All posts by admin

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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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  Mainstreet Bank -Former Afribank repays 50billion naira to CBN

  Nigeria’s recently nationalised Mainstreet Bank, formerly Afribank (AFRIBAN.LG), said on Tuesday it had paid the central bank back the 50 billion naira ($327 million) in intervention funding given in a 2009 bailout and the lender was now...

  • Posted August 9, 2011
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• Banking Stocks Heading For 11-Month Low

  Nigerian bank stocks headed for an 11-month low after the central bank nationalized three lenders it deemed unlikely to meet a Sept. 30 deadline to recapitalize. The Bloomberg Banking Index, which tracks performance of the 10 most...

  • Posted August 9, 2011
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  AMCON appoints new Management for Nationalised Banks

  Assets Management Corporation of Nigeria (AMCON) has appointed new managements and boards for Mainstreet Bank Ltd, Keystone Bank Ltd and Enterprise Bank Ltd, the three bridge banks set up by the Nigeria Deposit Insurance Corporation (NDIC) to...

  • Posted August 8, 2011
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  Former Popemobile Goes On Sale For $350,000

  It has carried a pope through New York and ferried US astronauts during triumphant returns from space. Now, a specially adapted 1964 Lincoln Continental limousine – a more elegant precursor to the modern popemobile – is up...

  • Posted August 7, 2011
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  “In Omaha the US is still triple A” – Warren Buffet

  America’s most trusted investor, Warren Buffett roundly dismissed the S&P downgrade in comments to Fox Business. “I don’t get it. In Omaha, the U.S. is still triple A. In fact, if there were a quadruple-A rating, I’d give the...

  • Posted August 7, 2011
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  AMCON to run 3 Nationalised Banks for 2-3 years

  Nigeria’s state asset management firm AMCON will be the major shareholder in three nationalised banks that failed to recapitalise following a 2009 bailout for at least two to three years, the central bank said on Saturday. AMCON,...

  • Posted August 6, 2011
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