All posts by admin

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  FG to spend N880bn on power in 4 years

  THE Federal Government, on Tuesday in Lagos, rolled out the transformation agenda of President Goodluck Jonathan, designed to fast-track Nigeria’s steady march at becoming one of the top 20 economies by 2020. In line with international best...

  • Posted July 27, 2011
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  CBN Increases Benchmark Rate to 8.75% to Curb Inflation

  Central bank increased its benchmark interest rate for the fourth time this year as rising wages and higher energy costs threaten to boost inflation. The monetary policy rate increased by three quarters of a percentage point to...

  • Posted July 26, 2011
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  Candax Energy farms out major oil and gas exploration to Afren

  Candax Energy Inc. says it has entered into a binding agreement to farm out a major part of its working interest and operatorship of Block 1101 in Madagascar to LSE-listed energy company Afren Plc. After the transaction,...

  • Posted July 26, 2011
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  Syntel Partners Ericsson in bid to acquire NITEL

  Nigerian firm Syntel has finalised a technical partnership agreement with Swedish equipment vendor Ericsson in an attempt to acquire a 75% stake in fixed line incumbent Nigeria Telecommunications (NITEL), after the latest attempt to sell the ailing...

  • Posted July 25, 2011
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  Failed Multi-Link transaction in Nigeria cost Telkom R7bn

  South Africa Communications Minister Roy Padayachie says that Telkom’s failed Multi-Link transaction in Nigeria has cost the company over R7 billion. He was responding to a written parliamentary question by the Democratic Alliance’s Niekie van den Berg,...

  • Posted July 25, 2011
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  NSE restructures secondary market, Sectors reduced from 33 to 11

  THE Nigerian Stock Exchange (NSE) last week said it had concluded arrangements to embark on an intensive restructuring of the secondary segment of the capital market. From the current 33, the number of sectors has been reduced to...

  • Posted July 25, 2011
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  Afren prepares Africa drilling spree

  Pan-African independent Afren plans to participate in wells in wide-ranging basins offshore West and East Africa. In Cote d’Ivoire’s offshore C1-01 concession (Afren 65%), technical evaluation of the Kudu field has been completed. This follows earlier studies...

  • Posted July 24, 2011
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  GTBank Advances Most in Four Months on Stake Sale

  GTBank, Nigeria’s second-biggest lender by market value, rose the most in four months after saying it would sell its stake in Guaranty Trust Assurance Plc (GTASSURE) for 11.9 billion naira ($78.1 million). The stock gained 69 kobo or 4.9...

  • Posted July 24, 2011
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  Asia to Buy 49 Cargoes of West African Crude for August Loading

  Asian refiners plan to buy 49 cargoes of crude from West Africa for loading next month, a survey of five traders involved in the transactions showed. Shipments totaling 46.7 million barrels, or 1.51 million barrels a day,...

  • Posted July 22, 2011
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  Templeton Frontier Markets Fund launched

  Franklin Templeton Investments Corp. launched today the Templeton Frontier Markets Fund, a first-of-its-kind emerging markets fund to be managed by investing guru Mark Mobius and his team. The fund will invest at least 80 per cent of its...

  • Posted July 22, 2011
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