All posts by BusinessNews Staff

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  GTBank to sell insurance stake

  Nigeria’s Guaranty Trust Bank said on Thursday it plans to sell its 68 percent stake in Guaranty Trust Assurance for 11.91 billion naira ($78.3 million) to comply with new regulations issued by the central bank last year....

  • Posted July 22, 2011
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  Currency round tripping thrives at parallel market

  Experts have cautioned the Central Bank of Nigeria (CBN) to keep a watch on the foreign exchange market to guard against round tripping by currency traders. Round tripping is a situation where currency traders move currency obtained...

  • Posted July 21, 2011
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  ERHC Energy Increases Stake in Exile Resources

  ERHC Energy Inc,  a publicly traded American company with oil and gas assets in West Africa, today announced it has increased its stake in Exile Resources (www.exileresources.com), a Canadian independent, to approximately 7.35 percent. Exile trades on the...

  • Posted July 20, 2011
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  Africa: The bottom billion becomes the fastest billion

  Africa now has more of the world’s fastest-growing economies than any other. Age is not often associated with speed. But Africa, the world’s oldest continent, now has more of the world’s fastest-growing economies than any other. Over...

  • Posted July 19, 2011
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  Greek oil tanker hijacked near Nigeria released

  A Greek oil tanker hijacked by gunmen off the coast of Nigeria at the weekend has been released along with its 20-strong crew, the Greek coastguard told AFP Monday. The Liberian-flagged oil tanker Aegean Star owned by...

  • Posted July 19, 2011
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  NSE to slash sectors to 11, proposes two-market structure

  The Nigerian Stock Exchange, NSE, is set to undertake a restructuring of the secondary segment of the capital market, reducing the number of sectors to 11 from the present 33 and collapsing the three markets – Equities,...

  • Posted July 19, 2011
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• No going back on September recapitalisation deadline for sick banks

  THE Central Bank of Nigeria (CBN) has reiterated that the September 30 deadline given to the eight rescued banks to recapitalise is sacrosanct, stressing that it will stop the interbank guarantee to the affected banks at the...

  • Posted July 19, 2011
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  Sale of Nigeria’s Nitel bogs down in confusion

  The sale of Nitel, Nigeria’s incumbent telecom operator, has bogged down in confusion following the failure by Omen International Consortium to pay a US$105 million bid security to the Bureau of Public Enterprise. The sale of Nitel,...

  • Posted July 18, 2011
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  Investors lose N153bn on NSE in one week

  Investors’ agony continued last week, as the value of their investment on the Nigerian Stock Exchange, NSE, dipped last week by N152.8 billion. Investment value, represented by the market capitalization, dipped by 1.97 per cent or N152.8...

  • Posted July 17, 2011
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  Lagos-Ibadan expressway: Adeboye prays for Babalakin

  Amid preparations for the commencement of full scale construction on the Lagos-Ibadan Expressway, the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, at the weekend, strengthened the Chairman of Bi-Courtney Highway Services Limited,...

  • Posted July 17, 2011
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