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  • CBN retains interest rate at 12%

    The Central Bank of Nigeria (CBN) Tuesday resolved to leave the monetary policy rate (MPR), otherwise known as benchmark interest rate, unchanged at 12 per cent with a corridor of +/- 200 basis points. It also left...

    • Posted May 22, 2014
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  • FG earmarks $4bn for power construction, transmission

    In its quest to provide adequate power supply the federal government has earmarked $4billion for the construction and rehabilitation of transmission infrastructure in the country. Also,  some of the major power projects that  attracted transmission such as...

    • Posted May 22, 2014
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  • CBN limits government stake in banks to 10%

    The Central Bank of Nigeria on Tuesday released a new code of corporate governance and whistleblowing guidelines for Deposit Money Banks and discount houses. In the 40-page code of corporate governance, which will become effective from October...

    • Posted May 22, 2014
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  • US Secretary of Commerce arrives Nigeria on trade mission

    The United State Secretary of Commerce, Penny Pritzker, is leading 20 American companies on an energy business development trade mission to West Africa, specifically to Nigeria and Ghana. According to a statement issued by the United States...

    • Posted May 22, 2014
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  • Investors in Africa look beyond negative headlines – World Bank

    Investors in Africa are increasingly able to see beyond negative headlines of violence in nations like South Sudan, Nigeria and Kenya, as they seek more protection against risk for their business ventures, a senior World Bank official...

    • Posted May 22, 2014
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  • NSE eyes more oil firms after Caverton listing

    Following the listing of Caverton Offshore Support Group on the Nigerian Stock Exchange on Tuesday, the Exchange says it expects more companies with operations in the oil and gas sector to list. The Chief Executive Officer, NSE,...

    • Posted May 22, 2014
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  • Non-implementation of VAT, stamp duty waiver angers shareholders

    One year and five months after the Finance ministry promised that it would waive Value Added Tax and stamp duty on capital market transactions; it has failed to keep its promise, leaving shareholders angry. The Minister of...

    • Posted May 22, 2014
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  • Electricity metering gap can’t be closed soon – NERC

    Power consumers that do not have meters and are on the estimated billing system will have to continue with the payment of ‘crazy bills’ as the Nigerian Electricity Regulatory Commission has said the metering gap in the...

    • Posted May 22, 2014
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  • CBN expresses concern over external reserves depletion

    The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday expressed concern over the drop in fiscal buffers, stating that the development had exposed the economy to vulnerabilities arising from both domestic and external shocks....

    • Posted May 22, 2014
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  • Lekoil acquires 40% interest in Otakikpo Field in Nigeria

    Lekoil Limited yesterday said Lekoil Oil and Gas Investments Limited, a subsidiary of Lekoil Nigeria Limited, had agreed to acquire a 40 per cent participating and economic interest in the Otakikpo Marginal Field, offshore Nigeria, from Green...

    • Posted May 22, 2014
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  • Investors stake N10.22bn on 852.31m shares

    Transactions at the Nigerian Stock Exchange (NSE) on Wednesday increased by 185.81 per cent as investors’ staked N10.22 billion on 852.31 million shares in 4,689 deals. The News Agency of Nigeria (NAN) reports that the volume is...

    • Posted May 21, 2014
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  • Shareholders caution investing public over AMCON’s move to sell Mainstreet Bank’s assets

    Some shareholders of Mainstreet Bank Ltd, formerly Afribank, have cautioned the investing public on the expression of interest for the acquisition of the Asset Management Corporation (AMCON) interest in the bank. The shareholders stated this in a...

    • Posted May 21, 2014
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  • NEXIM Bank confirms ECOWAS $60m shipping project will take off in December

    The Managing Director, Nigeria Export Import Bank (NEXIM), Mr Roberts Orya, has said that arrangements have been concluded for ECOWAS to float a shipping concern that will serve the sub-region. Orya told the News agency of Nigeria...

    • Posted May 21, 2014
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  • FG targets 30,000MW of renewable electricity in 10 years

    The federal government has disclosed a grand plan to supplement on-grid electricity generation and distribution across Nigeria with renewable energy sources like solar, hydro, wind and biomass. Minister of State for Power, Mohammed Wakil, disclosed this to...

    • Posted May 21, 2014
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