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  • FG Offers PHCN Workers N144 billion As Severance Pay, Union Demands N443 billion

    In order to resolve all labour issue relating to the Power Privatization scheme of the Federal Government, the Ministry of Power, Barth Nnaji has said that the Federal Government is ready to pay N144 billion as severance...

    • Posted August 17, 2012
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  • Oil Revenue Climbs 22% In July On Improved Security

    Nigerian government revenue rose 8 percent to 825.4 billion naira ($5.3 billion) in July compared with 763.6 billion naira in the previous month as oil revenue climbed 22 percent, the country’s accountant-general said. “This was due to...

    • Posted August 17, 2012
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  • Naira Strengthens To 9-Month High On CBN Regulation

    The Naira rallied to the strongest in more than nine months as commercial lenders sold dollars to comply with regulations on foreign-exchange holdings and foreign investors bought the nation’s debt. The currency of Africa’s biggest oil producer...

    • Posted August 16, 2012
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  • Fuel Strike Threat: Finance Ministry Issues Statement on Payment of Oil Marketers

    The claim by some marketers that they have embarked on strike because the Federal Government has failed to pay them for fuel imports is not accurate. The true position is that the Federal Government has been meeting...

    • Posted August 16, 2012
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  • Oil Gains As Supplies Decline More Than Expected

    Oil traded near the highest close since May after U.S. stockpiles dropped to the lowest in four months and China signaled it may take more steps to boost growth in the world’s second-biggest economy. Futures were little changed...

    • Posted August 16, 2012
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  • Akpabio says Ibaka Seaport will Create 70,000 Jobs

    The Ibaka seaport will create 70,000 jobs upon completion says the Akwa Ibo State Governor, Godswill Akpabio. The governor disclosed this to newsmen at the Nnamdi Azikwe Airport in Abuja after returning from an Investment Summit in...

    • Posted August 16, 2012
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  • PHCN Workers Call of Strike as Blackouts Persist

    Staff of the Power Holding Company of Nigeria (PHCN) have called off their strike which began about one week ago. The decision came after talks between the Power Ministry and Labour Unions took place at the Ministry...

    • Posted August 16, 2012
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  • Nigerian Bonds set to be included in JP Morgan Government Bond Index

    Nigeria is likely to be included in JP Morgan’s Government Bond Index – Emerging Markets (GBI-EM) from October, potentially bringing up to $1 billion into one of Africa’s most developed debt markets, the bank said on Wednesday....

    • Posted August 16, 2012
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  • NOSDRA Recommends $3 billion Fine Against Chevron for Oil Rig Fire

    The National Oil Spill Detection and Response Agency (NOSDRA) has recommended a $3 billion fine against Chevron for its oil rig explosion which led to a 46 day fire. “Having looked at the relevant literature and what...

    • Posted August 16, 2012
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  • Excess Crude Account: FG Shares $1 billion, $7.5 billion is Balance

    The Federation Accounts Allocation Committee (FAAC) deducted $1 billion from the Excess Crude Account on Wednesday and shared same with the three tiers of government. There was $8.5 billion in the account before the deduction, leading to...

    • Posted August 16, 2012
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  • Naira Rallies To Highest In Nine Months As Banks Sell Dollars

    Nigeria’s naira gained to the strongest in more than nine months as lenders sold dollars to comply with central bank regulations on foreign-exchange holdings. The currency of Africa’s biggest oil producer climbed as much as 1 percent to 156.900...

    • Posted August 15, 2012
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  • Common mistakes to avoid in IFRS interim reports

    On 28th July, 2010 the Federal Executive Council decided that Nigerian entities should adopt the provisions of International Financial Reporting Standards (IFRS) from 2012. Since then, Nigerian companies particularly those listed on the stock exchange have begun...

    • Posted August 15, 2012
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  • Rockefeller Foundation to Partner FG on Agriculture Transformation

    The Rockefeller Foundation disclosed yesterday that it is partnering the Goodluck Jonathan administration in its Agriculture Transformation Agenda. President of the Foundation, Judith Rodin, said that she felt the country could emerge the agricultural hub of the...

    • Posted August 15, 2012
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  • Elumelu Appointed Chairman of Presidential Committee on Healthcare

    Seasoned industrialist, philanthropist and financial guru, Tony Elumelu, has been appointed the Chairman of a 20 man Presidential committee on Healthcare development. The committee is saddled with the responsibility of developing private healthcare infrastructure in each of the six...

    • Posted August 15, 2012
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