All posts by Afolabi Ogunde

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  Diamond Bank Nets N18.2 billion in Third Quarter Earnings Report

  Diamond bank released its third quarter unaudited financial statements to the Nigerian Stock Exchange yesterday. The company reported gross earnings of N110 billion, up 48% from the N75 billion recorded over the same period last year. The...

  • Posted October 10, 2012
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  Why Ifeanyi Ubah, Capital Oil boss was Arrested by Special Fraud Unit

  Capital Oil and Gas CEO, Ifeanyi Ubah was yesterday arrested by members of the Special Fraud Unit (SFU) over allegations of his company’s involvement in the fuel subsidy scam. The Aig Imokhuede-led committee on on Verification and...

  • Posted October 10, 2012
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  Nigeria Stock Exchange Watch: Bulls Dominate Market as Diamond Bags 10% Gain

  The bulls dominated the Nigerian Stock Exchange in today’s trading as the All Share Index booked a gain of 0.83%, bringing the years tally to 29.47%. The banking sub-sector recorded 9 gainers vs 3 losers as the...

  • Posted October 9, 2012
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  Influx of Fake Goods to Nigeria Caused by Lack of Laboratories – EU

  The European Union (EU) has said the dumping of substandard and counterfeit products in the Nigerian market may continue unabated due to the persistent lack of international endorsed standard testing laboratories in the country. The European Union’s...

  • Posted October 9, 2012
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  Nigeria to sell 10,000 barrels of Sweet Crude to Indian Firm Daily

  Nigeria will sell 10,000 barrels per day (bpd) of its light sweet crude to an Indian State-run Bharat Petroleum Corporation (BPCL) based on a deal signed by Chevron and the Indian corporation.   However, Reuters reported that...

  • Posted October 9, 2012
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  NERC Chides PHCN DISCOs on Poor Customer Service Delivery

  The Nigerian Electricity Regulatory Commission (NERC) has blamed distribution companies of the Power Holding Company of Nigeria (PHCN) for the absence of cost effective tariff in the Nations electricity supply, which it referred to as ‘poor consumer...

  • Posted October 9, 2012
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  NNPC Targets 4 million bpd Oil Production by 2020

  The Nigerian National Petroleum Corporation (NNPC) has expressed resolve to grow oil reserves to 40 billion barrels from its current 37 billion barrels by the year 2020. The Group Managing Director of NNPC, Andrew Yakubu, stated this...

  • Posted October 9, 2012
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  Nigeria and UK Target Bilateral Trade Volume of N2 Trillion by 2014

  The government of Nigeria and the United Kingdom have set their sights on achieving a bilateral trade volume of N2 trillion by 2014. The current trade volume between the two countries is N 1 trillion, meaning that...

  • Posted October 9, 2012
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  Dangote, Chinese Consortium, Others Selected to Participate in FCT Land Swap Scheme

  The Federal Capital Territory (FCT) land swap scheme is an initiative of the minister of the Federal Capital Territory, Senator Bala Mohammed. The scheme offers investors land in Abuja at no cost, as long as the investors...

  • Posted October 9, 2012
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  Nigerian Stock Exchange Watch: ASI Gains 0.67% as Banking sub-Index Gains Big

    The banking sub-index gained 2.09% in today’s trading, driving the stock market to close up by 0.67%. The All Share Index closed at  26,618.70 whilst the market capitalization of the market arrived at N8.5 trillion. Fidelity...

  • Posted October 8, 2012
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