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All posts by Afolabi Ogunde

  • New Lekki Seaport Agreed Upon By FG, Lagos State

    The Federal and Lagos State governments have signed a Memorandum of Understanding for the construction of a deep seaport in the Lekki area of the state. At the signing ceremony, the Managing Director of the Nigerian Ports...

    • Posted December 18, 2012
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  • Nigerian Stock Exchange Watch: ASI (-0.7%) Retreats As Week Commences

    The Nigerian Stock Exchange commenced the week on a negative note, shedding 70 basis points. The banking sub-sector was predominantly bearish with most tickers recording losses. Access (+0.34%), Diamond (+0.43%), FCMB (+2.8%) and Zenith (+0.17%) were the...

    • Posted December 17, 2012
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  • NSE Targets $1tn Market Capitalisation by 2016

    The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, at the weekend said that the Exchange has set a target of $1trillion market capitalisation by 2016. Onyema disclosed this at the 21st Annual...

    • Posted December 17, 2012
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  • Tiger Brands May Acquire Monopoly in Nigeria’s Food Industry

    Stakeholders in Nigeria’s food industry have cautioned that the recent purchase of majority stakes in UAC Foods and Dangote Flour Mills by South African- owned Tiger Brands could create an unhealthy monopoly. They also called on the...

    • Posted December 17, 2012
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  • Delta Port To Be Revived By Ports Authority

    The Nigerian Ports Authority (NPA) has plans to revive the Koko Port in Delta State, its managing director, Omar Suleiman has disclosed. He said this was going to be a collaborative effort between the NPA, Nigerian National...

    • Posted December 17, 2012
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  • Customs Command Confiscates Goods Worth N22m

    The Customs Area Controller of the Command, Comptroller Zakka Audu said the command has seized smuggled goods with duty paid value put at N22.124 million. The goods were seized by the Western Marine Command (WMC) of the...

    • Posted December 17, 2012
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  • AMCON Reports $15 Bln Post-Tax Loss

    AMCON reported a 2.37 trillion naira ($15 billion) loss after tax on Friday, nearly three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis. The new losses, which...

    • Posted December 14, 2012
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  • Reps Threaten Arrest of Okonjo-Iweala, Aig Imokhuoede Over .Uba and Maduka Dispute

    The House of Representatives Committee on Public Petitions, on Thursday, threatened to order the arrest of the Minister of Finance, Mrs. Ngozi Okonjo-Iweala, and the Group Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imokhuede for failing...

    • Posted December 14, 2012
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  • Senate Signs Warrant for Pension Reform Taskforce Chief Arrest

    The Senate yesterday issued an order for the arrest of the Chairman of the Pension Reform Task Team (PRTT), Mr. Abdulrasheed Maina. The order was issued following Maina’s refusal to come before the joint Senate committee probing...

    • Posted December 13, 2012
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  • 2.5mbpd is 2013 Production Target – Oil Minister

    In a bid to enhance its oil production capacity in the global energy market, Nigeria has set a new production target. The oil minister states that the country is set to step up its game from 2.4million...

    • Posted December 13, 2012
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