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  • Okonjo-Iweala will resume duties this week – Reuben Abati

    Former World Bank managing director Ngozi Okonjo-Iweala will arrive back in Nigeria to be sworn in as finance minister this week, the presidency said on Sunday, a month after the rest of President Goodluck Jonathan’s cabinet was...

    • Posted August 15, 2011
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  • BPE Probe: World Bank report is nonsense – El Rufai

    Damning reports emerged yesterday at the Senate Ad-hoc Committee investigating the activities of the Bureau for Private Enterprises (BPE), as a World Bank report between 1999-2003 indicted a former Director-General of BPE, Mallam Nasir el-Rufai, for the lack of proper internal...

    • Posted August 14, 2011
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  • Five Richest Nigerian Stockholders

    By Mfonobong Nsehe While a vast majority of Nigeria’s wealthiest businessmen spurn the capital markets, preferring to build their fortunes through privately-held companies, the Nigerian Stock Exchange still accounts for a substantial portion of the wealth of...

    • Posted August 14, 2011
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  • Sterling Bank Signs TIA to Acquire ETB

    The future of Equitorial Trust Bank (ETB) – one of the 10 banks bailed out by the Central Bank of Nigeria (CBN) in 2009 – was settled yesterday, with its acquisition by Sterling Bank Plc. Of the...

    • Posted August 12, 2011
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  • UAC plans to turn its restaurant business into a subsidiary

    Nigerian conglomerate UAC plans to turn its restaurant business into a subsidiary by year end and has signed a management agreement with a global partner, in a move to grow its market share, its chief executive said...

    • Posted August 11, 2011
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  • Bank stocks Snaps 12-Day Drop

    Nigerian bank stocks rose the first day in 12, snapping the longest streak of losses in at least three years on speculation an 18 percent drop in the period was overdone. The Bloomberg NSE Banking Index, which...

    • Posted August 11, 2011
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  • Brymedia Consortium offers USD900million for Nitel

    Brymedia Consortium is the latest company to make an offer for state-owned fixed line incumbent Nigeria Telecommunications (NITEL), after the most recent attempt to sell the ailing telco was cancelled earlier this year. One of the initial...

    • Posted August 11, 2011
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  • Interswitch buys majority stake in Kampala-based Bankom Ltd

    Interswitch Ltd., a Nigerian company that processes payments for banks in the West African nation, took a 60 percent stake in Uganda’s only company of the kind amid plans for more African acquisitions. Lagos-based Interswitch will use...

    • Posted August 11, 2011
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  • BPE Probe: Jimoh Ibrahim forged signature to acquire NICON

    Senators were told on Wednesday that NICON Insurance was acquired by Global Fleet Oil and Gas with a signature allegedly forged by NICON Chairman Jimoh Ibrahim. The Senate Committee probing the sale of government companies from 1999...

    • Posted August 11, 2011
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  • BPE Probe: Rusal told to return $120 million to the Federal Government

    The Bureau of Public Enterprises (BPE) yesterday in Abuja told the Senate that only the sum of N146 billion was realised from the sale of public companies since 2000. It was also revealed that Aluminium Smelter Company of Nigeria (ASCON), IkotAbasi, Akwa Ibom State which is worth $3.2 billion...

    • Posted August 10, 2011
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