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All posts by BusinessNews Staff

  • Five Richest Nigerian Stockholders

    By Mfonobong Nsehe While a vast majority of Nigeria’s wealthiest businessmen spurn the capital markets, preferring to build their fortunes through privately-held companies, the Nigerian Stock Exchange still accounts for a substantial portion of the wealth of...

    • Posted August 14, 2011
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  • BPE Probe: Rusal told to return $120 million to the Federal Government

    The Bureau of Public Enterprises (BPE) yesterday in Abuja told the Senate that only the sum of N146 billion was realised from the sale of public companies since 2000. It was also revealed that Aluminium Smelter Company of Nigeria (ASCON), IkotAbasi, Akwa Ibom State which is worth $3.2 billion...

    • Posted August 10, 2011
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  • S&P DOWNGRADES US AAA Rating

    The United States lost its top-tier AAA credit rating from Standard & Poor’s Friday in an unprecedented blow to the world’s largest economy in the wake of a political battle that took the country to the brink...

    • Posted August 7, 2011
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  • Britain’s FTSE 100 plunges below 5,400

    Britain’s FTSE 100 extended its recent decline into a fifth day on Thursday, plunging below the 5,400 mark, as investors fretted over the strength of the global recovery and sovereign debt on both sides of the Atlantic. The...

    • Posted August 5, 2011
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  • NDIC to pay N2.03 billion Trapped Depositors Fund

    The Nigerian Deposits Insurance Corporation (NDIC) said on Tuesday in Lagos that it has concluded arrangement to pay N2.03 billion to 69,000 depositors whose funds were trapped in 91 microfinance banks (MFB’s) across the country. NDIC’s Head...

    • Posted August 3, 2011
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  • 24 Companies Placed on Full Suspension – NSE

    The Nigerian Stock Exchange, NSE, has suspended trading on the shares of Dangote Flour Mills, Union Dicon Salt Plc, Etranzact Plc and 21 other companies for their failure to submit their financial statements for the year 2010....

    • Posted August 3, 2011
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  • Barth Nnaji sacks four CEOs of PHCN

    Minister of Power, Barth Nnaji on Monday sacked four Chief Executive Officers (CEOs) of Power Holding Companies of Nigeria (PHCN), a move that swiftly set jitters down the spine of the top management staff of the company....

    • Posted August 2, 2011
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  • CBN increases Dollar Sales to Bureau de Change

    Nigeria’s naira headed for the biggest gain in three weeks after the central bank doubled the amount of dollars banks can sell to foreign-exchange bureaux. The currency of sub-Saharan Africa’s second-biggest economy appreciated 0.3 percent to 152.55 per...

    • Posted August 2, 2011
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  • Afren’s chairman Egbert Imomoh appointed SPE president

    Afren’s chairman Egbert Imomoh will become president of the Society of Petroleum Engineers (SPE) in 2013, it was revealed today. Imomoh has been a member of the key international organisation for the oil and gas sector since...

    • Posted August 1, 2011
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  • Merger: Oceanic Signs TIA with Ecobank

    OCEANIC Bank Plc has recorded a milestone in its recapitalisation process, following the signing of Transaction Implementation Agreement (TIA) with Ecobank Transnational Incorporated (ETI). When completed, the merged bank would become the third largest in the country....

    • Posted August 1, 2011
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