola...
7th July 2008
 

FG Plans To Establish Sea Port In Bayelsa

The Federal Government on Friday noted that it may consider establishing a new sea port in the Bayelsa State to effectively harness the economic potential in the state, especially in...

Charles Ugwuh

7th July 2008
 

SEC Calms Tension In The Capital Market

The suspension of the recapitalisation exercise of stock broking firms by the Securities and Exchange Commission (SEC) is showing positive signals in the market. Already, prices of stocks have...
7th July 2008
 

Multiple Charges: ANAN, Others Ask CBN To Deepen Banking Regulation

As the barrage of banks‘ charges on customers in the country appears to continue unabated, the Association of National Accountants of Nigeria and other key stakeholders have called on...
7th July 2008
 

Celtel, British Council In Pact To Develop More Corporate Managers

Celtel Nigeria and the British Council have announced plans to develop another pool of managers whom they envisage to take companies operating in Nigeria to a higher level of success in the global ...
7th July 2008
 

Nigeria Should Consider Solar Electricity – ADB

Renewable energy resources including the use of solar electricity holds promise in Nigeria, as energy crisis hit the oil-rich nation, a top official of the African Development...
4th July 2008
 

Yar'Adua Cuts Budget 2008 By N181bn

President Umaru Yar‘Adua has proposed a cut of N181 billion in Federal Government spending in 2008, it emerged yesterday...
4th July 2008
 

$617 realised from 2007 Bid Round –Audit

With five days to go for the review committee to submit its report on the recommendations of the Special Investigative Committee on Nigeria ’s 2007 Oil Prospecting Licensing...
4th July 2008
 

Seven Nigerian Banks Float GDR Worth N232b, Says SEC

Seven Nigerian banks have floated Global Deposit Receipts (GDR) worth N232 billion, the Securities and Exchange Commission (SEC) announced on Tuesday in Abuja...
4th July 2008
 

Panel Summons Soludo, Madueke Over Alleged N30b Withdrawal

The Minister of Transport, Diezani Allison-Madueke and Governor of Central Bank of Nigeria, (CBN) Chukwuma Soludo were on Monday summoned to appear before the...
1st July 2008
 

SEC Justifies Directive To AP’s Core Investor

The Securities and Exchange Commission has said that the order given to Zenon Oil Limited, the core investor in African Petroleum Plc, to divest part of its holdings in the...
1st July 2008
 

N917b In Circulation, Says CBN

More than N917 billion is currently in circulation across the country, the Central Bank of Nigeria (CBN) said at the weekend in Abuja...
1st July 2008
 

Visafone Unveils Mobile Office, Targets 1million Subscribers

National mobile operator, Visafone, on Friday unveiled a new service, Visafone Mobile Office, which offers push email to users...
1st July 2008
 

Intercontinental Bank Gets Licence For UK Operations

The Financial Services Authority (FSA) of the United Kingdom (UK) has licensed Intercontinental Bank (UK) Plc, a subsidiary of Intercontinental Bank Plc, as a full-fledged bank offering...
1st July 2008
 

Intercontinental Bank To Increase Share Capital, Holds Yearly Meeting

Intercontinental Bank Plc, will hold its 19th yearly general meeting on Monday in Abuja, where shareholders are expected to approve the creation of additional shares and a...
27th June 2008
 

Transcorp, Hilton To Seal $600m Deal

Transnational Corporation (Transcorp) will enter into a 10-year management contract under which about $600 million Hilton Hotels Corporation to manage Nigeria's most...
27th June 2008
 

Shell Restarts Bonga Under Naval Cover

Shell Nigeria Exploration and Production Company, a subsidiary of the Anglo-Dutch oil giant, Shell, has restarted oil production on the Bonga Floating, Production, Storage and...
27th June 2008
 

Lagos Generates N66 Billion Internal Revenue In Six Months

Mr Ade Ipaye, Special Adviser to the Lagos State Government on Taxation and Revenue, has said that the state generated N66 billion as internal revenue in the last...
27th June 2008
 

Firm Plans N20bn Steel Mill For Ogun

A N20bn steel rolling mill is to be established soon in Abese, near Ewekoro, Ogun State...
27th June 2008
 

NACRDB Invests N29 Billion On Agricultural Projects

The Nigerian Agricultural Cooperative and Rural Development Bank has invested N29 billion in over 500,000 agricultural projects across the country in the past...
27th June 2008
 

Gazprom Seeks To Replace Shell In Ogoni

Russian energy giant may replace Shell in Nigeria following government’s decision to terminate Shell’s contract for the development of oil and gas fields in...
25th June 2008
 

OPEC Members Push For Increased Oil Production

The Minister of State for Energy (Petroleum), Mr. Odein Ajumogobia (SAN), says OPEC member countries have agreed on the need to raise crude production to meet future demand. The minister, on his return from the emergency...
25th June 2008
 

Oil Giants Propose Shares For Niger Deltans

Niger Delta indigenes could become part-owners of oil facilities in the volatile region, if the Federal Government accepts a proposal by major oil companies...
25th June 2008
 

FG Rolls Out Strategy For Agric Sector

The Federal Government on Monday urged the state and local governments as well as international development partners to support the new National Food Security programme towards...
25th June 2008
 

NRC Plans New Financial Strategy For Operational Revival

A new financial strategy may herald the revival of Nigeria Railway Corporation (NRC), as the management fine-tunes measures for the organisation's...
25th June 2008
 

Western Goldfields Hit N165bn Worth Of Coal In Enugu

The Western Goldfields Consortium’s coal-to-power projects have confirmed discovering a proven reserve of not less than 62,400,000 metric tonnes of coal deposit on Exploration License (EL) 829 at Ezimo, in Enugu State  worth...
25th June 2008
 

INTEREST RATE: A Slide To The Ugly Past?

On the 2nd of June, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 25 basis points to 10.25 from 10.0 per cent. This would be the...

25th June 2008
 

New Phone Licence Auction Coming

Nigeria is gearing to auction the 2.5GHz spectrum band to enable operators deploy infrastructure for broadband services, said the country’s regulator and chief executive officer of...
23rd June 2008
 

Fed Govt Plans Tariff Concession For SMEs

The Minister of Commerce and Industries, Chief Charles Ugwu, said at the weekend, that the Federal Government would grant tariff concession to Small and Medium Enterprises (SMEs)....
23rd June 2008
 

We’ll Pay Dividends, Says Sterling Bank Boss

The Managing Director of Sterling Bank Plc, Mr Yemi Adeola, has assured that the bank would pay dividends this year...
23rd June 2008
 

Market Indices Continue On A Free Fall Journey

As against the trend experienced previous week, market indicators decline freely through this week by 9.65per cent as the NSE ASI index closed on the down side at 54,382.21 points. On the contrary, the total...
23rd June 2008
 

GTB, Zenith Nominated For New Housing Scheme

Guaranty trust Bank Plc and Zenith Bank Plc have been selected as operative banks for the 15 per cent down payment for the proposed Value Villa Estate, along Lagos-Ibadan...
23rd June 2008
 

AfDB Approves $85m For Lekki Toll Road Project

The Board of Directors of the African Development Bank (AfDB) Group has approved a loan of $85 million to help finance the upgrade/rehabilitation of the Lekki to Epe expressway, linking Victoria Island with the...
23rd June 2008
 

Nigeria To Draw More Than $10 bln From Oil Savings

Nigeria will withdraw more than $10 billion from its excess crude oil account to develop its dilapidated power infrastructure and give state governors their share of the savings, the finance minister said on...
23rd June 2008
 

How Obasanjo’s Govt Rushed Oil Block Deals

No fewer than 12 oil firms benefited from the controversial 2007 bid round for oil blocks, The Nation learnt yesterday...
20th June 2008
 

Nigeria Needs 17.5 Per Cent Growth To Achieve Vision 2020, Says Expert

The Managing Partner, Ernest & Young, Ethiopia, Mr. Zemedeneh Negatu, on Tuesday said for Nigeria to achieve its Vision 2020 project, the economy must have a yearly growth rate of 17.5 per cent...
20th June 2008
 

