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  • Exile Resources and Oando PLC Announce Proposed Acquisition and Financing – Press Release

    Exile Resources Inc. and Oando PLC (“Oando“) are pleased to announce that they have entered into a term sheet dated July 28, 2011 providing for, subject to the completion of satisfactory due diligence by both parties and other conditions, the acquisition...

    • Posted August 3, 2011
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  • Sovereign Trust Insurance to raise N1.734 billion through right issue

    Sovereign Trust Insurance Plc, STI, is seeking to beef up its shareholders fund by N1.734 billion, through the conduct of a rights issue. The company is offering its shareholders ordinary shares of 50 kobo each at 50...

    • Posted August 3, 2011
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  • NDIC to pay N2.03 billion Trapped Depositors Fund

    The Nigerian Deposits Insurance Corporation (NDIC) said on Tuesday in Lagos that it has concluded arrangement to pay N2.03 billion to 69,000 depositors whose funds were trapped in 91 microfinance banks (MFB’s) across the country. NDIC’s Head...

    • Posted August 3, 2011
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  • 24 Companies Placed on Full Suspension – NSE

    The Nigerian Stock Exchange, NSE, has suspended trading on the shares of Dangote Flour Mills, Union Dicon Salt Plc, Etranzact Plc and 21 other companies for their failure to submit their financial statements for the year 2010....

    • Posted August 3, 2011
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  • UAC Nigeria records 7.8billion First-Half Profit

    UAC of Nigeria Plc (UACN), a food-products maker and fast-food restaurant operator, posted a more than threefold increase in second-quarter profit as sales climbed. Net income for the period increased to 7.8 billion naira ($51 million) from...

    • Posted August 3, 2011
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  • CBN Extends Credit Guarantee for Oceanic to December

    Nigeria’s central bank extended an interbank credit guarantee for Oceanic Bank International Plc to Dec. 31 after it signed a deal to be acquired by Togolese lender Ecobank Transnational Inc. The extension “should give the market the...

    • Posted August 2, 2011
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  • Nigeria Eurobond Yields Fall

    Nigeria’s dollar-bond yields retreated to a record as low domestic debt levels in sub-Saharan Africa’s second-biggest economy relative to Europe boost the asset’s allure. The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer...

    • Posted August 2, 2011
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  • Barth Nnaji sacks four CEOs of PHCN

    Minister of Power, Barth Nnaji on Monday sacked four Chief Executive Officers (CEOs) of Power Holding Companies of Nigeria (PHCN), a move that swiftly set jitters down the spine of the top management staff of the company....

    • Posted August 2, 2011
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  • CBN increases Dollar Sales to Bureau de Change

    Nigeria’s naira headed for the biggest gain in three weeks after the central bank doubled the amount of dollars banks can sell to foreign-exchange bureaux. The currency of sub-Saharan Africa’s second-biggest economy appreciated 0.3 percent to 152.55 per...

    • Posted August 2, 2011
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  • Nigeria’s Oil, Gas Reserves Declining at About 12% a Year

    Nigeria’s oil and gas reserves are declining at as much as 12 percent a year, with production from onshore and shallow-water oil fields having reached their peak, Petroleum Minister Diezani Alison-Madueke said. Africa’s largest oil producer plans...

    • Posted August 1, 2011
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  • Nigeria Customs sieze N10b worth of contraband

    Ten contraband containers valued at N2 billion in the last six months have been seized by The Nigeria Customs Service (NCS) at the Port and Terminal Multi-services Limited (PTML) Command. The Area Comptroller of the command, Nuhu Isa...

    • Posted August 1, 2011
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  • Afren’s chairman Egbert Imomoh appointed SPE president

    Afren’s chairman Egbert Imomoh will become president of the Society of Petroleum Engineers (SPE) in 2013, it was revealed today. Imomoh has been a member of the key international organisation for the oil and gas sector since...

    • Posted August 1, 2011
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  • Merger: Oceanic Signs TIA with Ecobank

    OCEANIC Bank Plc has recorded a milestone in its recapitalisation process, following the signing of Transaction Implementation Agreement (TIA) with Ecobank Transnational Incorporated (ETI). When completed, the merged bank would become the third largest in the country....

    • Posted August 1, 2011
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  • US politicians struck a deal to solve cash crisis

    US politicians finally struck a deal to solve their cash crisis last night, saving the world from economic ruin. President Barack Obama announced that Democrats and Republicans agreed a plan to raise America’s debt ceiling to $17TRILLION. He...

    • Posted August 1, 2011
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