All posts by Afolabi Ogunde

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  Senate Chides NNPC Leadership over Cluelessness on $ 665 million 2011 Budget Discrepancy

  The level of competence being displayed by the public officials in charge of managing our national resources leaves much to be desired. From an inability to account for crude oil allocations, subsidy payments and over-payments and more, one has...

  • Posted February 16, 2012
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  KPMG’s NNPC Report Rendered Null and Void – Senate

  The Senate Committee on Public Accounts has rendered null the KPMG report on NNPC, citing a provision in the Constitution. Section 85 (3) of the 1999 Constitution states “Nothing in subsection (2) of this section shall be...

  • Posted February 16, 2012
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  GSM Operators Ordered to Stop Sending those Annoying Text Messages to Subscribers

  Every GSM subscriber in Nigeria is usually harassed by text messages from his or her network carrier concerning one promotion or the other. For instance on Valentine’s Day, operators sent several unsolicited text messages throughout the duration...

  • Posted February 16, 2012
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  Nigeria Stock Exchange Watch: Bears Resurface as Dangote Cement Drags Bourse

  The market took a beating today driven primarily by losses sustained in Dangote Cement, which is the Exchange’s most capitalized stock. Institutional sales led to the stock losing the full 5% allowed and this in part led...

  • Posted February 15, 2012
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  Dubai Property Developer Woos Nigerian Customers with Guaranteed Returns

  DAMAC a leading property developer in Dubai with a wide customer base in Nigeria has put together a special package in order to lure Nigerians to invest in the World’s fastest growing and most respected property market....

  • Posted February 15, 2012
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  N1tr fraud in 2012 budget

  The National Assembly Committee on Appropriation’s announcement yesterday discovered how some federal Government Ministries Department and Agencies secretly included an illegal over N1trillion projects into the N4.7trillion fiscal estimate. Following this, the alleged smuggled items into the...

  • Posted February 15, 2012
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  NSE Lists N4.6bn Tower Aluminium Bond

  The Nigerian Stock Exchange (NSE) last week listed N4.6 billion bonds floated by Tower Funding Plc on its daily Official list.   The bonds, series one tranche A and series one tranche B, were raised by Tower...

  • Posted February 15, 2012
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  Why Nigerian contractors are excluded from projects – ADB

  The African Development Bank said on Tuesday that lack of adequate financial and technical requirements was why many Nigerian contractors hardly qualified for contracts awarded by it. Nigeria is ADB’s largest shareholder, while the bank is currently...

  • Posted February 15, 2012
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  Google gets U.S., EU nod to buy Motorola Mobility

  U.S. and European regulators approved Google Inc’s $12.5 billion purchase of Motorola Mobility Holdings Inc and said they would keep a sharp eye on the web search giant to ensure patents critical to the telecommunications industry would...

  • Posted February 15, 2012
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  AMCON recovers N 600 billion Bad Loans, to Commence Sales of Nationalized Banks

  The Asset Management Corporation of Nigeria (AMCON) revealed yesterday that it has recovered N 600 billion of the non-performing loans (NPLs) it bought from banks last year. This amount represents 19% of the N 3.14 trillion it...

  • Posted February 15, 2012
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