All posts by Afolabi Ogunde

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  President writes Senate, Reps on budget cut

  The shape of the slash in the 2012 Federal Government Budget emerged yesterday. In a letter addressed separately to the National Assembly and read on the floors of the Senate and the House yesterday, President Goodluck Jonathan requested for...

  • Posted February 22, 2012
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  PIB will be Submitted to House of Assembly in March – Diezani Madueke

  The Minister for Petroleum Resources, Diezani Madueke has said the Petroleum Industry Bill (PIB) will be resubmitted to the House of Assembly for deliberation in March. The Minister disclosed this whilst speaking at the opening of an...

  • Posted February 22, 2012
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  Bank of America sets Nigeria Growth, Inflation Estimates at 6.3% and 15% Respectively

  Bank of America Merrill Lynch cut its 2012 growth forecast for Nigeria while raising its estimate for inflation after the government of Africa’s top oil producer reduced fuel subsidies. Sub-Saharan Africa’s second-biggest economy may grow 6.3 percent this year compared with...

  • Posted February 22, 2012
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  Electricity Tariffs to Rise by 51%, not 88% – Minister of Power

  The Senate Committee on Power, yesterday, summoned the Minister of Power, Professor Barth Nnaji in order to question the alleged 88% increase in electricity tariffs set to commence by June this year. Responding to the allegations surrounding...

  • Posted February 22, 2012
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  Bank Directors Brainstorm Strategies for Successful Cashless Policy Implementation

  Non-executive bank directors under the aegis of Bank Directors Association of Nigeria (BDAN) has called on stakeholders to ensure the successful implementation of the Central Bank of Nigeria’s (CBN) cashless policy by being patient and ensuring adequate...

  • Posted February 22, 2012
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  Nigeria Naira Climbs as Dollar Sales Outweigh Inflation Concern

  Nigeria’s naira climbed against the dollar, erasing earlier losses, as oil industry dollar sales outweighed speculation that a rise in the inflation rate would weigh on the local currency. The currency of Africa’s largest oil producer strengthened as...

  • Posted February 22, 2012
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  Nigerian Stock Exchange: ASI Gains 0.26%, UBA up 26% since Feb 14th

  The Nigerian Stock Exchange gained 26 points as the All Share Index closed at 20,492.31 after today’s session. The banking sub-sector continued its bullish trajectory as UBA (+4.55%) continued its upward trend, recording gains in excess of...

  • Posted February 21, 2012
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  Shoprite sees Scope for 700 Stores in Nigeria, Plans for Abuja and Illorin in 2012

  JOHANNESBURG, Feb 21 – Nigeria has the potential to become as big a retail market for South Africa’s Shoprite as its home base, the head of the supermarket chain said on Tuesday, playing down concerns of rising...

  • Posted February 21, 2012
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  Nestle Records Bumper 2011 Profits, Distributes N 11.05 Dividend to Shareholders

  Nestle provided its audited reports for the 2011 financial year to the Nigerian Stock Exchange today, declaring a bumper net income of N 16 billion, up 33.4% from the N 12.6 billion it made in 2010. In...

  • Posted February 21, 2012
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  Former IMF Boss Detained For Involvement in Prostitution Ring

  Dominique Strauss-Kahn, former Managing Director of the International Monetary Fund (IMF) and former leading candidate for the French presidency has been detained by French police over allegations he patronized prostitutes in Lille, a province in the North...

  • Posted February 21, 2012
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