All posts by Afolabi Ogunde

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  Naira Falls First Day in Four as Dollar Demand Outweighs Supply

  The naira weakened for the first time in four days as demand for dollars from oil importers and businesses outweighed supply. The currency of Africa’s biggest oil producer declined 0.1 percent to 157.5975 per dollar on the interbank market as...

  • Posted March 22, 2012
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  Nigerian Stock Exchange Watch: Market Firms up to Investors Delight, ASI up 0.92%

  Usually when Dangote Cement (-0.58%) records a loss in the trading session as it did today, the bourse also closes in the negative territory. However today’s session bucked the trend as investor demand for several blue chip...

  • Posted March 22, 2012
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  Nigeria Issues Tender for Sale of Crude Oil Through 2013

  Nigerian National Petroleum Corp., the state-owned oil company, invited bids for the sale of crude oil for loading from June 1, 2012 to May 31, 2013, the Abuja- based company said. “Applicant must have a minimum annual turnover...

  • Posted March 22, 2012
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  Iroko Partners Raises $8 million in Financing for Nollywood Focused Company

  Iroko Partners owners of iROKtv, the online site with exclusive rights to distribute Nollywood movies has secured $ 8 million in financing from foreign investors as earlier reported by techloy.com. The financing was raised through the assistance...

  • Posted March 22, 2012
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  GT Bank targets Loan growth, Plans to build Seven Branches in 2012

  Guaranty Trust Bank (GT Bank) expects loan growth to top 16 percent in 2012, with return on equity of between 23 and 25 percent, while it starts expansion to French- speaking west Africa next month, the bank’s...

  • Posted March 22, 2012
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  Poor Gas Supply Causes Electricity Generation to fall 900 Megawatts as Nigerians battle Heatwave

  The minister for Power, Professor Barth Nnaji has blamed the recent state of extremely poor power supply in the country on poor gas supply. The minister says power generation has fallen by 900 megawatts causing Nigerians to...

  • Posted March 22, 2012
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  Okonjo Iweala Said to Be Seriously Considered for World Bank

  Some African nations are planning to nominate Nigeria’s Finance Minister Ngozi Okonjo-Iweala to become president of the World Bank, an official on the lender’s board of directors said. Okonjo-Iweala, who was a managing director at the Washington-based World...

  • Posted March 22, 2012
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  Access Bank to Sell Intercontinental Bank UK Subsidiary

  Access Bank Plc, Nigeria’s sixth- largest lender by market value, plans to sell its entire stake in Intercontinental Bank U.K., Chief Executive Officer Aigboje Aig-Imoukhuede said. “The bank has commenced discussions with two potential buyers and will ensure...

  • Posted March 22, 2012
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  Nigeria Stock Exchange Watch: Bourse Rebounds from Yesterday, Gains 0.29%

  The bourse rallied in today’s session, with a marginal gain of 0.29% as the All Share Index closed at 21,067.90. The banking sub-sector saw reversal in the fortunes of First Bank (+4.91%) as the stock reversed on...

  • Posted March 21, 2012
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  Banks to Provide Lagos Tax Officials with Customer Information or Face Consequences

  The Chairman of the Lagos Internal Revenue Service (LIRS), Mr. Tunde Fowler, recently disclosed that bankers who fail to provide the LIRS with information regarding bank accounts, bank statements of individuals and corporations in Lagos State will...

  • Posted March 21, 2012
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