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  • CBN to cut policy rate to 11% next week – Rewane

    The Central Bank of Nigeria (CBN) will relax its monetary policy by reducing its policy rate to 11 per cent next week when its Monetary Policy Committee (MPC) meets, Bismarck Rewane, Financial Derivative Company has predicted. “Monetary...

    • Posted March 15, 2013
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  • FG begins implementation of budget three months into 2013

    The Federal Government has kick-started the implementation of the 2013 budget, as it has released about N400 billion first quarter capital vote. In a statement by the Special Adviser to the Coordinating Minister for the Economy and...

    • Posted March 15, 2013
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  • NSE Market Indices Drop By 0.45 Per Cent

    The indicators of the Nigerian Stock Exchange (NSE) on Thursday dropped by 0.45 per cent due to profit taking. The News Agency of Nigeria (NAN) reports that the market capitalisation lost N48 billion to close at N10.63...

    • Posted March 14, 2013
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  • Sahara Energy earmarks N31.6bn for power projects

    Sahara Energy has earmarked $200 million (N31.6 billion) for the development of the Nigeria’s power sector. The company, which won bid for the Ikeja Electricity Distribution Company recently, hinted in Lagos last week, that it would be...

    • Posted March 14, 2013
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  • ‘Nigeria loses N90b to tax evasion in auto industry’

    THE country may have lost over S550 million (N90 billion) to tax evasion through gray market operators in the automobile industry, since 2008. The loss figure was contained in a report just released by Lagos-based Financial Derivatives...

    • Posted March 14, 2013
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  • NSE to establish ASM to attract SMEs’ participation in capital market

    To introduce issuers’ portal for enhance information accessibility THE Nigerian Stock Exchange (NSE) has unveiled plans to revamp its second-tier market to an Alternative Securities Market (ASM), to enable Small and Medium Enterprises (SMEs) that are emerging...

    • Posted March 14, 2013
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  • Third party cheque policy takes off June 1

    The Central Bank of Nigeria (CBN) has ordered all banks to implement the policy on third party cheque withdrawal limit with effect from June 1, 2013, in a move to ensure uniform compliance by all the financial...

    • Posted March 14, 2013
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  • MTN plans upgrade of 5,528 sites in Nigeria

    AS part of its 2013 targets, telecommunications service provider, MTN said that it would upgrade about 5,528 of its sites across the country. MTN, which claimed to have already modernised and upgraded 4,615 sites, explained that the...

    • Posted March 14, 2013
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  • Aero Contractors Airline grounded due to strike over ‘recent cost-cutting measures’

    Nigerian airline Aero Contractors Co. said all flights have been grounded until further notice due to staff strikes over cost-cutting measures. Aero management is in talks with unions “to find a quick and amicable resolution,” company spokesman...

    • Posted March 14, 2013
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  • Real Ownership of Indigenous Oil Blocks Revealed

    Contrary to the claim by the Chairman of the Senate Committee on Business and Rules, Senator Ita Enang, last week that 83 per cent of oil blocks in the country are owned by northerners, investigations by THISDAY...

    • Posted March 14, 2013
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  • PHCN business manager calls for training of marketers to enhance accurate meter reading

    Mr Emmanuel Ilesanmi, PHCN Business Manager in Omu-Ara in Kwara, has suggested intensive training of PHCN marketers to enhance prompt and accurate reading of meters. Ilesanmi made the suggestion at a stakeholders’ forum in Omu-Aran on Wednesday...

    • Posted March 14, 2013
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  • Reps mandate committee to investigate N100 ATM monthly maintenance charge

    The House of Representatives on Wednesday in Abuja mandated its Committee on Banking and Currency to investigate the structure and composition of approved bank charges on all accounts in Nigeria. The resolution followed a motion by Rep....

    • Posted March 14, 2013
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  • Gains by Julius Berger, PZ, UBA highest among blue-chips in two months

    Share price gains recorded by Julius Berger, PZ Cussons and United Bank for Africa (UBA) in the first two months of the year are the highest amongst the 27 stocks in the blue-chip basket on the floor...

    • Posted March 14, 2013
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  • Nigeria’s annual offshore drilling expenditure to reach $2.26bn by 2016

    Offshore drilling expenditure in Nigeria, Africa’s leading oil producer, will hit $2.26 billion in 2016, according to the latest report from GBI Research, a business intelligence firm. The report which provides forecasts for the offshore drilling industry...

    • Posted March 14, 2013
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