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  • Nigerian Escravos gas-to-liquids plant to start production in 2013- Chevron

    Chevron Corp. (CVX), the world’s fourth- largest energy company, said its Nigerian Escravos gas-to- liquids plant is more than 70 percent complete and on course to start production in 2013. The facility, which will refine natural gas...

    • Posted August 3, 2011
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  • Shell accepts full liability for two massive oil spills in Ogoniland

    Shell faces a bill of hundreds of millions of dollars after accepting full liability for two massive oil spills that devastated a Nigerian community of 69,000 people and may take at least 20 years to clean up. Experts...

    • Posted August 3, 2011
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  • Exile Resources and Oando PLC Announce Proposed Acquisition and Financing – Press Release

    Exile Resources Inc. and Oando PLC (“Oando“) are pleased to announce that they have entered into a term sheet dated July 28, 2011 providing for, subject to the completion of satisfactory due diligence by both parties and other conditions, the acquisition...

    • Posted August 3, 2011
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  • Sovereign Trust Insurance to raise N1.734 billion through right issue

    Sovereign Trust Insurance Plc, STI, is seeking to beef up its shareholders fund by N1.734 billion, through the conduct of a rights issue. The company is offering its shareholders ordinary shares of 50 kobo each at 50...

    • Posted August 3, 2011
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  • NDIC to pay N2.03 billion Trapped Depositors Fund

    The Nigerian Deposits Insurance Corporation (NDIC) said on Tuesday in Lagos that it has concluded arrangement to pay N2.03 billion to 69,000 depositors whose funds were trapped in 91 microfinance banks (MFB’s) across the country. NDIC’s Head...

    • Posted August 3, 2011
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  • 24 Companies Placed on Full Suspension – NSE

    The Nigerian Stock Exchange, NSE, has suspended trading on the shares of Dangote Flour Mills, Union Dicon Salt Plc, Etranzact Plc and 21 other companies for their failure to submit their financial statements for the year 2010....

    • Posted August 3, 2011
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  • UAC Nigeria records 7.8billion First-Half Profit

    UAC of Nigeria Plc (UACN), a food-products maker and fast-food restaurant operator, posted a more than threefold increase in second-quarter profit as sales climbed. Net income for the period increased to 7.8 billion naira ($51 million) from...

    • Posted August 3, 2011
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  • CBN Extends Credit Guarantee for Oceanic to December

    Nigeria’s central bank extended an interbank credit guarantee for Oceanic Bank International Plc to Dec. 31 after it signed a deal to be acquired by Togolese lender Ecobank Transnational Inc. The extension “should give the market the...

    • Posted August 2, 2011
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  • Nigeria Eurobond Yields Fall

    Nigeria’s dollar-bond yields retreated to a record as low domestic debt levels in sub-Saharan Africa’s second-biggest economy relative to Europe boost the asset’s allure. The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer...

    • Posted August 2, 2011
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  • Barth Nnaji sacks four CEOs of PHCN

    Minister of Power, Barth Nnaji on Monday sacked four Chief Executive Officers (CEOs) of Power Holding Companies of Nigeria (PHCN), a move that swiftly set jitters down the spine of the top management staff of the company....

    • Posted August 2, 2011
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