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 growt