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  • Oando announced a 25 per cent growth in profit

    Oando Plc has announced a 25 per cent growth in profit after tax in its half year 2011 financial performance. According to the unaudited results for the half year ended, June 30, 2011, presented to the Nigerian Stock...

    • Posted July 27, 2011
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  • FG to spend N880bn on power in 4 years

    THE Federal Government, on Tuesday in Lagos, rolled out the transformation agenda of President Goodluck Jonathan, designed to fast-track Nigeria’s steady march at becoming one of the top 20 economies by 2020. In line with international best...

    • Posted July 27, 2011
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  • CBN Increases Benchmark Rate to 8.75% to Curb Inflation

    Central bank increased its benchmark interest rate for the fourth time this year as rising wages and higher energy costs threaten to boost inflation. The monetary policy rate increased by three quarters of a percentage point to...

    • Posted July 26, 2011
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  • Candax Energy farms out major oil and gas exploration to Afren

    Candax Energy Inc. says it has entered into a binding agreement to farm out a major part of its working interest and operatorship of Block 1101 in Madagascar to LSE-listed energy company Afren Plc. After the transaction,...

    • Posted July 26, 2011
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  • Greek Coke bottler CCH to buy out Nigerian Bottling Company

    Greek Coke bottler Coca-Cola Hellenic (CCH) has won shareholder approval to buy out the Nigerian Bottling Company and turn it into a wholly-owned subsidiary in a deal worth $136 million, its local unit said on Monday. CCH,...

    • Posted July 25, 2011
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  • Syntel Partners Ericsson in bid to acquire NITEL

    Nigerian firm Syntel has finalised a technical partnership agreement with Swedish equipment vendor Ericsson in an attempt to acquire a 75% stake in fixed line incumbent Nigeria Telecommunications (NITEL), after the latest attempt to sell the ailing...

    • Posted July 25, 2011
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  • Failed Multi-Link transaction in Nigeria cost Telkom R7bn

    South Africa Communications Minister Roy Padayachie says that Telkom’s failed Multi-Link transaction in Nigeria has cost the company over R7 billion. He was responding to a written parliamentary question by the Democratic Alliance’s Niekie van den Berg,...

    • Posted July 25, 2011
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  • NSE restructures secondary market, Sectors reduced from 33 to 11

    THE Nigerian Stock Exchange (NSE) last week said it had concluded arrangements to embark on an intensive restructuring of the secondary segment of the capital market. From the current 33, the number of sectors has been reduced to...

    • Posted July 25, 2011
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  • Tam David-West blames problems of refineries on saboteurs

    A former Nigerian Minister of Petroleum, Professor Tam David-West, has called on the Federal Government to identify those persons who have sabotaged the operations of the refineries in the country. David-West told journalists on Thursday in Port...

    • Posted July 24, 2011
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  • Afren prepares Africa drilling spree

    Pan-African independent Afren plans to participate in wells in wide-ranging basins offshore West and East Africa. In Cote d’Ivoire’s offshore C1-01 concession (Afren 65%), technical evaluation of the Kudu field has been completed. This follows earlier studies...

    • Posted July 24, 2011
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  • Court orders IG to arrest Fidelis and Noel Anosike

    A Lagos High Court in Ikeja on Thursday issued a bench warrant on Directors of Folio Communications Limited, Mr. Fidelis Anosike and Mr. Noel Anosike, and ordered the Inspector General of Police (IGP), Mr Hafiz Ringim, to...

    • Posted July 24, 2011
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  • Diageo to invest N55 billion in Guinness Nigeria

    Diageo plc (LON:DGE), the brewing giant, announced that it has partnered with Guinness Nigeria to invest N55 billion in Nigeria to expand its brewing capacity. The new investment will be used to upgrade the existing facilities and...

    • Posted July 24, 2011
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  • GTBank Advances Most in Four Months on Stake Sale

    GTBank, Nigeria’s second-biggest lender by market value, rose the most in four months after saying it would sell its stake in Guaranty Trust Assurance Plc (GTASSURE) for 11.9 billion naira ($78.1 million). The stock gained 69 kobo or 4.9...

    • Posted July 24, 2011
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  • NCDMB – Nigerian Content Development and Monitoring Board to Adopt Brazil Oil Model

    NCDMB – Nigerian Content Development and Monitoring Board has entered into a knowledge exchange initiative with Brazilian National Oil Company, Petrobras in its bid to further the development of local content and employment in Nigeria’s oil and gas...

    • Posted July 22, 2011
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