All posts by BusinessNews Staff

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  First Bank strengthens profitability with 1% general provisioning

  First Bank’s decision to make one per cent general provisioning on its performing loans in its 2010 operating year is to strengthen future profitability says Bayo Adelabu, Chief Financial Officer of the Bank. The bank last week...

  • Posted April 19, 2011
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  CBN releases revised reference codes for MFBsCBN releases revised reference codes for MFBs

  The Central Bank of Nigeria (CBN) has released revised list of codes for microfinance banks (MFBs) for the electronic rendition of returns. According to a release on the apex bank’s website and signed by the Director, Other...

  • Posted April 19, 2011
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  Banks may experience consistent rise in cost of borrowing

  There are indications that the banking sector may soon experience increased cost of borrowing as liquidity continues to diminish in the sector. The Chief Financial Officer, First Bank of Nigeria Plc, Mr. Bayo Adelabu, disclosed in an...

  • Posted April 19, 2011
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  First Bank, Oceanic merger talks stalled

  The merger and acquisition talks between First Bank of Nigeria Plc and Oceanic Bank International Plc have reached a deadlock. The management of the two banks had been talking secretly on a merger and acquisition deal. Both...

  • Posted April 19, 2011
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  Nokia’s Ovi Store hits five million downloads daily

  Nokia’s proprietary platform for applications, games, navigation and music, the Ovi Store, has grown by nearly eight times over the last year and has now reached up to five million downloads per day. This, according to a...

  • Posted April 19, 2011
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  Chip revenue rose to $300bn in 2010 – Report

  The total market for semiconductors was just shy of $300bn in 2010, notching up a 30 per cent increase from 2009, techeye.net reported on Monday Intel was once again top at the market, which grew overall by...

  • Posted April 19, 2011
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  Gray handsets’ll continue to plague telecoms market – Report

  The problem of gray-market handset will continue to be a big challenge not only in Nigeria, but in the whole of Africa and the Middle East regions up until 2015. Gray-market handsets are cell phones that are...

  • Posted April 19, 2011
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  Oil Exports: Funding Constraints Stall Electronic Monitoring

  Non-availability of funds has stalled electronic monitoring of Nigerian crude oil production and exports at land terminals and Floating Production Storage and Offloading (FPSO) vessels, THISDAY investigation has revealed. The idea of computerising of activities in all...

  • Posted April 19, 2011
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  Inflation Rises to 12.8% on Political Spending

  Inflation rate in Nigeria rose to 12.8 percent year-on-year in March 2011, higher than the 11.1 per cent recorded the previous month, the National Bureau of Statistics (NBS) has said. Most analysts attributed the development to heavy...

  • Posted April 19, 2011
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  Election: Dollar Demand Climbs by 43% over Violence

  Demand for the US dollar at the Central Bank of Nigeria (CBN) regulated Wholesale Dutch Auction System (WDAS) climbed by 43 per cent compared with the total amount offered by the regulator Monday. This was as a...

  • Posted April 19, 2011
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