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  • BPE Probe: Jimoh Ibrahim forged signature to acquire NICON

    Senators were told on Wednesday that NICON Insurance was acquired by Global Fleet Oil and Gas with a signature allegedly forged by NICON Chairman Jimoh Ibrahim. The Senate Committee probing the sale of government companies from 1999...

    • Posted August 11, 2011
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  • BPE Probe: Rusal told to return $120 million to the Federal Government

    The Bureau of Public Enterprises (BPE) yesterday in Abuja told the Senate that only the sum of N146 billion was realised from the sale of public companies since 2000. It was also revealed that Aluminium Smelter Company of Nigeria (ASCON), IkotAbasi, Akwa Ibom State which is worth $3.2 billion...

    • Posted August 10, 2011
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  • Mainstreet Bank -Former Afribank repays 50billion naira to CBN

    Nigeria’s recently nationalised Mainstreet Bank, formerly Afribank (AFRIBAN.LG), said on Tuesday it had paid the central bank back the 50 billion naira ($327 million) in intervention funding given in a 2009 bailout and the lender was now...

    • Posted August 9, 2011
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  • Banking Stocks Heading For 11-Month Low

    Nigerian bank stocks headed for an 11-month low after the central bank nationalized three lenders it deemed unlikely to meet a Sept. 30 deadline to recapitalize. The Bloomberg Banking Index, which tracks performance of the 10 most...

    • Posted August 9, 2011
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  • AMCON appoints new Management for Nationalised Banks

    Assets Management Corporation of Nigeria (AMCON) has appointed new managements and boards for Mainstreet Bank Ltd, Keystone Bank Ltd and Enterprise Bank Ltd, the three bridge banks set up by the Nigeria Deposit Insurance Corporation (NDIC) to...

    • Posted August 8, 2011
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  • Former Popemobile Goes On Sale For $350,000

    It has carried a pope through New York and ferried US astronauts during triumphant returns from space. Now, a specially adapted 1964 Lincoln Continental limousine – a more elegant precursor to the modern popemobile – is up...

    • Posted August 7, 2011
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  • “In Omaha the US is still triple A” – Warren Buffet

    America’s most trusted investor, Warren Buffett roundly dismissed the S&P downgrade in comments to Fox Business. “I don’t get it. In Omaha, the U.S. is still triple A. In fact, if there were a quadruple-A rating, I’d give the...

    • Posted August 7, 2011
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  • S&P DOWNGRADES US AAA Rating

    The United States lost its top-tier AAA credit rating from Standard & Poor’s Friday in an unprecedented blow to the world’s largest economy in the wake of a political battle that took the country to the brink...

    • Posted August 7, 2011
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  • AMCON to run 3 Nationalised Banks for 2-3 years

    Nigeria’s state asset management firm AMCON will be the major shareholder in three nationalised banks that failed to recapitalise following a 2009 bailout for at least two to three years, the central bank said on Saturday. AMCON,...

    • Posted August 6, 2011
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  • Update: CBN Revokes SpringBank, AfriBank and BankPHB licences

    The Nigeria Deposit Insurance Corp (NDIC) has taken over the running of three banks rescued in a $4 billion bailout because they looked unlikely to meet a Sept. 30 central bank recapitalization deadline. Assets and liabilities of...

    • Posted August 5, 2011
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  • NDIC takes over Management of Afribank, BankPHB and SpringBank

    The Nigeria Deposit Insurance Corp., which insures deposits in the country’s banking industry, is taking over the management of three bailed-out banks deemed unlikely to meet a Sept. 30 recapitalization deadline, Managing Director Umaru Ibrahim told reporters...

    • Posted August 5, 2011
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  • Britain’s FTSE 100 plunges below 5,400

    Britain’s FTSE 100 extended its recent decline into a fifth day on Thursday, plunging below the 5,400 mark, as investors fretted over the strength of the global recovery and sovereign debt on both sides of the Atlantic. The...

    • Posted August 5, 2011
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  • Nigerian Escravos gas-to-liquids plant to start production in 2013- Chevron

    Chevron Corp. (CVX), the world’s fourth- largest energy company, said its Nigerian Escravos gas-to- liquids plant is more than 70 percent complete and on course to start production in 2013. The facility, which will refine natural gas...

    • Posted August 3, 2011
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  • Shell accepts full liability for two massive oil spills in Ogoniland

    Shell faces a bill of hundreds of millions of dollars after accepting full liability for two massive oil spills that devastated a Nigerian community of 69,000 people and may take at least 20 years to clean up. Experts...

    • Posted August 3, 2011
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