The naira strengthened for the first time in two weeks after Nigeria’s central bank sold the most dollars in almost two months to support the country’s currency. The currency of Africa’s largest oil producer appreciated 0.1 percent to 158.80 per dollar as of 3:40 p.m. in Lagos, the commercial capital, according to data compiled by Bloomberg. The Central [...]

Naira Gains First Day In Two Weeks As Bank Sells Dollars

The EFCC has taken into custody an oil bunkering vessel and its crew. The arrest was made by the Nigerian Navy and forwarded to EFCC officials yesterday. Head of Media and Publicity, Mr. Wilson Uwujaren, said in a statement, “The vessel, MT Takoradi, bearing one million litres of suspected Automotive Gas Oil, and 11 crew [...]

EFCC Arrest Oil Bunkerers with 1 million liters of Diesel

National Agency for Food and Drug Administration and Control (NAFDAC) boss, Paul Orhii as called on bread production companies to substitute wheat flour for cassava flour in the production of bread and pastries. Orhii speaking at the launching of UTC’s high quality cassava bread in Lagos on Thursday decried the astronomical level of food imports [...]

NAFDAC on Cassava Flour Campaign Drive

The Ogun State government has shortlisted 30 reputable investors from over 400 who signified their intention to invest in the economy of the state. Bimbo Ashiru, the Commissioner for Commerce and Industry disclosed this whilst speaking at activities to mark the 1st anniversary of Governor Ibikunle Amosun’s administration. He said, “As a fallout of the [...]

Ogun State Attracts FDI from 30 firms across several sectors

The Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo Iweala has said that there is no financial crisis in the country. The minister disclosed this to a delegation of members of the House Committee on Finance who visited the ministry yesterday in furtherance of their oversight function. The minister blamed the current [...]

Nigeria is not broke – Okonjo-Iweala

Horn Petroleum Corp confirmed the presence of oil at its Shabeel well in the Dharoor Valley basin of Somalia’s Puntland. “We are highly encouraged with these early results which indicate oil bearing sands in possibly two zones,” CEO David Grellman said in a statement. Horn Petroleum operates the Shabeel well. It holds a 60 percent [...]

Canadian company Horn Petroleum finds more Oil in Somalia

Diamond Bank reported its Q1, 2012 earnings to the Nigerian Stock Exchange earlier today. The company took in N 30.7 billion in Gross Earnings, up 48.5% YoY from N20.6 billion it made during Q1, 2011. Interest income was N 24.9 billion, up 53.6% YoY from N 16.2 billion it made in the similar period of [...]

Diamond Bank’s Q1 2012 Earnings Hit N 30.7 billion, Net Income N 5.3 billion

The world is changing at an increasing pace. To stay competitive, many organizations are focusing their efforts on enhancing innovation. It’s a worthwhile pursuit. Innovative organizations stand the best chance of developing a sustained competitive advantage in their industry. To achieve that competitive advantage, firms are asking how they can be more innovative. At its [...]

Leading innovation requires creative risk taking

The recent plan by the Minister of Power, Prof. Barth Nnaji, to distribute energy-efficient-led bulbs as a way of conserving available energy and improving power supply in the country is trite and laughable. Nnaji had hinted about the planned distribution of millions of energy-efficient-led bulbs free to all consumers in the country as part of [...]

Nnaji’s free bulbs

Tuesday saw the first lady, Patience Jonathan, stormed Warri with a plethora of members of the Armed Forces (Army, Navy, Police, Airforce), State Security Service, Advisers, Aides and some of her home-girls in order to launch a very special project. Many indigenes in Warri were delighted to learn about the visit of the First Lady. [...]

Patience Jonathan Launches Very ‘Special Project’ in Warri