All posts by BusinessNews Staff

• Visafone may acquire Starcomms

  There are strong indications that Code Division Multiple Access (CDMA) Telco, Visafone may acquire rival provider, Starcomms. A top official of Visafone, who confirmed that the company is talking with another CDMA, described it as “the best...

  • Posted October 7, 2011
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• Recapitalisation: NAICOM moves to stop ‘hot money’

  The National Insurance Commission (NAICOM) has adopted measures to ensure that stolen funds are not used to recapitalise bank-owned insurance firms, the Commissioner for insurance, Fola Daniel, has said. Daniel told The Nation that NAICOM would screen local...

  • Posted October 7, 2011
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  Mark Mobius Targets Infrastructure as Nigeria Sells Stakes

  Mark Mobius is targeting Nigeria’s roads, bridges and electricity generation as the government of Africa’s most-populous nation brings in private investors to help develop the country’s infrastructure. Mobius, who oversees about $34 billion in emerging-market assets as...

  • Posted October 7, 2011
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  NNPC seeks $1.5 billion loan from international lenders

  Nigerian National Petroleum Corporation, NNPC, is making plans to secure a $1.5 billion, five-year amortising restructuring syndicated loan from international lenders, bankers close to the deal revealed. The deal will mark NNPC’s first internationally-syndicated loan, according to...

  • Posted October 7, 2011
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  Nigeria cannot develop without borrowing – Bismarck Rewane

  The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, Thursday said that Nigeria cannot develop without borrowing funds internally or externally. Rewane who made these remarks while presenting a speech titled:...

  • Posted October 7, 2011
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  CBN stop oil firms from buying dollars

  Central Bank of Nigeria, CBN, yesterday, said it will stop the sale of US dollars to companies in the oil and gas sector. This is part of efforts aimed at reducing the demand for the dollar, stemming...

  • Posted October 7, 2011
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  CBN in fresh probe of seven banks

  The Central Bank of Nigeria (CBN) has started the second round of examination into the foreign exchange deals of seven commercial banks. The apex bank, as exclusively reported by The Nation a month ago, named the first batch  banks...

  • Posted October 6, 2011
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  Apple Chairman Steve Jobs Has Passed Away

  According to a statement just issued by Apple’s Board of Directors, company co-founder and longtime CEO Steve Jobs has passed away. Apple has also put up the following website in memory. They’re asking for “thoughts, memories, and...

  • Posted October 6, 2011
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• ABG Group plans Trailer Assembly plant in Kaduna State

  A N10 billion Trailer Assembly plant will soon be established in Kaduna State, courtesy of  ABG Group and their technical partner, BMC of Turkey. The group’s Chairman, Dr. Bawa Garuba, made the disclosure when he led a...

  • Posted October 5, 2011
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  Dangote Group plans rail system to connect factories

  Dangote Group has said it will soon construct rail lines to connect all its cement factories to the national rail system to reduce cost of transporting its products. Managing Director of Dangote Cement Terminal in Lagos, Mr...

  • Posted October 5, 2011
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