All posts by admin

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  Update: CBN Revokes SpringBank, AfriBank and BankPHB licences

  The Nigeria Deposit Insurance Corp (NDIC) has taken over the running of three banks rescued in a $4 billion bailout because they looked unlikely to meet a Sept. 30 central bank recapitalization deadline. Assets and liabilities of...

  • Posted August 5, 2011
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  NDIC takes over Management of Afribank, BankPHB and SpringBank

  The Nigeria Deposit Insurance Corp., which insures deposits in the country’s banking industry, is taking over the management of three bailed-out banks deemed unlikely to meet a Sept. 30 recapitalization deadline, Managing Director Umaru Ibrahim told reporters...

  • Posted August 5, 2011
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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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  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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  Nigeria’s Oil, Gas Reserves Declining at About 12% a Year

  Nigeria’s oil and gas reserves are declining at as much as 12 percent a year, with production from onshore and shallow-water oil fields having reached their peak, Petroleum Minister Diezani Alison-Madueke said. Africa’s largest oil producer plans...

  • Posted August 1, 2011
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