Latest News

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  Femi Otedola’s Forte Oil Declares N 15 billion Loss in 2011 Earnings

  Forte Oil, formerly known as African Petroleum, has declared a loss of N 15.5 billion in its 2011 audited earnings. The company which was involved in the fuel subsidy controversy earlier this year saw Revenue decline by...

  • Posted April 17, 2012
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  Fidelity Bank 2011 Earnings Up 24%, Credit Extension Expands by 61%

  Fidelity Bank released its audited financial statements for the 2011 financial year. The company recorded a sharp increase in Earnings, up 25% to N 70 billion from N 56 billion in 2010. Interest and similar income also...

  • Posted April 17, 2012
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  Naira Climbs to Highest in 5 Weeks After Central Bank Sale

  The naira strengthened to its highest in more than five weeks after the central bank sold dollars to lenders. The currency of Africa’s biggest oil producer appreciated 0.1 percent to 157.36 per dollar as of 4:02 p.m. on...

  • Posted April 17, 2012
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  69 Companies Including One Belonging to a Minister to Refund N 241 Billion Subsidy Money to Government

  The ad-hoc Committee on Fuel Subsidy led by Hon. Farouk Lawan has asked close to 70 beneficiaries of fuel subsidy to refund N 241.247 billion to government. Companies expected to tender refunds include the Minister of Aviation’s...

  • Posted April 17, 2012
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  Calls for Boycott as British Airlines Refuse to Back down on Exorbitant Ticket Prices

  The British Airlines alleged by government officials to be involved in exorbitant price fixing in Nigeria have made it quite clear that they do not intend to reduce their fares anytime soon. On Monday, the Director General...

  • Posted April 17, 2012
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  Federal Government May Scrap EFCC, ICPC, FRSC, others

  The Federal Government may be poised to scrap some of its agencies in the country, particularly the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related Offences Commission, and the Federal Roads Safety Commission...

  • Posted April 17, 2012
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  Dangote Subsidiary, NASCON Declares 70 Kobo Dividend in 2011 Earnings

  The National Salt Company of Nigeria, a subsidiary of Dangote Group has released its 2011 audited financial statements. The company recorded an 8.8% increase in turnover, as sales shot up to N 9.6 billion at against N...

  • Posted April 16, 2012
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  Skye Bank’s Bad Debt Provisions Affect Bottomline in 2011 Earnings, Revenue Up

  Skye bank released its audited financial statements today. The figures included a 200% increase in bad debt provision for the 2011 financial year driving the number to N23.7 billion from just under N 8 billion in 2010....

  • Posted April 16, 2012
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• iPad 3 rollout continues, hits 21 additional countries this month

  Apple is continuing to widen the availability of its third-generation iPad throughout the month of April. The company announced on Monday that it will make the device officially available in 20 new territories by the end of the month....

  • Posted April 16, 2012
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  World Bank Presidency: Kim Thrashes Okonjo-Iweala by Wide Margin

  The west and its allies, South Korea, Russia, Mexico, and Japan joined forces to deny Nigeria’s Finance Minster Ngozi Okonjo-Iweala a shot at the institution she had served for pretty much three decades. It was indeed mission impossible...

  • Posted April 16, 2012
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  Edo To Receive $75 million Support Credit from World Bank‎

  The World Bank Board of Executive Directors has approved a US$75 million concessional credit to the Federal Republic of Nigeria for Growth and Employment Support Programme in Edo State . The approved credit will be in the...

  • Posted April 16, 2012
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  Unity Bank 2011 Earnings, Profits Take a Big Hit, Down 80%

  Unity Bank released its audited financial statements at the tail end of the previous week. According to the figures, revenue nose-dived 26.7% in 2011 at N 47.5 billion from N 64.8 billion in 2010. To its credit...

  • Posted April 16, 2012
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  Total E&P Shuts Gas Plants, Oil Wells After Leak

  Total E&P Nigeria Ltd. shut gas plants and oil wells in Obite, Rivers State, in the country’s oil-rich southern delta, following a leak at one of its facilities. The leak at a gas plant probably followed an...

  • Posted April 16, 2012
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  What Titanium’s $329,000 Phone is like

  About 165 times more expensive than the Blackberry Porsche, the  Celsius X VI II is not a phone you should expect to see in these parts anytime soon, well unless you consider the exception of those who are illegally...

  • Posted April 16, 2012
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