Chinese Firm Says Funding Stalling Nigeria's Rail Project

A Chinese firm handling an 8.3 billion-dollar (5.4-billion-euro) contract to upgrade Nigeria's under-performing railway system said Wednesday inadequate government funding was stalling...
20th June 2008
 

Aba Power Plant Ready Soon

The Osisioma Power Plant, near Aba, will be completed within 12 months, Mr. Moses Utuk, technical adviser, Geometric Power Limited, handlers of the projects...
20th June 2008
 

Total, China Oil Firm Seal LNG Deal

Total said it has signed a Memorandum of Understanding (MOU) with one of China’s major oil and gas companies, China National Offshore Oil...
20th June 2008
 

FG Okays N50bn Abuja Boulevard, To Revoke 300 Plots

About 300 choice plots in the Central Area District of the Federal Capital Territory may be revoked as the Federal Executive Council on Wednesday approved the development...
20th June 2008
 

Glo Wins GSM Licence In Ghana

Barely a week after Globacom boss, Dr. Mike Adenuga Jnr, launched mobile service in Benin Republic and told the gathering that he was building an African company that...
17th June 2008
 

CNPP Faults Yar'Adua On Planned Use Of $5bn Excess Crude Fund

Conference of the Nigerian Political Parties (CNPP) in Delta State has condemned the reported joint decision of President Umaru Yar’Adua and the 36 state governors to authorise...
17th June 2008
 

NSE Accused Of Price Manipulation

The House of Representatives Committee on Capital Market on Sunday accused the Nigeria Stock Exchange of “manipulating” the prices of shares, a situation which it said could make foreign investors sceptical about...
17th June 2008
 

FMBN, HSBC, Intercontinental To Raise $400m For Housing

The Federal Mortgage Bank of  Nigeria (FMBN), is set to partner  with Intercontinental Bank Plc and the global bank, HSBC to raise $400m (about N47.2 billion) from the capital market, to boost effective...
17th June 2008
 

Niger To Deliver N1.56bn PPP Housing Project

Niger State is set to construct 500 housing units worth N1.56  billion under a public-Private-Partnership (PPP) arrangement with a Lagos-based construction firm, Puzzles Engineering and...
17th June 2008
 

Nigerian Interbank Rates Rise On Naira Cash Squeeze

Nigerian interbank rates moved up slightly to 12.75 percent on average this week from 12 percent previously on a cash squeeze that forced many bankers to borrow to cover their positions, bankers said on Friday. The secured Open Buy Back (OBB) fell...
17th June 2008
 

SEC Approves New Allotment Procedure For NSL's N12.4b IPO

A new vista of opportunities for intending investors into the forth coming Initial Public Offering (IPO) of Nigerian Sports Lottery (NSL) Plc has been approved by the Securities and Exchange...
17th June 2008
 

ALSCON Exports 72 Tonnes of Aluminium Ingots To Europe

The Aluminium Smelter Company of Nigeria (ALSCON) has exported 72 tonnes of aluminium ingots to Europe, one year after its sale to a Russian firm, RUSAL, an embassy official has disclosed...
17th June 2008
 

Africa Needs $40b Extra Aid, Says Annan

Former United Nations Secretary General Kofi Annan says Africa faces an aid shortfall of $40 billion. Speaking at the launch of a new report by the Africa Commission, he said African leaders needed to live...
17th June 2008
 

CBN Rules Out Foreign Control Of Nigerian Banks

The Central Bank of Nigeria (CBN) on Thursday restated its commitment to prevent foreign banks from acquiring Nigeria's mega banks or allow them to have more than 10 per cent equity in such...
13th June 2008
 

Bank of Industry's Support To MSMES Grows To N32.4b In 2007

To support the growth of micro, small and medium enterprises (MSMES) in Nigeria, the Bank of Industry's (BOI) credit to the sector has increased by 50 per cent, the bank's...
13th June 2008
 

Kogi’s 3,600MW Coal Plant Project Threatened

The plan by Western Metals, a Chinese coal-to-power company, and the African Finance Corporation to build a 3,600 mega watts coal power plant in Kogi State has hit a...
13th June 2008
 

NITEL: BPE Invites Proposals From 11 Advisory Firms

The Bureau of Public Enterprises has asked 11 consulting firms that were prequalified as potential advisers to submit proposals on how they intend to handle the sale of the Nigerian Telecommunications Limited should they win the bid...
13th June 2008
 

NBCC Unfolds Plan For N1.5b Plaza

The Nigeria British Chamber of Commerce has unfolded plans for the construction of a N1.5 billion NBCC Plaza in Lagos...
13th June 2008
 

US EXIM Bank Offers To Invest In Power Sector

Revelations about anomalies unearthed by the Power sector probe by the lower chamber of the National Assembly notwithstanding, the United States Export Import Bank (US EXIM) is ready to finance...
13th June 2008
 

NAICOM Calls For Agric Insurance

Worried by the global food crisis, the National Insurance Commission (NAICOM) has said it is working on measures to make agricultural Insurance a catalyst for food...
13th June 2008
 

NSE Freezes Stock Prices To Halt Slide

In a rare move, the Council of the Nigerian Stock Exchange on Monday imposed a freeze on the downward movement of stock prices that seemed to confirm...
11th June 2008
 

Nigeria Gets N45b World Bank Road Rescue Loan

The World Bank has approved a $390 million (N45 billion) credit facility to support Nigeria's road sector reform. The bank's Country Director, Mr. Onno Ruhl said on Tuesday in Abuja at a...
11th June 2008
 

Oil Prices Weaken After Record Run Close To 140 Dollars

Crude oil prices pulled back Monday from last week’s record highs as the dollar firmed against the euro and OPEC kingpin Saudi Arabia stressed its willingness to meet any increase in...
11th June 2008
 

Govt Votes N300m For New Mortgage Policy

The Federal Government has voted N300 million in the 2008 budget to allow the Federal Mortgage Bank to come up with a formula that would allow the informal sector to be accommodated...
11th June 2008
 

African Alliance Set For Turnaround After Acquisition

The recent acquisition of African Alliance Insurance Company Limited by Universal Insurance Plc has turned around the fortunes of the company, even as it continues to make giant strides in...
11th June 2008
 

Multi-billion Naira Tinapa Business Resort To Come On Stream In 2008 —Imoke

Senator Liyel Imoke, a one time senator, Special Adviser to the President on Public Utilities, Chairman, Technical Board of the defunct NEPA,  Minister of Solid Minerals in the...
9th June 2008
 

SHESTCO Taps Open Source, Wireless IT Infrastructure

The number of public institutions deploying open source software received a boost on Friday as the Federal Government-owned Sheda Science and Technology Complex inaugurated its wireless network...
9th June 2008
 

Lafarge Signs Deal To Double Cement Capacity

The world's biggest cement maker, Lafarge, signed an agreement with Chinese supplier CBMI Ltd to expand its Nigerian plant and double output to 4 million tonnes a year, Lafarge's Nigerian unit said on Thursday. Lafarge said the deal signed in Paris was a demonstration...
9th June 2008
 

Delta Government And Challenges Of Resuscitating Delta Ports

The Delta State Government has intensified efforts to bring Warri Port back to life after the ethnic mayhem among the Ijaw, Itsekiri and Urhobo in the oil community which crippled the operations of...
9th June 2008
 

Afribank strengthens Risk Management Strategy

Nigeria's Afribank appointed an executive director in charge of risk management, amid concern among analysts over high operational and credit risk in the country's banking...
9th June 2008
 

Global Steel To Pump In $450m in Delta Steel

Global Steel Holdings, promoted by Pramod Mittal of Ispat Industries, is firming up plans to invest $450 million to double its capacity at Delta Steel Company in Nigeria to 2.4 million tonnes per annum...
9th June 2008
 

Portugal Offers Pipeline Technology To Nigeria

Portugal has offered Nigeria its technology in pipeline engineering and seamless transportation of petroleum products...
9th June 2008
 

