Latest News

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  Appeal Court Rules in Favour of Abebe, Orders Statoil to Pay $ 25 million

  A Court of Appeal sitting in Lagos has ordered Statoil to pay John Abebe, brother-in-law to former President Obasanjo, US$ 25 million for consultancy services his company, Inducon rendered in securing lucrative upstream deals. Abebe had earlier...

  • Posted June 6, 2012
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  CBN Autonomy: Why the Senate Should Tinker With the CBN Act 2007?

  The argument heating up economic, financial and political debate centers around the sanctity of the Central Bank of Nigeria’s autonomy. CBN governors are powerful figures with near absolute monetary authority. They have discretionary ability to sanction financial...

  • Posted June 5, 2012
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  UBA lowers opening balance for savings account

  Driven by its objective to implement cost saving e-Banking products and services, United Bank for Africa (UBA) Plc. has announced changes to its savings account scheme with reduced minimum opening balance. According to the bank, with a...

  • Posted June 5, 2012
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  Prestige Assurance to Pay Victims of Dana Crash Billions in Compensation

  Dana Air owned by the Dana Group and Prestige Assurance have two very things in common. Firstly Prestige Assurance is Dana Air’s insurance company, secondly and  perhaps less important, Prestige Assurace is also owned largely by Indian...

  • Posted June 5, 2012
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  Lagos-Ibadan Expressway: Bi-Courtney to Cede 20% Stake to Lagos, Ogun and Oyo

  The inability of Bi-Courtney to conduct any meaningful work on the Lagos-Ibadan expressway after several years of receiving the concession has attracted solutions from the Federal Government. President Jonathan set up a committee to look into the...

  • Posted June 5, 2012
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  American Pizza Chain – Domino’s to Debut in Nigeria, Open 500 Stores

  American Pizza chain Domino’s has sold it’s Nigerian franchise rights to Eat n Go, a Nigerian company. Eat n Go says it has ambitious plans to establish several Domino’s restaurants in the country over the next 3...

  • Posted June 5, 2012
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  Nigerian Stock Exchange Watch: Market Capitalization Falls Beneath N 7 trillion

  The All Share Index shed 0.81% in the second trading day in June sending the market capitalization of the bourse beneath N 7 trillion. Bearish sentiments prevailed across virtually all sectors with banking retreating by -1.56%, Consumer...

  • Posted June 4, 2012
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  Naira Heads For 4-Month Low As Oil Drops

  The naira fell for a second day against the dollar, heading for the lowest in more than four months, as crude prices declined and foreign investors were said to sell naira debt. The currency of Africa’s biggest oil...

  • Posted June 4, 2012
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  Renaissance Capital named “Investment Bank of the Year” in Africa

  Renaissance Capital, a leading emerging markets investment bank, has been recognised by African Banker as “Investment Bank of the Year” in Africa for the second time. The 2012 award was presented at the 6th edition of the African Banker Awards,...

  • Posted June 4, 2012
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  Japan Pledges $1 Billion for African Private Sector Development through AfDB’s Initiative

  Japan’s Senior Vice Minister of Finance, Yukihisa Fujita, announced at the African Development Bank’s (AfDB) Annual Meeting, the Japanese government’s intention to provide another USD one billion over the next five years for a second phase of...

  • Posted June 4, 2012
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  MasterCard Says Early Days for Mobile Payments Adoption in Nigeria

  MasterCard Worldwide recently unveiled the MasterCard Mobile Payments Readiness Index (MPRI), an analysis of 34 countries and their readiness to use three types of mobile payments: person to person, mobile web commerce and mobile contactless payments at...

  • Posted June 4, 2012
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  First Bank partners Ria on International Money Transfer service

  First Bank has partnered Ria International, a money transfer service with operations in over 120 countries. The Managing Director of First Bank, Mr. Bisi Onasanya has described the partnership as a “child of prosperity”, calling it remarkable...

  • Posted June 4, 2012
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  Power Officials fail in Supervising Key Power Projects – Senate

  The Chairman of the Senate Committee on Power, Phillip Aduda has identified poor supervision of power projects in the country as a reason for the perennial blackouts Nigerians are languishing under. He made this known whilst visiting...

  • Posted June 4, 2012
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  When Prayer is not the Answer: How the Regulatory Bodies Failed!

  It is on record that the Nigeria Airspace Management Agency (NAMA), the Nigerian Civil Aviation Autority (NCAA) and the Federal Airport Authority of Nigeria (FAAN) hosted a prayer session on March 17th, 2012 to mark five years...

  • Posted June 4, 2012
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