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  • Nigerian interbank rates rise on low cash

    The Nigerian interbank lending rates climbed on Friday to an average of 14.50 percent from 13.50 percent last week as system liquidity thins out with outflows to bonds and foreign exchange purchases by lenders. The cost of...

    • Posted October 22, 2011
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  • Ngozi Okonjo-Iweala
    Fitch revises Nigeria’s rating outlook to stable

    Fitch yesterday revised the outlook of Nigeria’s credit rating to stable from negative, saying the likelihood of reforms increased as the government appointed a strong economic team after the April elections, according to Reuters. Fitch currently rates...

    • Posted October 22, 2011
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  • President Goodluck Jonathan
    FG Plans Relief Package for Shareholders of Nationalised Banks

    Angry shareholders of three bridge banks who lost their investments due to government’s acquisition of the institutions can now heave a sigh of relief as latest indications from regulators show that the Federal Government may be considering...

    • Posted October 22, 2011
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  • Sanusi: beauty or the beast, friend or foe, hero or villain

    I don’t think any Nigerian CBN Governor has ever been more controversial than Mallam Sanusi Lamido. I have always been fascinated by the way those who draw cartoon characters can make their subjects look evil or angelic...

    • Posted October 22, 2011
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  • Stock Exchange Closes the Week on Positive Note

    The Nigerian stock Market closed the week on the upbeat as the All Share Index rose 0.61% to close at 20,257.47. Leading the bulls was the banking sector buoyed by strong quarterly earnings. First Bank (+5%), Zenith...

    • Posted October 21, 2011
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  • Ezeoche Appointed DMD of GTBank

    GT Bank has announced the appointment of Cathy Echeozo as the Deputy Managing Director of the company. Mrs. Echeozo is a chartered accountant and a seasoned banker with over 18 years experience working in the industry. Prior...

    • Posted October 21, 2011
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  • AMCON ends purchase of bad loans Oct. 31 – Chike Obi

    The Asset Management Corporation of Nigeria (AMCON) will complete the acquisition of non-performing loans (NPL) from rescued banks in a N620billion 2009 bailout by October 31, its Managing Director, Mustapha Chike-Obi, said yesterday. At that date, AMCON would have...

    • Posted October 21, 2011
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  • UNBELIEVABLE New Footage Of Gaddafi Still Alive, Trying To Fend Off Captors [GRAPHIC]

    Stunning footage of Qaddafi still alive, clearly badly beaten up, trying to fend off his captors.  

    • Posted October 20, 2011
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  • GTBank Posts N 38 Billion Net Profit For 3Q

    GTBank, the financial institution formerly known as Guaranty Trust Bank, and one of Nigeria’s most well governed institutions has released quite impressive 3Q earnings figures. Revenue grew 17.7 % to N 126 Billion from N 107 Billion...

    • Posted October 20, 2011
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  • Nigerian Breweries Reports 3Q Earnings, Calls Nweke Jr To Board

    Nigerian Breweries, one of the most capitalized company’s on the Nigerian Stock Exchange, released its 3Q figures today reporting a net profit of N 24.8 Billion, an increase of 17.5% over the 3Q 2010 period. Revenue was...

    • Posted October 20, 2011
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  • Ngozi Okonjo-Iweala
    Nigeria’s Economy to Overtake South Africa by 2018

    Nigeria’s economy has been projected to be Africa’s biggest economy by 2018, overtaking South Africa in the process. Head of Research Africa, Standard Chartered Bank, Mrs Razia Khan, stated this at the Africa Summit organised by the...

    • Posted October 20, 2011
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  • Govt rejects out-of-court settlement with Ajaokuta Steel concessionaire

    The Federal Government has rejected an out-of-court settlement of its dispute with Global Infrastructure Holdings Limited (GHIL) over the cancellation of the concession of Ajaokuta Steel Company Limited (ASCON). The Minister of Mines and Steel Development, Musa Sada,...

    • Posted October 20, 2011
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  • Access Bank Reports N12.8 Billion 3Q PAT

    Access Bank has released its 3Q earnings. Revenue was up 55 to N 82 Billion from N 77.9 Billion over the same period last year. Profit Before Tax and net profit grew at a rate of 17%...

    • Posted October 19, 2011
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  • All Share Index Gains As Banks Report Healthy Earnings

    The All Share Index appreciated by 0.93% to close at 20,197.15 led by a strong performance in the banking sector. After releasing its 3Q earnings yesterday, Zenith Bank was up 5% in trading today. Access Bank released...

    • Posted October 19, 2011
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