Nigeria To Hand Abandoned Shell Fields In Ogoniland To Rival Operator

Shell’s rocky relationship with Nigeria suffered a fresh blow last night when the President said that oilfields abandoned by the group in the Niger Delta would be given to another...
6th June 2008
 

Organised Private Sector Backs 50% Resource Control

The Organised Private Sector (OPS) has thrown its weight behind resource control, calling for a new revenue allocation formula that will give the federal and state governments 50 per cent share each of the federation...
6th June 2008
 

Banks Credit To SMES Hit N204billion —SOLUDO

Banks credit available for Small and Medium Scale Enterprises in the country has risen by 600 per cent from N35billion in 2003 to about N204billion in 2007 according to the Governor of Central Bank...
6th June 2008
 

Shell To Lay Off 2,500 workers In Nigeria

The management of Shell Petroleum Development Company (SPDC) is set to lay off about 2,500 of its workforce, who refused to cash in on the window of voluntary retirement...
6th June 2008
 

ExxonMobil, Nigeria Plan Gas-to-liquid Project

Nigeria's state oil firm and the local arm of Exxon Mobil  began work on Wednesday on plans for a natural gas to liquid petroleum plant, a project the country hopes...
6th June 2008
 

Nigeria Aims To Boost Solid Minerals Says Minister

Minister of Mines and Steel Development, Sarafa Tunji Isola, said on Wednesday the country would boost investment in the solid minerals sector. "Our goal is to increase the contribution...
6th June 2008
 

French Oil Group Total Assessing Presence In Nigeria

The head of French oil group Total said Wednesday the company was assessing its presence in Nigeria because of unrest there but warned that any pull-out would cause...
6th June 2008
 

CBN Raises Interest Rate Benchmark To 10.25%

The Central Bank of Nigeria on Tuesday raised the interest rate benchmark, otherwise known as Monetary Policy Rate, by a quarter of a percentage point for the...
4th June 2008
 

Govt Sets November Deadline For NITEL Sale

The Federal Government may on or before November complete the bid process for a new core investor for the Nigerian Telecommunications Limited and Mobile...
4th June 2008
 

Yar’Adua, 7 African Leaders Attend World Economic Forum

President Umaru Musa Yar'Adua and seven other African presidents have begun attending the 18th World Economic Forum (WEF) yesterday in Cape Town, South...
4th June 2008
 

Excess Crude Account: Yar’Adua To Meet Governors On Friday - President may seek out of court settlement

President Umaru Yar’Adua is said to be seeking a truce with seven governors who instituted a suit at the Supreme Court to illegalise the Excess...
4th June 2008
 

Value Of Equities On NSE Plunges By N314.95 Billion

Value of equities on the Nigerian Stock Exchange (NSE) dropped last week by N314.95 billion, as the declining trend of the market indices and prices of equities...
4th June 2008
 

Aureos Eyes Equity Stake In Custodian And Allied Insurance

Aureos Africa has reached advanced discussion with the board of Custodian and Allied Insurance Plc on an equity investment deal. A market source revealed to Vanguard that discussion between the parties would likely develop...
4th June 2008
 

Kwara Plans N1.5b Cement Firm

Kwara State Government has commenced arrangements for the establishment of a N1.5 billion cement company in Owa-Kajola, Ifelodun local government...
4th June 2008
 

Advert Bills May Hit N100b This Year, Says APCON

Expenditure on advertisement may hit N100 billion this year, up from the N50 billion recorded last year, the Registrar, Advertising Practitioners Council of Nigeria (APCON), Alhaji Garba Kankarofi, has...
4th June 2008
 

FG Takes Probe To UK, U.S.

Probe into the controversial African Finance Corporation (AFC) fund, will Monday shift to overseas at the instance of the Federal Government...
2nd June 2008
 

Yar’Adua’s One Year: FIRS Rakes In N2.2 Trillion Tax

The Federal Inland Revenue Service raked N2.2tn into the coffers of the Federal Government from tax in the first year of President Umaru Yar’Adua’s administration...
2nd June 2008
 

French Firm Plans $20b Investment In Cross River

Saresco, a Paris-based firm, is to invest over $20 billion in Cross River State to complement the tourism initiative of government, chief executive officer of Luxury Build & Design International, Paul Nmah, has said...
2nd June 2008
 

DMO In Frantic Search For Bonds Investors

The Debt Management Office (DMO) is drumming support for bonds’ investment. The DMO, in collaboration with other firms is now beaming its searchlight on schools to get as many investors...
2nd June 2008
 

Ecobank, First Bank To Reveal Merger Position Soon, Says Odeyemi

The Chairman of Ecobank Nigeria Plc, Mr. John Odeyemi, has said that the merger talk between the bank and First Bank was ongoing, but stressed that there was no concrete reports on it for now...
2nd June 2008
 

Govt, U.S. Firm Create Maintenance Centre At Lagos Airport

The Federal Government and the United States based world largest aircraft manufacturer, Boeing Company, has created an aircraft maintenance centre at the Murtala Muhammed International...
2nd June 2008
 

OPEC To Spend $160 Billion To Increase Capacity

The Organisation of Petroleum Exporting Countries (OPEC) members will invest US$160 billion in oil development projects in the next three years to increase their production capacity by ...
2nd June 2008
 

GTBank Declares 95k Dividend

Guaranty Trust Bank Plc, one of the largest financial institutions in Nigeria, has surpassed projections made by its management during its hugely successful $750 million Global...
2nd June 2008
 

Mohammed Resigns As Yar'Adua's Chief Of Staff

The Presidency on Thursday announced the resignation of the Chief of Staff to the President, Maj.-Gen. Abdullahi Mohammed (rtd.) with effect from Monday, June 2. In the interim...
30th May 2008
 

GlaxoSmithkline Pays N430 Million Dividend

Returns on investment for shareholders of GlaxoSmithKline Nigeria Plc in terms of dividend stood at N430.52 million in the financial year ended December 31, 2007, culminating...
30th May 2008
 

$12b LNG Project On Course, Says Governor

The Akwa Ibom government-owned $12 billion Liquefied Natural Gas (LNG) project is on course, Governor Godswill Akpabio has said in Uyo...
30th May 2008
 

Nigerian Investors Make Steel, Pipes For Oil And Gas Industry

Despite the absence of enabling laws and robust enforcement of the Local Content Policy, some Nigerian investors have built factories to produce steel and pipe products for the oil...
30th May 2008
 

Mobil Declares 7% Rise In Turnover

Mobil Oil Nigeria Plc has declared a turnover of N54.54bn for the year ended, December 31, 2007. This represents a seven per cent increase over 2006 figure of...
30th May 2008
 

Nigeria, 8 Others Sign Agreement On Maritime Safety

Nigeria and eight other maritime nations signed a multi-lateral agreement on search and rescue, just as President Musa Yar Adua assured the International Maritime Organisation (IMO) of Nigeria’s preparedness to...
30th May 2008
 

Siemens Linkman With Nigeria On Trial • Halliburton Probe To Cover 20yrs Operation

A former Siemens AG manager, Reinhard Siekaczek, who implicated four former Nigerian ministers of communications in a bribery scandal is, himself, on trial for bribery, in Germany...
28th May 2008
 

NNPC, SPDC Sign $3.1bn Pact

The NNPC yesterday in Abuja sealed a 3.1 billion-dollar financing agreement with Shell Petroleum Development Company (SPDC)...
28th May 2008
 

Nigeria, S'Korea Sign $1.8b Rice Mill Pact

The Federal Government on Tuesday signed a Memorandum of Understanding (MOU) with the South Korean government on the establishment of a comprehensive rice-processing complex in Bida...
28th May 2008
 

MTN Begins Merger Talks With Reliance

Shares of MTN Group Limited, Africa’s largest mobile-phone company, fell the most in four years in Johannesburg after business combination negotiations with India’s Bharti Airtel Limited failed and merger talks started with Reliance Communications Limited instead...
28th May 2008
 

Nigeria’s Foreign Reserves To Hit $73.2bn

Nigeria’s foreign reserves will hit $73.2bn in 2008; estimates from the International Monetary Fund and government officials have shown...
26th May 2008
 

