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All posts by BusinessNews Staff

  • CBN cuts dollar reserve to stabilise Naira

    The Central Bank of Nigeria (CBN) will sell United States (US) dollars both directly into the market and at auctions, the bank said, at the weekend. The CBN has also lifted the amount of dollars banks can...

    • Posted October 24, 2011
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  • Why we are reviewing concession pacts – Stella Oduah-Ogiemwonyi

    Aviation Minister, Mrs  Stella  Oduah-Ogiemwonyi,  has explained why her ministry is reviewing the concession and lease agreements with some firms. She said at the weekend  that once ‘such agreements’ fail to meet the expected dividends, there is no...

    • Posted October 24, 2011
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  • Equator Mines Nigeria hopes for $1billion investment

    United Kingdom firm, Savannah Mining Limited and two South African companies – Equator Minis and VML Resources Limited – are to inject about $1billion into a Nigerian firm, Equator Mines Limited. The investment is for the production of tin...

    • Posted October 24, 2011
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  • Nigerian Stock Exchange Announces New Capital Market Initiatives

    In line with the vision of the DG of The Nigerian Stock Exchange (NSE) to increase the market cap of the bourse to US $ 1 Trillion in less than five years, the Nigerian Stock Exchange has...

    • Posted October 24, 2011
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  • FCMB Posts 3Q Numbers, PAT Up 72%

    FCMB Plc, an operator under the International Banking License issued by the CBN and recent acquirer of Fin Bank Plc has released its 3Q 2011 results. The company recorded a 23.4% gain in gross earnings from N...

    • Posted October 24, 2011
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  • Frank Kokori Interview : If refineries work, we won’t talk about subsidy

    As the controversy generated by the Federal Government’s plan to remove fuel subsidy rages, former president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Chief Frank Kokori, says those in authority are not...

    • Posted October 22, 2011
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  • Nigerian interbank rates rise on low cash

    The Nigerian interbank lending rates climbed on Friday to an average of 14.50 percent from 13.50 percent last week as system liquidity thins out with outflows to bonds and foreign exchange purchases by lenders. The cost of...

    • Posted October 22, 2011
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  • Ngozi Okonjo-Iweala
    Fitch revises Nigeria’s rating outlook to stable

    Fitch yesterday revised the outlook of Nigeria’s credit rating to stable from negative, saying the likelihood of reforms increased as the government appointed a strong economic team after the April elections, according to Reuters. Fitch currently rates...

    • Posted October 22, 2011
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  • President Goodluck Jonathan
    FG Plans Relief Package for Shareholders of Nationalised Banks

    Angry shareholders of three bridge banks who lost their investments due to government’s acquisition of the institutions can now heave a sigh of relief as latest indications from regulators show that the Federal Government may be considering...

    • Posted October 22, 2011
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  • AMCON ends purchase of bad loans Oct. 31 – Chike Obi

    The Asset Management Corporation of Nigeria (AMCON) will complete the acquisition of non-performing loans (NPL) from rescued banks in a N620billion 2009 bailout by October 31, its Managing Director, Mustapha Chike-Obi, said yesterday. At that date, AMCON would have...

    • Posted October 21, 2011
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