All posts by BusinessNews Staff

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  World News in brief

  After news that Greece would not receive its next tranche of loans this month, Asian markets were down in overnight trading with Hong Kong and South Korea off about 3.5%. Europe is sharply lower and U.S. futures...

  • Posted October 4, 2011
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  Crude Oil in Biggest Quarterly Drop in Years

  Crude oil prices declined suddenly at the weekend on renewed global economic worries, pushing back Brent more than 10per cent for its biggest quarterly decline in five quarters. United States (US) crude futures fared even worse, posting...

  • Posted October 4, 2011
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  Nigerian Breweries acquires Life Breweries from Heineken N.V.

  Nigerian Breweries Plc Monday said that it has acquired majority equity interests in Sona Systems Associates Business Management Limited, (Sona Systems) and Life Breweries Company Limited from Heineken N.V. This transaction follows Heineken’s acquisition of controlling interests...

  • Posted October 4, 2011
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  Wema Bank Plc Appoints Abubakar Lawal and Ramesh Hatharaman as Directors

  Wema Bank Plc has appointed two directors. they are Mr Abubakar Lawal and Mr Ramesh Naraindas Hatharaman. It also elevated 100 employees and sacked others  due to non-performance. The new appointments, according to a statement from the bank,...

  • Posted October 3, 2011
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  Nigeria Railway Corporation says Cost of Cement to Reduce

  The Nigeria Railway Corporation (NRC) on Sunday announced that the cost of cement would soon drop due to the haulage of cement by rail from the Lafarge Cement Factory, Ewekoro in Ogun to other parts of the...

  • Posted October 3, 2011
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• AMCON Waives Right to Appoint Directors in Nationalised Banks

  The Asset Management Corporation of Nigeria (AMCON) has waived its right to appoint directors into the boards of several banks it has significant equity stakes. AMCON has significant equity stakes in post-combination First City Monument Bank Plc, Union...

  • Posted October 3, 2011
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  Access Bank gets order to liquidate Negris over N2.7b debt

  A FEDERAL High Court, Lagos on Tuesday granted an application by the Access Bank Plc, urging it to appoint a provisional liquidator for Negris Holding Limited one of the nation’s leading indigenous multidiscipline engineering services group providing...

  • Posted September 30, 2011
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  PHCN staff gets 50% salary increase

  THE Minister of Power, Professor Barth Nnaji, has directed the management of each of the 18 successor- companies created out of the Power Holding Company of Nigeria (PHCN) to start paying the staff a 50 per cent...

  • Posted September 29, 2011
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• FCMB shareholders approves Finbank Acquisition

  First City Monument Bank Plc shareholders gave approval to the Nigerian lender to acquire FinBank Plc that was bailed out by the cental bank in 2009, First City Chairman Jonathan Long told reporters today in Lagos, the...

  • Posted September 29, 2011
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  Notore Chemical Plans IPO in 2012

  Notore Chemical Industries Ltd. of Nigeria, a producer of fertilizer, plans to raise at least $300 million “sometime next year” in an initial public offering to finance its expansion, an official said. The company will use the...

  • Posted September 29, 2011
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