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  Subsidy Scam: Indicted Fuel Marketers Won’t be Prosecuted – Attorney General

  The Attorney General of the Federation, Mohammed Adoke Bello, has stated that the fuel marketers indicted in the House of Representatives Adhoc fuel subsidy report will not be prosecuted. The attorney general made the statement in a...

  • Posted July 5, 2012
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  Nigerian Stock Exchange Brief: ASI (+1.11%) Rallies Big, Market Cap Crosses N 7 trillion mark

  The All share index (ASI) rallied big gaining  111 basis points. The strong performance was buoyed by the banking sub-index whic was up a whopping 2.06%. Market Capitalization crossed the N 7 trillion mark for the first...

  • Posted July 4, 2012
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  Naira Gains For Second Day On Bank Supply, Dollar Sale Bets

  The naira strengthened for a second day, heading for the biggest gain in more than a week, as the central bank auctioned dollars and on speculation oil producers will sell the U.S. currency. The currency of Africa’s...

  • Posted July 4, 2012
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  Tiger Brands of South Africa reaches Agreement to Acquire major stake in Dangote Flour

  After several months of speculation, Dangote Flour has announced that it will sell a majority stake of its shareholdings to Tiger Brands of South Africa. The deal is subject to Securities and Exchange Commission (SEC) approval, however...

  • Posted July 4, 2012
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  UN to Offer $150,000 Prize for Innovators in Africa

  ADDIS ABABA, Ethiopia, July 4, 2012/African Press Organization (APO)/ — The United Nations Economic Commission for Africa (ECA) and the African Innovation Foundation (AIF) announced the call for the 2013 Innovation Prize for Africa (IPA) today.  The prize aims to support Africans’...

  • Posted July 4, 2012
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  Dunn Loren Merrifield emerges Best Debt House

  Investment bank Dunn Loren Merrifield (DLM) has emerged the Best Debt House 2011 at the ninth prestigious Nigerian Investment Banking League Awards in recognition of its contribution to domestic financial markets. DLM, which was nominated alongside other...

  • Posted July 4, 2012
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  Femi Otedola Calls Lawmakers “Hungry”

  From all indications, it appears Femi Otedola has the House of Representatives by the balls as his conduct in the closed-door session revealed a confident party hell-bent on pursuing his mission to a logical conclusion. And the...

  • Posted July 4, 2012
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  Presidency moves to reinstate Oteh back into SEC DG position

  The Presidency has made not so subtle moves in the push to reinstate Aruma Oteh back into the SEC Director General (DG) position. Aruma Oteh was allowed to attend the Economic Management Team (EMT) meeting in Abuja...

  • Posted July 4, 2012
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  AMCON may List Nationalized Banks on the Stock Exchange

  The Asset Management Corporation of Nigeria (AMCON) is musing over whether to list the banks it nationalized on the Nigerian Stock Exchange. AMCON is exploring several ways of disposing of the banks from its custody and it...

  • Posted July 4, 2012
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  Creative Accounting: How Fund Managers Squandered $ 1.2 billion in Commodity Investments

  The Silver Rush at MF Global December 17, 2011 It’s one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global.It’s something else for a...

  • Posted July 3, 2012
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  Nigerian Stock Exchange Watch: ASI (+0.55%) Returns to Positive Territory(

  The All Share Index closed up 0.55% as bullish sentiments prevailed in today’s session. Leading the bulls was the banking sub-sector as the sub-index advanced by 1.47% on the back of a strong performance by stocks like...

  • Posted July 3, 2012
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  FYE 2011 Earnings: Union Bank Records N 95 billion loss

  Union bank reported its audited financial year end 2011 results to the Nigerian Stock Exchange today, declaring a whopping  loss of N 94.9 billion ($593 million). Gross Earnings took a huge hit as they fell 38% to...

  • Posted July 3, 2012
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• Draft of the Petroleum Industry Bill (2012)

  The Presidency received the draft version of the latest Petroleum Industry bill (PIB) last weekend. It has forwarded the bill to its Cabinet for consideration before it will transmit it to the House of Assembly. Foreign experts...

  • Posted July 3, 2012
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  Oando refutes allegations of Aig Imokhuede led Technical Committee on Subsidy

  Oando, Nigeria’s leading indigenous Oil and Gas company has refuted the allegations of infractions levelled against it by the Federal government constituted technical committee on payment of fuel subsidies. The firm has denied the allegations of subsidies...

  • Posted July 3, 2012
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