All posts by Afolabi Ogunde

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  Oando Makes New Oil Discovery in Delta State

  Oando Energy Resources Inc., a company focused on oil exploration and production in Nigeria, today announced initial drilling results from the fourth well drilled in the Ebendo Marginal Field, OML-56  (previously known as Obodeti/Obodugwa) . The EB-4 well was...

  • Posted August 15, 2012
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  PHCN Deliberately Sabotages Electricity in Lagos Over Strike

  Residents across various suburbs in Lagos are being denied access to electricity deliberately by PHCN officials who are claiming it is their only weapon in their war against the Federal Government. Businessnews spoke to the Service Manager...

  • Posted August 14, 2012
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  Starcomms, Multilinks and MTS in N32 billion Merger

  Three CDMA operators in the country, Starcomms, Multilinks and MTS are undergoing a business combination valued at $200 million or N32 billion. The new network is to be called CAPCOM, according to a report from the Guardian....

  • Posted August 14, 2012
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  Oil Snaps Two Days Of Losses Amid Speculation on U.S. Supply

  Oil climbed, snapping two days of losses in New York on speculation that inventories declined for a third week in the U.S., the world’s biggest crude consumer. Futures rose as much as 0.5 percent before a government report tomorrow...

  • Posted August 14, 2012
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  MainStreet Bank Back to Profitability, Records N3 billion before H1, 2012

  Mainstreet Bank is on the lookout for new suitors as AMCON seeks to dispose off the asset to foreign or a consortium of local investors. The Bank disclosed in a statement that it made N3 billion group...

  • Posted August 14, 2012
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  CBN Clamps Down on Money Laundering Conduits: Hotels, Casinos, Forex Operators, Others Affected

  The Central Bank of Nigeria has instructed banks and other financial institutions that fall under its regulatory oversight to ensure their Designated Non-financial Institutions (DNFIs) clients are well registered with the Economic and Financial Crimes Commission. The DNFIs...

  • Posted August 14, 2012
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  80% of Nigerian Businesses Give Government Bribe – World Bank

  Statistics from a World Bank report indicate that 80% of Nigerian businesses offer bribes to government officials. The bank recently said Nigeria was the most attractive investment destination in Africa. However the investment assessment report also singled...

  • Posted August 14, 2012
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  Nigeria Stock Exchange Watch: ASI (+0.15%) Starts Week Off on Positive Note

  The All Share Index climbed 0.15% today on the back of a general increase across the major sectors. All the NSE sub-indices closed upwards with the exception of the Oil and Gas sub-index which closed down by...

  • Posted August 13, 2012
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  How the Nigerian Army is Losing the Battle Against Boko Haram?

  It must have become apparent that the Nigerian government is slowly losing more ground in the battle against Boko Haram. Chief among the culprits in this steady loss are Nigeria’s own security forces led by the high-handed...

  • Posted August 13, 2012
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  UBA Appoints Okwechime, Duke Non-Executive Board Members

  The United Bank for Africa Plc has announced the appointment of Mrs. Rose Ada Okwechime and Mrs. Owanari Duke to the Group board. The appointments, made at a meeting of the Board of Directors held on July...

  • Posted August 13, 2012
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