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  Facebook records $59 million loss despite rise in ad revenue

  The world’s most popular online social network, Facebook, has posted a loss of $59m despite recording revenues rise of 32 per cent during the third quarter. The company revealed that its income rose to $1.26bn, between July...

  • Posted October 24, 2012
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  Airtel crosses 60 million active customer mark in Africa

  NAIROBI, Kenya, October 24, 2012/ — Bharti Airtel (“Airtel”), a leading telecommunications services provider with operations in 20 countries across Asia and Africa, today celebrated its 60 millionth customer in Africa. Airtel, which recently moved up one notch in global...

  • Posted October 24, 2012
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  Oando Announces Additional Production at Ebendo

  Oando Energy has announced that the Ebendo – 4 well, in which OER has a 42.75% working interest has been brought on production at 2,000 bopd (855 bopd net to OER).   “Bringing the EB-4 well on...

  • Posted October 24, 2012
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  Customers Accuse FG of Neglect and Deceit as High Electricity Tariff Bites

    The Federal Government was accused of neglect and deception by Electricity Customers following its failure to uphold its promise to protect Nigerians from paying increased electricity tariff following a tariff review.   The customers expressed their...

  • Posted October 24, 2012
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  Court Sanctions the Merger of FCMB and FinBank

  The Federal High Court of Nigeria on Monday officially approved the union of First City Monument Bank Plc (FCMB) and FinBank.   The endorsement, according to a report on Tuesday, paves way for the two banks to...

  • Posted October 24, 2012
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  SSS blame Arik Aircraft’s Incident on Mentally Unstable Man

  The Department of State Security Services (DSS) said yesterday’s incident on an Arik Air flight from Maiduguri to Abuja was caused by a mentally unsteady man whose “condition was triggered off” by turbulence.   Marilyn Ogar, DSS’...

  • Posted October 24, 2012
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  Forbes Africa 2012 Person Award: Dangote vs. Elumelu

    As the 2012 edition of the Forbes Africa Person of the year award draws near, the Chairman of Dangote Group, Alhaji Aliko Dangote, and former Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, have...

  • Posted October 24, 2012
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  “There is always interest in this business” – Glazers vow not to cash in on United

  The Glazer family have no plans to cash in on Manchester United anytime soon and intend to remain at the Old Trafford helm for “many, many years” to come, according to vice-chairman Edward Woodward. United have been...

  • Posted October 23, 2012
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  Nigeria to hold Oil licensing round by year-end – Minister

  Nigeria will hold an oil exploration bidding round before the end of the year, while licence renewal talks with Shell and Chevron over existing onshore fields are in their final stages, the oil minister told Reuters on...

  • Posted October 23, 2012
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  Zenith Bank leads Sector in 3Q Earnings, Posts N64.1 billion Net Income

    Zenith Bank, Africa’s seventh largest bank according to tier-1 capital metric, has posted its third quarter earnings. The bank’s management released the information to the Nigerian Stock Exchange yesterday, reporting gross earnings of N229.1 billion, which...

  • Posted October 23, 2012
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  DPR shuts down 20 fuel stations in Lagos for selling above N97/litre

  The Department of Petroleum Resources (DPR) said it has shut down 20 petrol stations in Ikorodu axis of Lagos State for selling petrol above recommended price of N97 per litre. The development had resulted in long queues...

  • Posted October 23, 2012
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• IMF warns African oil producers to avoid “white elephants”

  The International Monetary Fund has urged African oil and gas producing nations to direct their revenue in infrastructure and education rather than on “white elephants”. A photographer takes pictures through a glass carrying the International Monetary Fund...

  • Posted October 23, 2012
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• Insurance firms drag FIRS to tribunal over N1.15 billion excess tax

  NICON Insurance Company Plc and 43 others, on Monday in Abuja, dragged the Federal Inland Revenue Service (FIRS) to the Tax Appeal Tribunal over the non-refund of about N1.15 billion overpayment for stamp duties. The insurance companies,...

  • Posted October 23, 2012
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• Nigeria loses $500m yearly to foreign medical trips

  The search for better medical healthcare abroad by Nigerians particularly political office holders is said to be costing the nation over $500 million annually, even as a traveller on the average is said to be spending between...

  • Posted October 23, 2012
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