All posts by BusinessNews Staff

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  World Bank to spend N785billion on projects in Nigeria

  The World Bank has announced its plans to spend $5 billion (about N785 billion) on 27 projects across Nigeria in the next five years. Also, the African Development Bank (AfDB) has also agreed to provide two sovereign...

  • Posted April 1, 2013
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  Petrobras to Auction $5bn of Nigerian Oil Assets

  Brazilian oil company Petrobras is preparing to auction its stakes in Nigerian oil fields to raise cash for domestic projects; a deal that may fetch up to $5 billion, sources close to the deal informed the Reuters...

  • Posted March 28, 2013
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  Diamond Bank Opens UK Subsidiary

  Diamond Bank Plc Wednesday said it has been granted approval by the Financial Services Authority (FSA) to operate a bank in the United Kingdom. Group Managing Director/ Chief Executive Officer, Diamond Bank, Dr. Alex Otti, who disclosed...

  • Posted March 28, 2013
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  NCS seizes 1,711bags of rice in Adamawa

  While maintaining zero tolerance on smugglers, the Customs anti-smuggling operatives in Jemita, Yola, AdamawaState have swooped on two large wooden boats that were fully loaded with 1,711 bags of rice, 105 bags sugar and 85 jerry-cans of...

  • Posted March 28, 2013
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  FEC approves N47.8bn road contracts

  The Federal Executive Council, FEC, yesterday approved the award of 13 roads contracts across the country at a cost of N47.8 billion Speaking at the end of the FEC meeting, the Minister of Works, Mike Onolememen, told...

  • Posted March 28, 2013
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  BPE offers to sell Omotosho Power Plant to CMEC-Pacific for N33.6bn

  The Bureau of Public Enterprises, BPE, has offered to sell the Omotosho power plant in Ondo State to CMEC-Pacific consortium. The sale transaction is through a debt-equity swap process that will see the major project financier taking...

  • Posted March 28, 2013
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  ‘NO second term for me’, what Sanusi told Jonathan in 2011

  The Governor, Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has shed more light on his decision not to vie for second term in office. According to Malam Sanusi, he intimated President Goodluck Jonathan way back...

  • Posted March 27, 2013
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  Afren offers $37m for stake in Nigerian firm

  AFREN Plc, a United Kingdom-based oil and gas company, is planning to expand reserves by 29 per cent after increasing its stake in an indigenous firm, First Hydrocarbon Nigeria Company Limited. Afren, according to a statement obtained...

  • Posted March 27, 2013
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  NSE to unveil supplementary market makers April 2

  • Increases equities price limit to 10 THE Nigerian Stock Exchange (NSE) will unveil supplementary market makers on April 2. Briefing the press yesterday, the Executive Director for Market Operations, Ade Bajomo said that the market makers...

  • Posted March 26, 2013
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  CBN okays new forex policy on importation

  THE Central Bank of Nigeria (CBN) has kicked-off the self-service process in the automation of foreign exchange forms, now known as Electronic Form M (e-Form M) on the trade monitoring system. It also approved a fee to...

  • Posted March 26, 2013
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