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All posts by Afolabi Ogunde

  • Sonangol Posts $3.2 billion Profit

    As Angolan state-owned oil company, Sonangol posted a strong profit growth for 2011, the results also highlight how broken the model of Nigeria’s state-owned oil company, NNPC is due to corruption, poor management and political interference. Sonangol...

    • Posted December 12, 2012
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  • TUC Calls for Immediate Prosecution of Oil Subsidy Thieves

    The Trade Union Congress (TUC) has called on the Federal Government to expedite efforts in prosecuting indicted fuel subsidy fraud suspects without further delay. The TUC condemned the delay in prosecuting the alleged subsidy thieves in the...

    • Posted December 12, 2012
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  • Nigeria Stock Exchange Watch: ASI (+0.85%) Crosses 27,000 as 7UP (+10%) Leads

    The Nigerian Stock Exchange gained big today as the All Share Index crossed the 27,000 pyschological mark to close at 27,050.19. The year-to-date performance of the market has topped 30% for the first time this year, it...

    • Posted December 11, 2012
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  • FCMB HoldCo structure will not affect investors’ shares – GMD

    Group Managing Director of First City Monument Bank (FCMB) Plc, Mr. Ladi Balogun said that the newly formed holding company (HoldCo) structure by the bank would allow it deepen its market share and encourage specialization. Speaking at...

    • Posted December 11, 2012
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  • Nigeria seeks Swiss help in $6.8 bln fuel subsidy probe

    Nigeria has sought Switzerland’s help in the West African nation’s investigation of a multi-billion dollar fuel subsidy scam, after some Swiss oil trading houses refused to cooperate with the authorities in Abuja, Nigerian officials said. Nigeria opened...

    • Posted December 11, 2012
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  • Nigeria Stock Exchange: ASI (+0.56) Starts Week Soaring, Skye (+5.26%) Leads

    The All Share Index gained 56 basis points today with the key sectors and stocks in the market trending upwards today. The banking sub-sector recorded 9 gainers versus 2 losers. Skye (+5.26%) and Diamond (+4.39%) were in the...

    • Posted December 10, 2012
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  • Prince Osuagwu: ‘Nigeria May Soon Out-Stage Kenya Dominance in Mobile Money Services’

    INTERVIEW Since Mobile Money took centre stage in Nigeria with the licensing of operators by Central Bank of Nigeria (CBN), the controversy has been whether it would not have been appropriate for the apex bank to license...

    • Posted December 10, 2012
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  • Third Quarter Budget Deficit More Than Doubles

    Nigeria’s budget deficit more than doubled in the third quarter to 459.1 billion naira ($2.9 billion), the Central Bank of Nigeria said. The budget deficit of sub-Saharan Africa’s second-largest economy jumped from 211.8 billion naira in the previous...

    • Posted December 10, 2012
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  • General Electric to Begin Assembling Locomotives in Nigeria

    General Electric has said it will start assembling locomotives in Nigeria by next year. If that happens, it could save Nigeria some huge foreign exchange usually used in acquiring locomotives from Brazil. It will help rejuvenate Nigeria’s dying...

    • Posted December 10, 2012
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  • AFDB, Researchers Unveil $63m Scheme for Agricultural Productivity And Poverty Alleviation

    The African Development Bank, researchers have unveiled a $63.24m AfDB-funded scheme for agricultural productivity and poverty alleviation. According to a statement from AFDB, the scheme will run for five years, known as “Support to Agricultural Research for...

    • Posted December 10, 2012
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