All posts by Afolabi Ogunde

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  NESG urges Governors not to politicise privatisation of power

  The Governors that lost out in the bid for the Benin Electricity Distribution Company (Discos) have been advised by The Nigerian Economic Summit Group (NESG) not to play politics with the privatization exercise.   The Chairman, Technical...

  • Posted October 23, 2012
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  Labour Tags Power Assets Sale as ‘Rape on Nigeria’ as FG Projects N400 billion Sale Proceeds

  Industrial workers have tagged the sale of PHCN assets for about N200billion as a “supreme damage” to Nigeria. They claimed that the assets are worth over N3trillion which is far over and above the sum of N400...

  • Posted October 23, 2012
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  FIRS Dragged to Court over N1.15b excess tax

  The Federal Inland Revenue Service (FIRS) was yesterday dragged to the Tax Appeal Tribunal by NICON Insurance Plc and 43 others over the non-refund of about N1.15 billion overpaid stamp duties. The insurance companies said that they...

  • Posted October 23, 2012
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  Consortium Backed by Governors Broke Power Privatization Rules

  The consortium called Southern Electricity Distribution Company which was backed by the governors of Delta, Edo,  and Ekiti states has been accused of breaching the privatization rules in its bid for the Benin Electricity Distribution Company. Chairman...

  • Posted October 23, 2012
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  IMF Cautions Nigeria on White Elephant Projects

  The International Monetary Fund has cautioned Nigeria on the formulation of white elephant projects, advising instead that the country shore up its spending on education and transportation. The call was made by the multilateral institutions’s Director for Africa,...

  • Posted October 23, 2012
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  Nigeria Stock Exchange Watch: ASI (-0.09%) Commences Week on a Negative Note

  The All Share Index commenced the week on a negative note, shedding 9 basis points to rest at 27,272.57. The banking sector was predominantly bearish as profit taking activity was the order of the day. All the banking...

  • Posted October 22, 2012
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  Power Privatization: Labour, Governors Accuse FG, Privatization Council of Shady Dealings

    The Power Privatization exercise continues to draw criticisms from various corners with the latest controversy circling around the outcome of the bidding process. The Organized Labour under the aegis of the National Union of Electricity Employees (NUEE) have accused...

  • Posted October 22, 2012
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  CBN to Implement New Capital Accord Guideline by year-end

    The Central Bank of Nigeria (CBN) said over the weekend that it is ready to execute a framework on New Capital Accord (Basel II) before the end of the year.   This was disclosed by the...

  • Posted October 22, 2012
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  Agric Sector not Supported by Banks- RenCap

    The Agric sector is suffering primarily because banks are not being deployed to support the real sector of the economy, says Renaissance Capital (RenCap).   Based on a RenCap report, major contributors in terms of lending...

  • Posted October 22, 2012
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  Murky deals cast doubt over Nigeria’s power privatization

    For decades Nigeria has failed to fix chronic electricity shortages that stifle growth and help keep millions in poverty. That is about change, the government says, when most of the power sector is privatized by the...

  • Posted October 22, 2012
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