All posts by Afolabi Ogunde

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  Nigerian Stock Exchange Watch: UBA’s Performance Leaves Analysts Dumbfounded as Market Rallies

  The market rebounded today after four consecutive days of trading in the red; the All Share Index was up 0.35% to close at 20,193.40. The banking sub-sector came out swinging as the bulls pummeled the bears (9...

  • Posted March 1, 2012
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  Nigeria to end Menace of Imported Rice by 2015 – Akinwumi Adesina

  Sequel to the Federal Executive Council (FEC) meeting held yesterday, the Federal Government has approved the establishment of 100 industrial rice mills across the country within the next 12 to 18 months. The Minister of Agriculture addressing...

  • Posted March 1, 2012
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  AMCON Begins Seizure of Tonique Oil’s Properties

  The Asset Management Corporation of Nigeria (AMCON) has seized the properties of Tonique Oil Services, following a court order empowering it to do so. The statutory powers conferred on AMCON according to the AMCON act accessible here. The...

  • Posted March 1, 2012
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  98 Briefcase Companies Stopped from Fuel Importation Business

  Ninety-eight companies previously listed amongst the fuel importers into Nigeria have been shown the exit door by the Federal Government and stopped from exploiting the system of fuel subsidy in Nigeria. These companies, according to investigations made...

  • Posted March 1, 2012
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  Senate Puts Nigerians’ Interests First, Says No to New License Plates, Drivers License Issuance

  The Senate has called upon the Federal Roads Safety Commission (FRSC) to suspend its plans to issue new driver’s licenses and license plates to the Nigerian people for a fee. The Senate is toeing the line the...

  • Posted March 1, 2012
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  Nigerian Stock Exchange Watch: ASI Hovers Dangerously Above 20,000 Threshold

  The market flip flopped between negative and positive territory today, finally closing to bearish sentiments at the end of the session. The All Share Index dropped 0.07% to close  at 20,123.51, dangerously close to the 20,000 threshold....

  • Posted February 29, 2012
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  New tax law prescribes stiffer penalties for evaders

  With the signing into law of the Personal Income Tax (Amendment) Act, 2011 by President Goodluck Jonathan, tax defaulters will now pay stiffer penalties for different offences A copy of the Federal Republic of Nigeria Official Gazette...

  • Posted February 29, 2012
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  Indorama to Spend $2.1 Billion on Nigerian Petrochemicals Sector Expansion

  The Indorama Group has pledged an additional investment of $2.1 billion (N325.5 billion) in Nigerian petrochemicals industry. The core investor of Eleme Petrochemicals Limited, with headquarters in Indonesia has already invested $575 million (N 89 billion) in...

  • Posted February 29, 2012
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  Respite for NSE as Market Makers to Commence Activities in March

  Respite may be on the way for equity investors as the CEO of the Nigerian Stock Exchange has announced that ten companies have been given the nod to commence operations as market makers next month. The Nigerian...

  • Posted February 29, 2012
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  FirstRand to Spend $9.1 Billion on Acquisitions in Africa, Plans to open Investment bank in Nigeria

  FirstRand, one of South Africa’s two biggest banks has revealed plans to open up an investment banking unit in Nigeria, as well as a commercial and retail banking presence. This is not the first time the South...

  • Posted February 29, 2012
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