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  N 1 trillion Spent on Recurrent Expenditure in First Half 2012 , Mostly on Subsidy Payments

  The accountant general, John Otunla, disclosed to journalists yesterday that of the N 1.44 trillion in government expenditure in the first six months, N 1.04 trillion was on recurrent expenditure. He also stated that the majority of...

  • Posted June 15, 2012
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  SEC Board Disbanded, Bolaji Ibrahim Bello Named Acting DG | Oteh may resume in 2 weeks

  The minister of finance, Okonjo Iweala disclosed that the Presidency had approved the appointment of the current Director of Finance and Administration, Mr. Bolaji Ibrahim Bello as the new Acting Director General of the Securities and Exchange...

  • Posted June 15, 2012
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  Five million farmers to receive FG’s support

  FIVE  million farmers are to benefit from the Federal Government’s Growth Enhancement Support Scheme (GES) this year, Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina, said. The minister made the disclosure yesterday, in Abuja, while briefing...

  • Posted June 15, 2012
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  DANA Air Crash Investigators Assess Possible Fuel Contamination

  The Accident Investigation Bureau (AIB) and National Transportation Safety Board (NTSB) have shed their spotlight on the Jet Fuel used by the ill-fated Dana air craft and Dana’s airline in general in order to determine if contaminated...

  • Posted June 15, 2012
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  Nigerian Stock Exchange Watch: Banks sell off causes ASI to retreat

  The All Share Index shed 22 basis points as a sell of in banking stocks and low demand levels caused the market to fall. Most top-tier banks GTBank (-0.99%), Zenith (-1.11%),  and First Bank (-0.85%) retreated, as...

  • Posted June 14, 2012
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  Oil Rebounds From Eight-Month Low Before OPEC Meeting

  Oil rebounded from the lowest close in eight months in New York amid speculation that declines were excessive as OPEC meets to discuss production quotas. Futures rose as much as 0.5 percent, after earlier falling for the fifth time...

  • Posted June 14, 2012
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  Naira Declines On Bets Of Further Weakening

  The naira retreated as speculation Nigeria’s currency would weaken further offset the biggest sale of dollars in four months. The currency of Africa’s top oil producer fell as much as 0.9 percent to 164.20 per dollar in theinterbank...

  • Posted June 14, 2012
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  Aruma Oteh Accused of Financial Crimes by SEC Board

  The board of the Securities and Exchange Commission (SEC) has alleged that the suspended Director-General, Ms. Aruma Oteh, used her personal account to receive and manage SEC 50th anniversary contributions in clear contravention of the Investment and...

  • Posted June 14, 2012
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  DANA Aircraft Was Insured for Combined Limit Risk of $ 350 million (N 56 billion)

  The National Insurance Commission (NAICOM) has ascertained that the ill-fated Dana aircraft was insured for a combined risk of $ 350 million (N 56 billion). The local underwriters led by Prestige Assurance have expressed their readiness to...

  • Posted June 14, 2012
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  Nigeria Should Brace for Economic Recession – Okonjo Iweala

  The minister of Finance, Dr. Ngozi Okonjo-Iweala has called on Nigerians to be more financially and fiscally prudent as the global economic downturn affecting Western countries will spill-over to Nigeria due to the falling price of oil....

  • Posted June 14, 2012
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  Nigerian Stock Exchange: Top Tier Banks, Forte Oil (+5%), Fidelity (+5%) Push ASI (+0.28%) Upwards

  The All Share Index (+0.28%) gained a third day due to a strong outing by the top tier banks. UBA (+3.26%), Zenith (+1.89%), First Bank (+0.95%), Access (+0.83%), and GTBank (+0.73%), all the top-tiers gained in the...

  • Posted June 13, 2012
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  NASCON Q1, 2012: Earnings N 3.3 billion (+52%), PAT (+72.3%)

  A Dangote salt production subsidiary, Nascon, released its Q1, 2012 unaudited financial statements to the Nigerian Stock Exchange today. Revenue came in at N 3.34 billion an increase of 51.7 % over the N 2.21 billion it...

  • Posted June 13, 2012
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  Facebook’s First Investor Peter Thiel has Paid Twenty More People To Skip School

  Tune in, drop out, start up. It worked out pretty well for Facebookfounder and Harvard dropout Mark Zuckerberg. Peter Thiel, one of Facebook’s first investors and a billionaire himself, announced a new class of ‘Thiel Fellows’ Wednesday, a group...

  • Posted June 13, 2012
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  MasterCard Supports CBN’s Cash-less Initiative

  MasterCard Worldwide has emphasised its support of the Central Bank of Nigeria’s (CBN) Cash-less Nigeria initiative, with Omokehinde Ojomuyide, Country Manager, West Africa, MasterCard Worldwide lauding the project as one that will set the standard for economies...

  • Posted June 13, 2012
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