Light Rail: Fed Govt Offers To Assist Lagos

The Federal Government has endorsed the Lagos State Government’s light rail project and pledged the assistance of the Nigerian Railway Corporation (NRC) in executing it...
26th May 2008
 

Bharti Airtel Pulls Out Of MTN Acquisition Talks

India’s leading mobile phone operator, Bharti Airtel, has ended takeover talks with South African mobile operator MTN, the British Broadcasting Corporation said in an online report on Sunday...
26th May 2008
 

NNPC's Vessel Lifts First Crude Oil Consignment From Nigeria

The Nigerian National Petroleum Corporation (NNPC) has recorded its first feat in transportation of crude oil to the international market...
26th May 2008
 

NICON: Court Endorses FG, Ibrahim’s Settlement

The Federal High Court, sitting in Abuja, on Friday, formally endorsed the out-of- court settlement in the legal dispute between the Federal Government and the core investor in NICON Insurance...
26th May 2008
 

Shareholders Urge Govt To Divest From NICON

The Federal Government has been advised to fully privatise NICON Insurance by disposing its 30 per cent holdings in the firm to the public...
26th May 2008
 

Govt Needs N117b To Reform Gas Sector, Says President's Aide

The Federal Government currently needs N117 billion to establish three central processing facilities for gas production in the country, the Chief Economic Adviser to the President, Mr. Tanimu Yakubu has...
23rd May 2008
 

Delta Steel Suffers Production Hitches

Production activities at the Delta Steel Company (DSC) in Ovwian-Aladja, Delta State, have been stopped due to lack of raw materials, a development which experts fear could undo...
23rd May 2008
 

Power Project Costing Delays 2008 Supplementary Budget

President Umaru Yar’Adua’s radical approach towards ending power outages has delayed the passage of the 2008 supplementary budget...

Oil Hits $130.36pb Record

Oil prices rose above $130 a barrel for the first time yesterday in Asia as supply concerns mounted and the dollar weakened...
23rd May 2008
 

NAICOM Rolls Out Code Of Corporate Governance For Industry

Determined to closely monitor the activities of the 49 insurance and re-insurance companies in the country, the National Insurance Commission (NAICOM) has set in motion plans to enforce a code of good...
23rd May 2008
 

UACN Property PAT Up By 10.8%

UACN Property Development Company Plc (UACP) emerges as our stock in focus for this week, following the release of its full year’s 2007 results and the holding of its Annual General Meeting...
23rd May 2008
 

FADAMA III: FCTA Gets N491.4m ADP Fund

Federal Capital Territory Administration (FCTA) on Tuesday disclosed that it has secured N491.4 million ( $4.2 million ) Agricultural Development Programme (ADP) for the implementation of the FADAMA III project in...
23rd May 2008
 

Yar'Adua Tasks NNPC On $1.9b Debt Recovery

President Umaru Musa Yar'Adua on Tuesday ordered the NNPC to immediately recover the $1.91 billion due to the Federal Government from Shell and Exxon Mobil...
21st May 2008
 

Global Doing Business 2008 Report Ranks Nigeria 108 of 178

The Global Doing Business 2008 has revealed little or no improvement in the procedures, costs and time it takes to register businesses in Nigeria, with the country maintaining the 108th position among...
21st May 2008
 

Access Bank Completes Acquisition Of Three Foreign Banks

Access Bank Plc has announced the acquisition of three commercial banks operating in Cote d' Ivoire, Rwanda and the Democratic Republic of Congo (DRC)...
21st May 2008
 

Nigerian Businesses Starved Of Capital – World Bank Report

The World Bank on Monday observed that Nigerian businesses suffer due to a lack of investment capital, even as it noted that the unit labour cost in the country was the highest in all comparator...
21st May 2008
 

Leasing Firms Advised To Tackle Fraud

Leasing companies have been advised to come together in fighting fraud in the leasing industry. The General Manager of Capital Bancorp, Mr. Joel Olarinde, gave the advice at...
21st May 2008
 

FG Picks Seven Coal Fields For Power

The Federal Government said on Monday that it had picked seven coal fields, which would be developed for the realisation of power generation from coal sources...
21st May 2008
 

New Port Will Attract Modern Vessels To Nigeria

The new $750 million port expected to commence operation in Lekki Free Trade Zone will attract modern container and tanker vessels to the country, project...
16th May 2008
 

Nigeria Rakes $13b From Foreign Investments

The epileptic power situation in Nigeria and other risk factors like wave of militancy in the Niger Delta region not withstanding, Nigeria has remained the toast of investors...
16th May 2008
 

Global Economic Outlook Improves As Credit Crisis Eases

Confidence in the global economy improved for the second consecutive month in May on signs the worst of the credit squeeze may be over, a survey of...
16th May 2008
 

Nigeria Breweries To Establish More Plants

A double digit Gross Domestic Product (GDP) growth rate by the end of 2011 and creation of 10 million jobs are being targeted by the Federal Government, President...
16th May 2008
 

Abia Fair Focuses On Global Business Deals

The maiden edition of the Abia International Trade Fair, billed to kick-off from September 22 to October 1, would focus on the power of partnership in global business deals...
16th May 2008
 

Govt Targets Double Digit GDP, 10m Jobs By 2011

A double digit Gross Domestic Product (GDP) growth rate by the end of 2011 and creation of 10 million jobs are being targeted by the Federal Government, President...
14th May 2008
 

Lagos Dangles N25b Mortgage Facility To Subscribers Of Housing Scheme

Lagos state commissioner for Housing, Mr. Bandele Onabokun has reiterated the determination of the ministry to provide affordable housing to the people by putting in...
14th May 2008
 

Fed Govt To Pump N400b Into Economy…10million Jobs Coming

A flood of cash will in the next few days hit the economy, with the Federal Government injecting about N400billion...
14th May 2008
 

American Firm Signs $300m Cassava Deal With Ogun Government

Ogun State Government, recently signed a Memorandum of Understanding (MOU) with an American company to operate...
14th May 2007
 

Chevron Suspends Activities In Niger Delta

Chevron Nigeria Limited (CNL), operator of the NNPC/CNL Joint Venture, has confirmed that it is temporarily suspending some non-essential work...
14th May 2007
 

Task Force Destroys N8 Million Counterfeit Drugs

Fake and counterfeit drugs, foods and beverages worth about N8 million were on Friday destroyed in Umuahia by the Abia state task...
14th May 2007
 

Jimoh Ibrahim Quits NICON Insurance

The Group Managing Director, NICON Group of Companies, Mr. Jimoh Ibrahim, said on Tuesday that he had moved out of the management of NICON Insurance Plc...
10th May 2007
 

Iseghohi Appointed Transcorp GMD

Transnational Corporation of Nigeria Plc (Transcorp) has announced the appointment of Mr. Tom Iseghohi as its new Group Managing...
10th May 2007
 

Afrijet Secures $30m loan For Aircraft Acquisition

Afrijet Airline has secured $30m loan from the Africa Export Import Bank to finance aircraft acquisition...
8th May 2007
 

AU Seeks Competitive Access For African Goods

Preparatory to the third ordinary meeting of the African Union's (AU) Sub-Committee of Directors General of Customs next Thursday in Abuja, the Customs experts are seeking competitive access for...
8th May 2007
 

FCMB Expands Board In Preparation For Global Agenda

First City Monument Bank Plc (FCMB) has expanded its board of directors to include some internationally acclaimed professionals...
8th May 2007
 

3 Firms Vie For Electricity Transmission Company

Three of the four firms pre-qualified by the Bureau of Public Enterprises for the management contract of the Transmission Company...
4th May 2007
 

Obasanjo Raises Hope on Power Supply

President Olusegun Obasanjo on Friday raised hope that power supply will soon improve in the country and that government has signed a...
2nd May 2007
 

Federal Government Cuts Transactions Costs by 40 Per Cent

The federal government has slashed transactions costs on bonds and equities by 40 percent in both primary and secondary markets to promote competitiveness, the Securities and Exchange Commission ...
30th April 2007
 

