All posts by Ifreke Inyang

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  Churches, mosques face penalty for poor financial reporting

  The Federal Government through the Financial Reporting Council of Nigeria has given religious and other not-for-profit organisations until January 1, 2014, to start reporting their profit-making subsidiaries as business entities in line with a new financial reporting...

  • Posted July 20, 2013
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  Sterling Bank grows Q2 net profit by 97.03%

  The management of Sterling Bank Plc, on Thursday, presented its unaudited score card for the second quarter ended June 30, 2013, to the Nigerian Stock Exchange (NSE), indicating among others that profit after tax rose to N5.922...

  • Posted July 20, 2013
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  Niger strips Russian firm of dam project over delays

  Niger has cited delays to revoke a huge contract with a Russian company tasked with building the impoverished nation’s flagship hydroelectricity project. “The government has quite simply decided to terminate the contract between the state of Niger...

  • Posted July 20, 2013
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  Nigerian lawmakers want Shell, Eni oil block award revoked

  Nigeria should revoke oil rights for which Royal Dutch Shell Plc  and Eni SpA  paid $1.1 billion, a parliamentary committee said, alleging that the acquisition process was “highly flawed.” Shell and Eni jointly bought Oil Prospecting License...

  • Posted July 20, 2013
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  GTB acquires 70% shares of Kenyan bank

  Guaranty Trust Bank (GT Bank) yesterday announced that it had reached an agreement to acquire a 70 per cent stake in Kenya’s Fina Bank Limited for $100 million (N16 billion). Fina Bank has total assets of $338...

  • Posted July 19, 2013
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  Budget: Reps pass amendments for second reading

  President Goodluck Jonathan’s amendment proposals to the 2013 budget passed second reading at the House of Representatives on Thursday. Members of the lower legislative chamber made a dramatic U-turn during Thursday’s session and endorsed the amended budget...

  • Posted July 19, 2013
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  FG to fast-track establishment of venture capital firms

  The Federal Government said it will fast-track the establishment of vibrant and efficient venture and equity capital organisations that will help provide cheap funds for Micro, Small and Medium Enterprises across the country. The Minister of Industry,...

  • Posted July 19, 2013
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  FG appoints Citigroup, Vetiva to manage sale of Enterprise Bank

  The Federal Government has commenced the sale of the AMCON-owned banks, with the appointment of Citigroup and Vetiva Capital to manage the sale of one of the banks — Enterprise Bank Limited. In an interview, Mr. Mustapha...

  • Posted July 19, 2013
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  No agreement with ETI over N1.6bn debt – AMCON

  Asset Management Corporation of Nigeria, Thursday, said it is in advanced discussions with Mr. Kolapo Lawson, Chairman, Ecobank Transnational Incorporated, ETI, over the repayment of a N1.6 billion loan, and also debunked claims that it has reached...

  • Posted July 19, 2013
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  India’s chemical exports to Nigeria grows by 5.6%

  Exports of chemical  items from India to Nigeria have increased to about 5.6 percent from 2012 to 2013. Also, the total items covered under the purview of ChemExcil (Export Promotion Council, set up by Indian government) to...

  • Posted July 19, 2013
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