All posts by Afolabi Ogunde

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  Labour threatens to Shut Promasidor Down with Industrial Action

  Organized labour under the aegis of National Union of Food Beverage and Tobacco Employees (NUBTE) have threatened to shut down Promasidor, a leading food company in Nigeria and paralyze its business activities if the company refuses to pay...

  • Posted July 11, 2012
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  Naira Gains To 1-Month High As Central Bank Meets Dollar Demand

  The naira strengthened to the highest in more than a month, gaining for a third day, as the central bank auctioned dollars and oil companies were said to sell the greenback. The currency of Africa’s largest oil producer...

  • Posted July 10, 2012
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  Supreme Court strips Russia’s RUSAL of aluminium firm

  Nigeria’s supreme court has ordered that Russia’s RUSAL, the world’s largest aluminium producer, be stripped of ownership of former state-owned Aluminium Smelter Company of Nigeria (ALSCON) because the assets should have gone to another bidder. RUSAL acquired...

  • Posted July 10, 2012
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  2013 Budget will be used to Pay Off Debts – Okonjo Iweala

  The Minister of Finance and Coordinating Minister of the Economy has gone back to her roots as a debt retirement specialist. Speaking recently on her concerns over the escalating domestic debt portfolio of the Federal Government, she...

  • Posted July 10, 2012
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  Turkey to Invest in Nigerian Steel Industry

  The trade between Nigerian and Turkey was approximately $ 1.2 billion in 2011. Most exports from Turkey into Nigeria were steel products, according to the Deputy Director General of the Ministry of Economy, representing the Turkish government, Mr....

  • Posted July 10, 2012
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  EFCC to Prosecute Subsidy Fraudsters Soon – Attorney General

  The Attorney General of the Federation, Bello Adoke, has signaled that the Economic and Financial Crimes Commission (EFCC) would soon begin to prosecute the subsidy fraudsters exposed by the House ad-hoc Committee on Fuel subsidy probe. He...

  • Posted July 10, 2012
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  Nigeria Stock Exchange Watch: ASI (+0.36%) Starts Off Positive, Dangote Flour (+4.89%) Continues to climb

  The All Share Index gained 0.36% and started the week on a positive note. The Consumer goods drove the positive performance of the bourse today as the sub-index closed up 1.23%. The banking sub-index fell marginally by...

  • Posted July 9, 2012
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  GLOBACOM Subsidizes Police Telecommunications

  Indigenous telecommunications giant, Globacom has taken the initiative to subsidize the telecommunications needs of the Nigerian Police Force by providing them with 110,000 GSM lines. The police can make calls toll free to other police officers in...

  • Posted July 9, 2012
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  7 Nigerian banks listed in Top 1000 Worldwide

  Seven Nigerian banks have been featured in a ranking of the Top 1000 banks in the world. The list is compiled by The Banker magazine, a publication of the Financial Times of London. The seven Nigerian banks...

  • Posted July 9, 2012
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  Fire at Dangote Sugar Refinery may affect National supply

  A fire incident over the weekend at the Dangote Sugar plant at the Apapa ports may affect the sugar supply nationwide. The plant owned by Alhaji Aliko Dangote, Africa’s richest man, has a capacity of 600,000 metric...

  • Posted July 9, 2012
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