NSE Index, Capitalisation Drop By 0.32 %

The performance indicators of the Nigerian stock Exchange (NSE), the All-share index and market capitalisation both dropped on Wednesday by 0.32 per cent. Specifically, the index which opened at 47,262.30 points dropped to 47,108.77 points while . ..
30th April 2007
 

Hyundai to Set Up LNG Shipping Firm

Hyundai Heavy Industries Co., the world's biggest shipbuilder, said on Wednesday it will set up a shipping firm with Nigeria's state-run Nigerian National Petroleum Corp...
30th April 2007
 

Virgin Nigeria for Gatwick North Terminal

Virgin Nigeria has announced its London operations at the South Terminal of Gatwick Airport will move to Zone B of the North Terminal from May this year...
26th April 2007
 

CBN Commissions Fitch to Rate Banks

The Central Bank of Nigeria (CBN) has commissioned Fitch Ratings, one of world’s foremost rating agencies, to access the performance of Nigerian banks relative to their foreign counterparts...
10th April 2007
 

WEMA Bank Partners Lagos on Salary Payment

The Lagos State government has appointed Wema Bank Plc as one of the participating banks for its proposed scheme of payment of workers salary on-line...
10th April 2007
 

PHCN Privatisation Suspended

The Federal Government has suspended the privatisation of the Power Holding Company of Nigeria (PHCN) and redeployed its boss Joseph Makoju. Edmund Daukoru, Minister of Energy said “The power supply situation in the country is very bad and it gives everybody...
9th April 2007
 

Stock Movement Is Consistent

The performance of the capital market was mixed for the weekend, as several stocks still closed above their 52-week performance....
26st March 2007
 

First Bank Promises Investment Return

The management of one of the foremost banks in the country, First Bank of Nigeria Plc, has said that the unanimous endorsement of the bank's proposed N100 billion Rights Issue and...
26st March 2007
 

World Bank and UBA in Loan Deal
The quest for acquisition of majority shareholding in the Port Harcourt Refinery has started in earnest as three Indian firms have indicated interest to take over the ailing refining company.
21st March 2007
 

Indian Firms Seek 51% Equity In PH Refinery
The quest for acquisition of majority shareholding in the Port Harcourt Refinery has started in earnest as three Indian firms have indicated interest to take over the ailing refining company.
14th March 2007
 

Workers contribute N600b to pension fund
More than N600 billion have been realised from workers contributions to the National Pension Fund since its operation two years ago. The Director-General, National Pension Commission, Alhaji Kabir Ahmed
5th March 2007
 

Era of groundnut pyramid is over, says minister
Optimism over the possible revival of the historical groundnut pyramids in the country may have dimmed, as Agriculture and Water Resources Minister, Adamu Bello, said the era has become part of the country's history.
5th March 2007
 

Expert Tasks Nigerians On Cassava Initiative
An agriculture expert, Prof. Dupe Olatunbosun, says Nigeria has the potential to lead in agriculture if the government's cassava initiative is taken seriously.
5th March 2007
 

Megamound Investment Secure N10 Billion Facility From UBA Plc
Megamound Investment Limited, an indigenous real estate and property development firm has secured a N10 billion mortgage facility from United Bank for Africa Plc as part of their efforts to meet the housing needs of individuals.
26th Feb 2007
 

Oceanic Bank Woos Small Scale Entrepreneurs
As part of its innovations in the banking system, Oceanic Bank has announced that it is laying emphasis on assisting small and medium scale industrialists...
26th Feb 2007
 

Non-Oil Exports Through Ports Hit 13.5m Tonnes ...
Some 13.5 million tonnes of non-crude oil export cargoes were handled by Nigerian ports in 2005. The cargoes were shipped to 95 different countries. 4.5 million tonnes or 33 per cent of the cargoes went to the United States of America while 2.8 million tonnes or 21 per cent were shipped to the United Kingdom...
22nd Feb 2007
 

ExxonMobil Invests In Further Exploration ...
Energy giant ExxonMobil is investing $10-billion in its exploration activities in Nigeria in the next four years. The company which produces an average of 800,000 barrels of oil per day in Nigeria is ...
19th Feb 2007
 

Alcatel-Lucent Wins $600 million Globacom Contract...
Alcatel-Lucent said it has won contracts worth over $600 million from Globacom for the supply of both fixed and mobile network equipment, including internet and optical network applications...
6th Feb 2007

UBA Restructures for The Next Level...
Following United Bank for Africa Plc’s result for the financial year 2006, which surpassed the N1 trillion mark in balance sheet size, it was in a celebrative mood for the 45th Annual General Meeting, held at the Grand Hotel in Asaba, Delta State...
6th Feb 2007
 

NNPC, Group Holds Workshop On Pipeline Vandalism...
Worried by the spate of pipelines vandalism being experienced in the country and the attendant losses to the economy, the Nigeria National Petroleum Corporation has scheduled to hold a workshop seminar for Nigerian journalists on the carnage...
6th Feb 2007  

Libya Hosts African Leader Gathering On AU Summit...
Muammar Gaddafi chaired a meeting of African presidents and other top officials on Thursday to prepare for an African Union summit as conflicts rage on the continent, officials said...
31st JAN 2007

International Energy Targets N6bn Capital Base...
Energy insurer, International Energy Insurance Company Limited has said it was poised to attain a paid-up capital base of N6bn by the second quarter of 2007 to further enhance its post-consolidation competitive edge...
31st JAN 2007

Govt Plans New Commission For Data, Identity Management...
A new commission that would take charge of national database and national identity card management in the country is in the pipeline, says an official...
23rd JAN 2007
 

Experts Seek Measures to Make Renewable Natural Resources
Competitive...
The African Institute of Applied Economics (AIAE) has called on the Federal Government to ensure adequate measures and policies to make Renewable Natural Resources (RNRs) more competitive and sustainable...
23rd JAN 2007  

Insurance: NAICOM Releases Oil And Gas Guidelines...
Beginning from Monday (tomorrow) insurance companies registered in Nigeria will be able take full advantage of the 45 per cent local content largesse provided for by the Federal Government...
15th JAN 2007

Fuel Scarcity as Petrol Sells For N200 Per Litre...
Most filling stations are without stock. Social and economic activities in Nigeria have been crippled by fuel scarcity as most filling stations are without stock. The price per litre, normally N65, has shot up to N200 in some parts...
15th JAN 2007

IMF Boss Predicts Higher Economic Growth For Africa...
The International Monetary Fund (IMF) Managing Director, Rodrigo de Rato has said that economic growth in sub-Saharan Africa would probably be higher than five per cent this year for the third year running and that the prospects were also good for next year...
15th JAN 2007

Daukoru Faults Current Fuel Distribution Channel...
The Minister of Energy, Dr. Edmund Daukoru, on Thursday said the current strategy of bridging petroleum products through the Apapa depot facilities of oil-marketing companies is the most inefficient way of distributing fuel across the country...
12th JAN 2007
 

Nigeria Plans Renewable Energy Future...
The recently launched Nigerian Renewable Energy Master Plan (REMP), called "a visionary step in developing renewable energy sources in Nigeria" by the Council for Renewable Energy in Nigeria (CREN), commits Nigeria to development of renewable energy resources...
11th JAN 2007  

Govt Raises Body To Revive Textile Sector...
In a strategic move to give lifeline to the ailing textile and cotton industry, the Federal Government on Monday in Abuja inaugurated a Presidential Standing Committee on Cotton and Textiles (PSCCT)...
9th JAN 2007

NAMASA Initiates Moves To Finance Indigenous Ship-Owners...
The National Maritime Administration and Safety Agency (NAMASA) is discussing with banks and industry operators to assist indigenous ship-owners on ship financing...
9th JAN 2007

Bank PHB Premieres The Intern Reality TV Show...
The maiden edition of the much talked about business oriented reality television show The Intern” featured last Friday on two major television stations, Silver Bird and Nigerian Television Authority (NTA) with Bank PHB...
9th JAN 2007

