All posts by Afolabi Ogunde

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  Subsidy Panel Indicts International Energy Trading Company Vitol Oil

  The House of Representatives adhoc committee investigating the fuel subsidy regime has made some progress in getting to the bottom of the matter as it has indicted international energy trading company Vitol Oil as responsible for aiding...

  • Posted February 9, 2012
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  Nigerian Stock Exchange Watch: Profit Takers Stunt Growth

  The market declined in the second consecutive session today as profit-takers continued to reap from significant price appreciation recorded in the banking sector in January. The All Share Index (ASI) closed down by -0.48% to settle at...

  • Posted February 8, 2012
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  Naira Exchange Rate Rebounds to Strongest Levels in 2 Months

  The Naira exchange rate appreciated to the strongest in more than two months after the central bank sold dollars to lenders. The naira appreciated 0.4 percent to 159.45 per dollar as of 2.20 p.m. in Lagos, the...

  • Posted February 8, 2012
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  UBA Issues Profit Warning, May record Loss based on Zenon’s Non Performing Loans

  UBA Plc, one of the top banks in the country, has issued a profit warning in respect of its 2011 Year End results. Analysts are expecting the company to report a loss of anywhere between N 2...

  • Posted February 8, 2012
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  Senator calls for Petroleum Minister’s resignation

  The Chairman, Senate Committee on Privatisation and Commercialisation, Gbenga Obadara has called for resignation of the Minister for Petroleum, Mrs. Diezani Allison-Madueke, to allow fair probe into the ministry’s activities. Obadara who represents Ogun Central Senatorial District,...

  • Posted February 8, 2012
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  Oil Corruption May Threaten Angola, Nigeria, Global Witness Says

  Nigeria and Angola, Africa’s biggest oil producers, have granted stakes in oil fields to companies that may be acting as fronts for government officials, stifling development in both countries, according to anti-corruption group Global Witness. While increased oil output has generated billions...

  • Posted February 8, 2012
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  Ashaka to Expand Cement Production to 1.3 Million Tons per Annum

  Ashaka Cement, a publicly quoted company and subsidiary of Lafarge Wapco has stated it will add 300,000 metric tons per annum to its current 1,000,000 tons per annum production capacity. According to the Chairman of Ashaka, Alhaji...

  • Posted February 8, 2012
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  Jobberman goes Premium

  Online job search site, Jobberman.com has launched a premium version of its services that allow job seekers to receive customized email/mobile alerts when there are job openings that suit their qualifications. The service called Premium Alerts was...

  • Posted February 8, 2012
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  Ghana to Boost Crude Oil Production

  Africa’s latest oil exporter Ghana will ramp up production significantly by 2017. According to the Deputy Minister of Finance and Economic Planning, Fifi Kwetey, the country will produce 500,000 barrels per day by 2017. Ghana currently produces...

  • Posted February 8, 2012
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  Ghana Reinstates Fuel Subsidy

  Ghana’s Trade Union Congress (TUC) and government representatives have agreed to a 20 per cent reduction in petroleum prices effectively marking a reversal of governmental policy on fuel subsidy removal. Prices of petrol and various other commodities...

  • Posted February 8, 2012
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