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  • Nigeria’s Scanpower Partners Siemens on 1,600 MW Power Plant in Lekki

    Siemens, one of the world’s leading providers of energy solutions has been partnered by Nigerian company – Scanpower to build a 1,600 Megawatt Gas turbine power station in Lekki. Chief Executive Officer of Siemens AG stated, “A...

    • Posted May 3, 2012
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  • Nnaji Blames Poor Power Supply on “Tough Luck”

    Whilst Nigerians languish under immense inconvenience and hardship due to the inavailability of adequate or infact any power supply in most parts of the country, the leadership we look to in order to seek solutions to the...

    • Posted May 3, 2012
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  • CBN Faults Fuel Subsidy Report

    The Central Bank of Nigeria has denied making payments of N 844.9 billion to the Nigerian National Petroleum Corporation (NNPC) for fuel subsidy, as alleged in the Fuel Subsidy Report. In a letter to Speaker Aminu Tambuwal...

    • Posted May 3, 2012
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  • Lawmakers Seek to Curtail CBN’s Powers, Reduce Salaries of CBN Staff

    A bill to amend the Central Bank of Nigeria Act has scaled through a second reading at the House of Representatives. Lawmakers are seeking to amend the Act in order to get the CBN to provide more...

    • Posted May 3, 2012
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  • CBN Blames Capital Market Collapse on Insider Trading

    Testifying before the House  Ad hoc Committee on  Causes of the Near-collapse of the Nigerian Capital Market, the Central Bank of Nigeria (CBN) has blamed the banking industry on the insider abuse that plagued the system. Kingsley...

    • Posted May 3, 2012
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  • Nigerian Stock Exchange Watch: Investor Appetite for Top-Tier Banks Pushes Bourse to New Height

    Bullish sentiments prevailed in the banking sub-sector as 11 banks recorded appreciation with none recording a loss in the day’s trading. The release of Q1, 2012 results from First Bank and FCMB on the bourse today only...

    • Posted May 2, 2012
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  • Earnings Q1, 2012: Access Bank Realizes N12 billion on N 62 billion Revenue in

    Access bank recently joined the league of top-tier banks in the country with its acquisition of Intercontinental bank. It only follows that the bank begin to post top-tier numbers. After the 1st Quarter of the year, it...

    • Posted May 2, 2012
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  • First Bank Bags N 24.5 billion Profit on N 92 billion Q1, 2012 Earnings

    Industry behemoth, First Bank continued its tradition of excellence, recording over N 92 billion in Earnings in Q1, 2012, up 42% from the N 64.7 billion it made over Q1, 2011. The bank also saw net interest...

    • Posted May 2, 2012
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  • Naira Strengthens as Rising Foreign Reserves Boost Confidence

    Nigeria’s naira is heading for a week high against the dollar as the country’s foreign reserves increase, adding to confidence that the central bank can maintain currency stability. The naira strengthened 0.1 percent to 157.32 per dollar...

    • Posted May 2, 2012
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  • Nigeria to Ship Six Cargoes of Bonny Light Crude in June

    Nigeria, Africa’s largest oil producer, plans to ship six cargoes of benchmark Bonny Light crude in June after two lots for loading in May were deferred, according to a loading program obtained by Bloomberg News. The schedule comprises...

    • Posted May 2, 2012
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  • Guinness Appoints New CEO

    The Managing Director/CEO of Guinness Nigeria Plc, Devlin Hainsworth will, effective 1 July 2012, assume the role of CEO and Group Managing Director of East African Breweries Limited (EABL), a subsidiary of Diageo Plc. Mr Seni Adetu,...

    • Posted May 2, 2012
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  • Boko Haram Threatens to Attack Punch, Nation, SaharaReporters, Others

    Islamist group Boko Haram released a video late on Tuesday celebrating its bombing of a Nigerian newspaper and warning of more attacks on local and foreign media if they published reports that were biased to the sect...

    • Posted May 2, 2012
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  • FG Promotes 11,000 PHCN Casual Workers to Permanent Staff

    The Minister of Power, Barth Nnaji, has disclosed the conversion of 11,000 casual workers in the Electricity sector to permanent staff. In a Worker’s Day message to the employees, Nnaji said, “It is a manifestation of President...

    • Posted May 2, 2012
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  • NPA to Build Dedicated Electricity Power Plant

    The Nigerian Ports Authority (NPA) has revealed that it will construct an electricity generation plant to tackle the incessant electricity outages at the port. Managing Director of the NPA, Omar Suleiman, stated that the electricity plant would...

    • Posted May 2, 2012
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