Dunlop Offer Closes January 12...
Dunlop Nigeria Plc offer for subscription by way of Rights and Public offer which was scheduled to close on Friday 5th of January 2007 has been extended till the 12 of January 2007...
9th JAN 2007
 

‘Nigeria Needs Three More Years For Adequate Fixed Service Infrastructure’...
Operators have complained about inadequate infrastructure development in the telecom industry. Do you think we are addressing the issue adequately?...
8th JAN 2007
 
 
 

Bellview Now Flies Direct To London...
Bellview Airlines has received Foreign Airline Operating Permit from the government of the United Kingdom (UK), paving way for the airline's commencement of non-stop scheduled flight services between Lagos and London...
8th JAN 2007

Sierra Leone Auctions Off Currency...
The Bank of Sierra Leone, the country's central bank, disclosed on Thursday that it sold a minimum US$1.5mn Wednesday at the first weekly auction for the year 2007...
8th JAN 2007

Nigerians Will Sustain Govt’s Water Transportation Reforms —NIWA BOSS...
President Olusegun Obasanjo recently ordered the Ministry of Transport to embark on reform of water transportation system. Managing Director of the Nigerian Inland Waterway Authority (NIWA), Engr. Zubairu Yakubu, in this interview speaks on the reforms, its benefits and his vision for the authority...
8th JAN 2007

Micro Finance: Wema Bank Supports Kotco Power Industries with N139m...
Wema Bank PLC, through its Small and Medium Enterprises Equity Investment Scheme (SMEEIS) fund, has supported Kotco Power Industries to the tune of N139 million...
5th JAN 2007
 
 

  

Oil Production Down 6 Percent In Cameroon...
Cameroon's oil production fell by 6.1 percent to 23.9mn barrels in 2006 from 30mn barrels in 2005, sources close to the TOTAL Exploration Company, said Wednesday...
5th JAN 2007
 

Afribank Bags CBN Award...
For its outstanding performance, Afribank Nigeria Plc has received Central Bank of Nigeria (CBN), Enugu Zone, "Banker of the Year Award." Afribank was adjudged to have performed excellently during the 2006 Clearing House activities in the zone...
3rd JAN 2007

Transcorp Not Enjoying Any Special Privilege From FG— GMD...
The management of Transnational Corporation of Nigeria (Transcorp) Plc has declared that the company is not enjoying any special privilege from the federal government...
3rd JAN 2007

CBN, Banks Move to Tackle Dud Cheque Issuers...
The Central Bank of Nigeria the 25 banks operating in the country are collaborating with the Economic and Financial Crimes Commission to tackle the menace of dud cheques...
21st DEC 2006

SEC Set To Rate Companies On Corporate Governance...
The Securities and Exchange Commission (SEC) is set to commence rating companies on good corporate governance...
21st DEC 2006

China Southern Airlines To Start Beijing-Lagos Flight via Dubai...
China Southern Airlines, the largest Chinese carrier, said yesterday it would launch thrice-weekly service from Beijing to Lagos, via Dubai. The move will help facilitate direct trade between Nigeria and China...
20th DEC 2006

Scheme For Low Income Earners...
Thousands of low-income Nigerians will get access to inexpensive, basic healthcare as the new year begins under an ambitious five-year donor scheme aimed at improving health facilities in Nigeria...
20th DEC 2006
 

Mixed Reactions Trail CBN's New Rate Policy...
The introduction of Monetary Policy Rate (MPR), a policy geared towards forcing down lending rates to between seven and thirteen per cent has attracted reactions from various stakeholders in the economy...
20th DEC 2006
 

FG Offers To Host OPEC Heads of Government... Nigeria’s Output
Capacity Hits 3.1m Barrels Per Day...
The Federal Government has offered to host the meeting of the Heads of Government of the Organisation of Petroleum Exporting Countries (OPEC), in the first quarter of next year in Abuja, to boost economic and social cooperation among member countries...
20th DEC 2006

UBA Hits Ground-Breaking N1 Trillion Balance Sheet...
The tussle for lead position in the Nigerian banking industry now seems settled as the United Bank for Africa (UBA) Plc posts ground-breaking results, which indicate a balance sheet size of N1.05 Trillion, for its financial year ended, September 30, 2006...
18th DEC 2006

CBN Urged To Hasten Acquisition of Failed Banks...
The Central Bank of Nigeria (CBN) has been advised to fast-track the acquisition of failed banks by mega banks even as the apex bank is urged to pay off the depositors of failed banks...
18th DEC 2006

ADB Grants Zenith $100m Line Credit...
The African Development Bank (ADB) has granted a second Line of Credit (LOC) of US$ 100 million to Zenith Bank, under its private sector window...
18th DEC 2006
 

Cadbury MD Fired...
The Board of Directors of Cadbury Nigeria Plc on Tuesday removed the company’s Managing Director/CEO, Mr. Bunmi Oni, from office following the doctoring of its 2005 financial statement...
14th DEC 2006

   
 

MoneyGram stresses importance of investment...
The country Director, MoneyGram Nigeria, Mrs. Joke Giwa, has said savings and investment culture were essential for Nigeria’s economic growth and development...
14th DEC 2006

Banks To Implement New Electronic Reporting System...
The United Nation’s Office on Drugs and Crimes (UNODC), in collaboration with the Nigeria Financial Intelligence Unit of the Economic and Financial Crimes Commission (EFCC), is establishing new anti-money laundering electronic reporting system in the country’s financial sector...
13th DEC 2006

Czech President, Nigeria Look At Closer Ties...
The Czech Republic's President Vaclav Klaus arrived on Thursday in Abuja for a three-day official visit to Nigeria, where he would hold talks with President Olusegun Obasanjo, officials have said...
11th DEC 2006

Between Food Security, Economic Growth And National
Development...
At the just concluded first summit on Food Security in Africa held at the International Conference Centre, Abuja, Nigeria the unpleasant issue of lack amidst agriculture potentials in Africa and food insecurity was brought to the front burner...
11th DEC 2006
 

Nigeria, Equatorial Guinea Sign Oil, Gas Deal...
Nigeria has signed a deal to supply gas to its Central African Neighbour, Equatorial Guinea, officials said on Thursday...
11th DEC 2006

Oil Revenue Management: Soludo Seeks Amendment of Constitution...
The Governor of the Central Bank of Nigeria, Prof. Charles Soludo, on Saturday, called for the amendment of relevant sections of the 1999 Nigerian Constitution, particularly Section 162, in order to effectively manage the nation’s earnings from oil and ensure macroeconomic stability in the economy...
4th DEC 2006


 

Electricity Consumer Bill Coming — NERC Boss...
Dr. Ransome Owan, chairman, Nigerian Electricity Regulatory Commission (NERC) spoke on moves being made to improve power supply nationwide and the coming consumer bill of right...
4th DEC 2006

Customs Generates N89.2 Billion in Apapa...
The Apapa Area 1 Customs Command has generated N89.92 billion as revenue in the first 10 months of 2006, the Controller, Mr. Rasheed Taiwo, has said...
4th DEC 2006

Ecobank Earns GCR Top Ratings...
The improved performance of Ecobank Nigeria Plc in the 2006 financial year has earned it an "A+" long term and "A1" short term ratings from Global Credit Rating Company (GCR), an internationally acclaimed rating agency...
1st DEC 2006


 

NDIC Assigns 2000 Debt Recovery Briefs To Solicitors...
Nigerian Deposit Insurance Corporation (NDIC) said it had assigned over 2000 debt recovery briefs to solicitors in respect of the banks that were undergoing liquidation...
1st DEC 2006

Fidelity Bank Inaugurates Two Products...
Fidelity Bank Plc has introduced two electronic products called fidelity schoolsonline and fidelitytravelsonline...
1st DEC 2006

Bellview Aircraft Explosive ‘Not Bomb’...
Aviation experts under the aegis of Aviation Round Table (ART) have said that the item recovered from a passenger at the boarding point of a Bellview aircraft about two weeks ago was not a bomb...
1st DEC 2006

