All posts by Afolabi Ogunde

• 
  Nigerian Stock Exchange Watch: ASI (+0.55%) Returns to Positive Territory(

  The All Share Index closed up 0.55% as bullish sentiments prevailed in today’s session. Leading the bulls was the banking sub-sector as the sub-index advanced by 1.47% on the back of a strong performance by stocks like...

  • Posted July 3, 2012
  • 0
• 
  FYE 2011 Earnings: Union Bank Records N 95 billion loss

  Union bank reported its audited financial year end 2011 results to the Nigerian Stock Exchange today, declaring a whopping  loss of N 94.9 billion ($593 million). Gross Earnings took a huge hit as they fell 38% to...

  • Posted July 3, 2012
  • 0
• Draft of the Petroleum Industry Bill (2012)

  The Presidency received the draft version of the latest Petroleum Industry bill (PIB) last weekend. It has forwarded the bill to its Cabinet for consideration before it will transmit it to the House of Assembly. Foreign experts...

  • Posted July 3, 2012
  • 0
• 
  Oando refutes allegations of Aig Imokhuede led Technical Committee on Subsidy

  Oando, Nigeria’s leading indigenous Oil and Gas company has refuted the allegations of infractions levelled against it by the Federal government constituted technical committee on payment of fuel subsidies. The firm has denied the allegations of subsidies...

  • Posted July 3, 2012
  • 0
• 
  Vulcan Energy to build Six Refineries in Nigeria for $ 4.5 billion

  American firms, Vulcan energy and its Nigerian joint-venture partner, Petroleum Refining and Strategic Reserve (PRSR) have signed a $ 4.5 billion with the government to build six refineries. The refineries will have a capacity of 30,000 barrels/day...

  • Posted July 3, 2012
  • 1
• 
  Jonathan’s Reform Plan For Nigeria Mired In Scandals

  Farouk Lawan led a Nigerian parliamentary committee that grilled fuel importers in January over accusations they received 1.1 trillion naira ($6.7 billion) in illegal payments. Now, Lawan is under the spotlight, facing police questioning over allegations, which...

  • Posted July 3, 2012
  • 0
• 
  Indigenous firms Win Majority of $ 60 Billion Crude supply contracts

  The Federal government has favoured indigenous companies over foreign companies in the award of crude oil supply contracts worth over $ 60 billion (N 10 trillion). According to information gleaned from Reuters, the government has awarded over...

  • Posted July 3, 2012
  • 1
• 
  Analysis: Nigeria, a rugged road to high returns

  Bomb blasts, gun attacks, airline crashes, kidnappings, industrial-scale oil theft, armed robberies and fraud costing billions of dollars. Such things might give pause to anyone thinking of opening a business. In Nigeria, they happen with alarming frequency,...

  • Posted July 2, 2012
  • 0
• 
  Petroleum Industry Bill awaits Cabinet Approval – President Jonathan

  Nigeria’s Petroleum Industry Bill will be sent to lawmakers after approval by the cabinet, President Goodluck Jonathan’s office said. Jonathan has told relevant government ministries to evaluate the draft, prepared by a technical committee before presentation to the...

  • Posted July 2, 2012
  • 0
• 
  Naira Depreciates As Inflation Concern Slows Inflows

  The naira weakened against the dollar as concern inflation may accelerate slowed inflows and as oil, the country’s key export, retreated. The currency of Africa’s biggest oil producer fell as much as 0.4 percent in the interbank marketand traded...

  • Posted July 2, 2012
  • 0