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  • MTN Commences $ 1.3 billion Network Upgrade

    Nigeria’s largest telecommunications service provider, MTN has begun a network upgrade that will gulp $ 1.3 billion (N 204 billion) in order to improve it’s capacity and quality of service. The technical partners assisting MTN with the...

    • Posted June 8, 2012
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  • Q1, 2012 Earnings: Continental Re’s Gross Premiums top N 2.6 billion

    Continental Reinsurance recently reported its Q1, 2012 earnings to the Nigerian Stock Exchange (NSE). Gross Premiums earned increased to N 2.6 billion, up 26% from N 2.1 billion over the Q1, 2011 period. Underwriting Premiums were N...

    • Posted June 7, 2012
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  • Singapore’s Olam buys Nigerian food company for $ 66 million

    Singapore commodities trader Olam International Ltd said on Thursday it bought 100 percent of Nigerian dairy and beverage company Kayass Enterprises S.A. for $66.5 million. Olam said Kayass owns several brands including the beverage “Nature’s Fresh” and...

    • Posted June 7, 2012
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  • 1,025 Mega Watts on Stand-by From Niger Delta IPPs

    The Niger Delta Power Holding Company (NDPHC) has disclosed that it has 1,025 Mega Watts in three Independent Power Plants waiting to be evacuated to the NAtional grid. Managing Director of NDPHC, Mr. James Olotu said, “We have...

    • Posted June 7, 2012
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  • Naira Advances as CBN sells $ 300 million at Auction

    The naira rose for the first time in four days, reversing an earlier drop, as the Central Bank of Nigeria was said to sell dollars to lenders outside its scheduled currency auction yesterday. The currency of Africa’s biggest oil producer...

    • Posted June 7, 2012
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  • PARE Seeks N 5 billion to Establish Grazing Reserves in Northern Nigeria

    Pastoral Resolve (PARE), a non-governmental organization focused on solving the perennial conflict between farmers and pastoralists occasioned by poor access to land and water, is looking to raise N 5 billion in order to establish six grazing...

    • Posted June 7, 2012
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  • CAMAC Energy Wins Two Oil Blocks in Gambia

    CAMAC Energy Incorporated has announced that it had signed Petroleum Exploration, Development & Production Licences with The Republic of The Gambia for two previously awarded offshore exploration blocks, A2 and A5 (“the Blocks”). The Blocks, which are...

    • Posted June 7, 2012
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  • NNPC Diverted N 3 trillion from Federation Account – Reps

    The Nigerian National Petroleum Corporation (NNPC) has been accused of diverting N 3 trillion from the Federation Account by the House of Representatives Joint Committee on Finance, Petroleum Upstream, Petroleum Downstream and Gas Resources. The Committee recommended NNPC...

    • Posted June 7, 2012
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  • Nigerian Stock Exchange Watch: ASI Downturn Sustained by Price Fall in Dangote Cement (-5%) and Nigerian Breweries (-1.19%)

    The All Share Index shed 115 points in today’s trading largely due to a price drop in the bourse’s most capitalized stock, Dangote Cement (-5%). Another notable price drop was Nigerian Breweries (-1.19%). The banking sub-sector saw...

    • Posted June 6, 2012
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  • Oil rises toward $100 on U.S. data, eyes ECB

    Oil rose toward $100 a barrel on Wednesday as supportive economic and crude stocks data from the United States outweighed pressure from Europe’s lingering debt crisis. Brent crude rose more than $1.10 to $99.94 before easing back to...

    • Posted June 6, 2012
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  • CBN Says Banks Can do Better on Agriculture

    The Central Bank of Nigeria on Tuesday lamented the 1.7 per cent lending by banks to the agricultural sector, saying there was a need to increase funding to the sector in order to reduce the country’s food...

    • Posted June 6, 2012
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  • Omotosho Power Plant Adds 120 MW to National Grid

    The China National Machinery and Equipment Import and Export Corporation has said the Omotosho Power Plant in Ogun State is now adding 120 megawatts of electricity to the national grid. The Managing Director of the company, Mr....

    • Posted June 6, 2012
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  • Lagos can sustain up to 40 million people – Fashola

    Participants in the just-concluded Future Cities conference have said the summit provides a good platform for cross fertilisation of ideas to address the myriad challenges that confront Africa’s urban cities. They commended Economist Conferences, organisers of the conference, for contributing...

    • Posted June 6, 2012
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  • Gitto Construction Dragged to Court Over N 4.2 billion Diamond Bank debt

    Gitto Construction has had winding up petition instituted against it by Diamond bank due to the Italian firm’s refusal to pay a N 4.2 billion debt back to the bank. The matter has been taken to the...

    • Posted June 6, 2012
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