Obasanjo Flags Off $8.3b Rail Project...
President Olusegun Obasanjo eyes a 10 per cent economic growth in the next "one or two decades," and he pressed on the vision on Tuesday as he laid the foundation of a $8.3 billion Lagos-Kano standard gauge rail line at Kajola, Ogun State...
30th NOV 2006

Bank PHB Posts N3.5b Profit...
Bank PHB on Tuesday announced a pre-tax profit of N3.52 billion for the financial year 2006, a 233 per cent rise over the previous figure of N1.05 billion...
30th NOV 2006

CBN Considers Establishing Commercial Courts...
CBN Governor, Charles Soludo, said the apex bank is carrying out a study on the need to establish commercial courts in Nigeria...
30th NOV 2006

Globacom Picks Top Industry Awards...
Second National Operator, Globacom, has won the two topmost awards at stake at the 2006 Nigerian Information Telecommunications Technology Awards ceremony held in Lagos on Friday...
29th NOV 2006

996 ATMs deployed in Nigeria...
In spite of the growing enthusiasm of banks to promote a cashless society in Nigeria, only 996 automated teller machines have so far, been deplored by the participating banks as at October 2006...
29th NOV 2006

Nigeria Set To Access China’s $10bn Trade...
The Director, Centre for Trade Practitioners, Prince Lekan Fadina, said the country should be prepared to benefit from over 10 billion dollars for development of bilateral trade with China being offered to 11 African countries...
29th NOV 2006

Shell, Ijaw Communities Settle Rift...
Shell plans to resume next week its long abandoned operations in the Warri area, the spin off of a peace meeting it had at the weekend...
28th NOV 2006

FG To Sell Ayip-Eku Oil Palm Company...
In furtherance of Federal Government’s privatisation programme, the Bureau of Public Enterprises (BPE), has invited prospective Core Group and Strategic investors to express interest in the acquisition of 60 per cent shares and management control...
28th NOV 2006

NSE Boss Urges Dominion Trust to Package SMEs for Listing...
The President of Nigerian Stock Exchange (NSE), Mr. Oba Otudeko, has challenged Dominion Trust Limited to facilitate the packaging of Small Scale Enterprises (SMEs) to enable them qualify for listing on the Exchange...
28th NOV 2006

UN Favours Nigeria in One Billion Tree Planting Campaign...
A campaign to plant one billion new trees globally has been launched by the United Nations (UN), with Nigeria as a likely benefactor...
27th NOV 2006

Dollar Loses Ground Against Euro...
The dollar has plunged to its lowest level against the euro since April 2005 amid concerns for the US economy...
27th NOV 2006

NITEL Up-grade May Disrupt Services...
The Nigerian Telecommunication (NITEL) Plc has commenced up-grade of the SAT-3 cable system as part of its efforts to provide better service and improve its network availability. This, it said may disrupt services...
24th NOV 2006

More Than N12 Billion Invested In Film Industry, Says NFVCB...
More than N12 billion has been invested in the Nigerian home video industry, Nollywood, since its inception in the early 90's, the Nigerian Film and Video Censors Board (NFVCB) has said...
23rd NOV 2006

UBA Launches Naira Credit Cards... Pioneers Customer Rewards Programme...
United Bank for Africa Plc is set to commence the issuance of naira denominated credit cards from December 2006.
23rd NOV 2006

Crude Oil Under Pressure...
22nd NOV 2006
Crude-oil futures came under pressure yesterday after a siege at an oil facility in Nigeria ended...

Nigeria Secures N3.9b Loan Facility For Women Entrepreneurs...
22nd NOV 2006
The Federal Ministry of Women Affairs has secured a N3.9 billion credit facility from the International Finance Corporation (IFC), New York, to boost entrepreneurial activities among Nigerian women...

Nigeria Stock Exchange Approves Transcorp's Applications for Listing...
21st NOV 2006
Plans by Transnational Corporation of Nigeria Plc (Transcorp) to list its shares on the daily official list of the Nigerian Stock Exchange got the blessing of its council on Friday as the quotations committee approved its application for listing...

Oando Grows Turnover By 64% In Third Quarter...
21st NOV 2006
Oando Plc, the integrated energy solutions provider with operations geographically spread across West Africa has recorded 64 per cent growth in turnover in its third quarter unaudited results ended September 30, 2006...

Power Rector Revival: Myth or Reality...
13th NOV 2006
Among the plethora of challenges hindering the growth of businesses in Nigeria, epileptic nature of power supply takes the top spot...

Lagos Commissions Fish Ponds, Cassava Processing Centres, Market In Epe Division...
13th NOV 2006
The Lagos State Government has commissioned fish ponds, cassava processing centres and market for the benefit of the people of Epe division.

Abuja Le Meridien Acquired...
10th NOV 2006
Flamboyant businessman Jimoh Ibrahim who acquired federal government owned NICON Insurance has paid N6.5 billion ($50 million) for Abuja Le Meridien...

Halliburton Closes Deal to Sell Nigeria-Based Lift Boats...
10th NOV 2006
Halliburton West Africa Limited and Halliburton Energy Services Nigeria Limited finalized the previously announced agreement to sell certain non-core assets to Hercules Offshore, Inc...

LCCI Tackles Unemployment, Sets Up Employment Bureau...
10th NOV 2006
Apparently worried by the growing unemployment and under employment rates in the economy, the Lagos Chamber of Commerce and Industry (LCCI) has set up an Employment Bureau at the Trade Fair Complex, Badagry Expressway...

Customs Appoints Standard Chartered Bank As Revenue Collector...
9th NOV 2006
The Nigeria Customs Service (NCS) has appointed Standard Chartered Bank Nigeria (SCBN), the Nigerian subsidiary of Standard Chartered as one of the collectors of Customs revenue on behalf of the Federal Government of Nigeria...

IBN Chief Urges Caution In Local Content Implementation...
9th NOV 2006
Insurance Brokers of Nigeria (IBN)'s Chief Executive, Mr. Prosper Okpue, has asked insurers to be cautious over hasty implementation of the Federal Government local content policy in the oil and gas sector...

Govt Begins e-Governance Training For 30,000 Workers...
9th NOV 2006
The Federal Government on Wednesday commenced the training of about 30, 000 of its workers on electronic governance system, e-Governance.

Banking Boosts Market Turnover By 85.59%...
8th NOV 2006
Trading on the Nigerian Stock Exchange (NSE) was boosted last week by the Banking sub-sector accounting for 85.59 per cent of the market turnover...

Nigeria Spends $2 Billion Annually On Wheat...
7th NOV 2006
Nigeria relies on importation of wheat to the tune of $2 billion annually to feed its 150 million population. Former National Chairman of the Peoples’ Democratic Party (PDP) Audu Ogbe, disclosed this at the Annual Accountant conference organized by the Institute of Chartered Accountants of Nigeria (ICAN)...

NDIC Cautions Banks On Cross Border Expansion…Says Banks’ Risk Management
Framework Inadequate...
7th NOV 2006
Nigeria Deposit Insurance Corporation (NDIC) has cautioned banks against concentrating their cross border expansion programme in one region of the continent...

Reltelwireless Expands Its Operations...
6th NOV 2006
Reltelwireless, a leading Private Telephone Operator (PTO) which recently extended its operations to the Federal Capital Territory has launched an aggressive service rollout plan...

Briton, American Kidnapped From Oil Ship in Bayelsa State...
6th NOV 2006
An American and a Briton working for Norwegian oil services firm Petroleum Geo-Services (PGS) were kidnapped in the Niger Delta region, officials confirmed.

Starcomms Displays EV-DO at Lagos Fair...
6th NOV 2006
Starcomms, Nigeria’s largest CDMA 3G Mobile Operator will be exhibiting its latest product, the EV-DO, at the forthcoming Lagos International Trade fair...

Inflation Rate Drops...
3rd NOV 2006
Nigeria's inflation rate dropped to 10 percent in the 12 months ending September 2006 from 11.4 percent the previous month.

Dangote Sugar in IPO Bid...
3rd NOV 2006
DANGOTE Sugar Refinery Plc yesterday concluded arrangements to raise N54 billion by way of Initial Public Offering (IPO), the highest money to be raised in the history of the Nigerian capital market by a manufacturing company.

Nigeria, China Sign $8.3bn Rail Contract...
2nd NOV 2006
After several weeks of delay, the Federal Government has finally signed a $8.3bn contract for the construction of a standard gauge railway line from Lagos to Kano with a Chinese firm, the China Civil Engineering Construction Corporation.

96 Die In Another plane crash in Nigeria...
31st OCT 2006
Of the 105 people thought to be on board the ADC flight that crashed, 9 are said to have survived by the airline. The dead include the spiritual leader of Nigeria's Muslims, the Sultan of Sokoto, Alhaji Mohammadu Maccido...

Arik Air Takes To Flight...
30th OCT 2006
Nigeria's new airline, Arik Air, will formally open the doors of its brand new CRJ900 aircraft to customers tomorrow, signaling a new dawn in the aviation industry.

Law Union & Rock Insurance Enters Abeokuta...
30th OCT 2006
Law Union & Rock Insurance Plc has begun full-scale operations in Ogun State with the opening of a branch in Abeokuta, capital city of the state.

Banks Get Order To Adopt XML Electronic System Before 30th of November...
30th OCT 2006
THE Nigerian Financial Intelligent Unit (NFIU) has given all the 25 banks that met the N2.5 million capitalization order by the Central Bank of Nigeria, CBN, November 30th 2006, deadline to phase out Microsoft Excel in place of XML (Extensive Mark-Up) or face sanction...

NNPC, ICAN Agree On Local Content...
27th OCT 2006
The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Funsho Kupolokun, has hailed the Institute of Chartered Accountants of Nigeria for supporting its bid to domesticate operations in the oil and gas sector.

Intercontinental Bank Boss Woos Investors Over N50b Offer...
27th OCT 2006
Vice Chairman/Chief Executive of Intercontinental Bank Plc, Dr. Erastus Akingbola, has urged the investing public to take wise investment decisions capable of guaranteeing their future....

Afribank Explains Non-Payment of Dividend...
27th OCT 2006
Afribank Nigeria Plc has explained that it will not be able to pay dividend in the financial year ended March 2006 due to the amended provisions of Banks and Other Financial Institutions Act (BOFIA) 1999 relating to intangible asset....

Oil Firms In Fresh Strategy For 2006 Bid Round...
25th OCT 2006
DOHA,Qatar— Multinational oil firms, preparing to participate in the 2006 licensing round for oil and gas blocks, have keyed into the Federal Government’s downstream strategic investment approach for acquisition of acreage.

24-year Sentence for Enron Boss...
24th OCT 2006
Jeffrey Skilling, former Enron Chief Executive, has been sentenced to 24 years following his role in the fraud that led to the collapse of the energy firm in 2001...

NITEL prepaid platform collapses...
24th OCT 2006
The prepaid platform installed by the Nigerian Telecommunications Limited about two years ago has collapsed. As a result of this development, all customers of the first national telecoms operator have been migrated to the company’s post-paid platform.

Pension Funds Hit N320 Billion by December...
23rd OCT 2006
Pension funds of both the public and private sectors had reached 220 billion naira. Of this amount, the public sector’s contribution was 70 billion naira. It is expected to reach N320 billion naira at the end of the year.

Chevron Leads Price Gainers...
23rd OCT 2006
Chevron Oil Nigeria Plc, formerly Texaco Nigeria Plc, led the price gainers on Friday, as investors continued to respond favourably to its new name.

Private Sector Investment in Agriculture Challenged By Federal Government...
23rd OCT 2006
The private sector has been challenged by the Federal Government to invest in agriculture if food security must be guaranteed in the country....

NEPAD To Mark Fifth Anniversary In Abuja...
18th OCT 2006
The New Partnership for Africa Development (NEPAD) is to mark its fifth anniversary in Abuja, the official News Agency of Nigeria (NAN) reported yesterday.

LG Launches Premium PC in Nigeria...
17th OCT 2006
LG electronics has introduced S1Express Dual, a15.4 inch widescreen premium notebook PC powered by Intel Centrino Duo Mobile Technology into the Nigerian market.

Oil Sector Audit: Missing Money now $16m...
17th OCT 2006
The final report on the audit of the earnings of the Federal Government from the oil and gas sector between 1999 and 2004 showed that $16m could not be traced...

Okonjo-Iweala says Nigeria Needs Diaspora Funds...
16th OCT 2006
FORMER Finance and Foreign Affairs Minister, Dr. Ngozi Okonjo-Iweala, has said that Nigeria needs to attract remittances from Nigerians in diaspora to stimulate the nation’s economy on the path of sustainable growth.

Pfizer’s N1.9b Eludes Nigeria...
16th OCT 2006
Nigeria is missing in the list of African countries earmarked to benefit from Pfizer’s N1.9 billion ($15 million) to assist close critical gaps in malaria for patients in the continent.

Ecobank Set For Microfinance Operations ...
13th OCT 2006
Managing Director/Chief Executive Officer of Ecobank Nigeria PLC, Mr. Offong Ambah has said the bank is set to commence microfinance banking.

Industrialist Laments Poor Energy Supply...
12th OCT 2006
High cost of energy, epileptic electricity supply and pathetic infrastructure support have been blamed for the major obstacles to manufacturing companies in the country.... FULL STORY...

Zenith Bank Posts 58 Per Cent Rise In Gross Earnings...
11th OCT 2006
Zenith Bank’s gross earnings topped N19.6 billion in the first quarter of 2006/2007, an increase of 58 per cent over N12.4 billion it posted in the corresponding period of the last financial year.... FULL STORY...

Okereke-Onyiuke Condemns CBN’s Call for Independent Directors...
10th OCT 2006
Dr. (Mrs.) Ndi Okereke-Onyiuke, Director General of the Nigerian Stock Exchange (NSE) has flayed the Central Bank of Nigeria on its demand for the provision of independent directors on the board of banks in the country.... FULL STORY...

Small and Medium Size Enterprises Get A Look In...
10th OCT 2006
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has embarked on a study designed to explore the potentials of the informal sector. FULL STORY...

Companies Present Scorecards to Nigeria Stock Exchange...
10th OCT 2006
Meanwhile, five other companies presented their scorecards to the Nigerian Stock Exchange last week. FULL STORY...

Sterling Bank Restructures Capital...
10th OCT 2006
Sterling Bank Plc's share capital was reconstructed last week, following the recommendation of the board of directors. FULL STORY...

FG Lists N26.9b Bond...
10th OCT 2006
The number of Federal Government Bonds listed on the Nigerian Stock Exchange increased last week to 32 with the listing of the five-year N26.86 billion Federal Government Bond 2011 series 13 with coupon rate of 12.99 per cent.

Insurers Mount Campaign For Investors' Support On Insurance Stocks...
9th OCT 2006
AS the deadline of February 28th, 2007 for the re-capitalisation and consolidation in the insurance industry closes in, stakeholders in the industry have sustained campaign for the support of investors in order to meet the new minimum capital base requirements for the insurance industry. FULL STORY...

Vono Products Reposition For Growth...
9th OCT 2006
VONO Products Plc, a quoted company on the Nigerian Stock Exchange (NSE) is set to reap from its restructuring programme with the installation of new machines for greater productivity. FULL STORY...

Celtel Proposes Lower Tariff Via Operational Cost Reduction...
1st OCT 2006
Shortly after MTN, its rival operator in Nigeria announced a slash in its call charges, Celtel has indicated an interest in lower GSM tariff regime in the country by proposing strategies for reducing the huge operational cost. FULL STORY...

Indigenous Shipping Firms to Be Boosted By New Bill...
1st OCT 2006
Federal Government of Nigeria may soon introduce another cargo preference version aimed at encouraging the emergence of national carriers. FULL STORY...

Expectations of the Construction Sector Ahead Of 2007 Budget...
1st OCT 2006
President Olusegun Obasanjo is due o present the 2007 Appropriation Bill early October before a joint session of the National Assembly. FULL STORY...