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  UAC Property 2011 Earnings Up 31%, Rewards Shareholders with N0.65 Dividend

  The operators of the Golden Tulip Hotel and Victoria Mall Plaza, UAC Property Development Company Plc (UPDC), has released its FYE 2011 audited financial statements. The company reported a 31% growth in headline revenue from N 8.2...

  • Posted April 3, 2012
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  Islamic Development Bank Pledges to Provide N 310 Billion for Jonathan’s Transformation Agenda

  The Islamic Development Bank (IDB) has pledged N 310 billion ($ 2 billion) in order to support President Jonathan’s transformation agenda. The funding will be provided between 2012 and 2014. Vice President, Sambo disclosed this during his...

  • Posted April 3, 2012
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  Three Senior Officials Sacked Over Poor National Power Supply

  The minister of Power, Professor Barth Nnaji, has sacked three senior officials in the electricity sector due to the current state of low power supply in the country. The three officials are the Managing Director, Transmission Company...

  • Posted April 3, 2012
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  Akingbola (1) vs EFCC (0): Federal Judge Throws out Corruption Charges Against Former Bank Chief

  A Federal High Court sitting in Lagos has dismissed the charges against the embattled former Intercontinental bank boss, Erastus Akingbola (OON). Justice Charles Archibong has dismissed every single one of the 22-count corruption charge against Akingbola on...

  • Posted April 2, 2012
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  Nigeria Stock Exchange Watch: Market Begins Second Quarter on Negative Note

  The market resumed the second quarter of 2012, continuing its free-fall, shedding 0.01% today, after shedding 2.54% last week. Selling pressure forced most of the banking and consumer stocks to spiral downwards. Although some blue chip companies...

  • Posted April 2, 2012
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  Dangote to Divest 80% of Food Biz, Plans 2,000MW IPP and Build $1.5 Billion Port

  Dangote Group has revealed that it is planning to sell up to 80% stakes in its Food segment businesses which include Dangote Flour, Dangote Sugar, and Nascon (Dangote Salt). Alhaji Aliko Dangote revealed the company’s strategy during...

  • Posted April 2, 2012
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  The capital market public hearing fiasco

  The exchange of verbal missiles between the Chairman of the House Committee on Capital Market, Herman Hembe, and the Director-General, Securities and Exchange Commission, Ms. Arunma Oteh, which the country (indeed the world), has witnessed in the...

  • Posted April 2, 2012
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  Dangote to Step Down as Chairman of Dangote Cement amidst Plans to List on London Stock Exchange

  Alhaji Aliko Dangote is not sitting on his laurels as Africa’s richest man. The self-made billionaire, albeit with a little government help, has indicated that he is going to list his multi-billion dollar cement company on the...

  • Posted April 2, 2012
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  Skye Bank initiates ‘open house’ for e-banking

  SKYE Bank Plc has adopted an innovative way of introducing e-banking services to its customers. This new approach is an interactive forum tagged “Open House”, the first round of which was held at four different branch locations...

  • Posted April 2, 2012
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  Earnings Analysis: Diamond Bank’s N 11.2 billion Loss in 2011

  Diamond Bank recently reported an N 11.2 billion loss reflecting a difficult operating environment in 2011. The loss was primarily due to the fact that the company had to increase it provisions for losses by 93% to...

  • Posted April 2, 2012
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  NDIC Pays N 2 billion to Compensate 71,000 MFB Depositors

  The Nigerian Deposit Insurance Corporation (NDIC) has concluded plans to disburse N 2 billion to 71,000 depositors in over 103 failed microfinance banks across the country. Alhaji Umaru Ibrahim, Managing Director of NDIC, disclosed this over the...

  • Posted April 2, 2012
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  Why Jonathan refused to sign 2012 budget, Budget committees to meet this week

  “BusinessNews” gathered authoritatively that the President discovered some technical errors in the document. Budget Office and National Assembly committees may meet this week to look into the document and make necessary corrections. It will be recalled that...

  • Posted April 2, 2012
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  JMR Infotech expands reach through its new office in West Africa

  Nigerian arm demonstrates the company’s expansion into key emerging markets JMR Infotech, formerly known as TRASSET Services Group, on 26 March, 2012 announced the opening of its subsidiary in Nigeria, West Africa, as part of the company’s...

  • Posted April 2, 2012
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  President Jonathan Violated Code of Conduct Act in Accepting Gift from Gitto

  President Jonathan has come under fire from anti-corruption watchdogs for accepting a gift from a major construction company, Gitto Costruzioni Generali Nigeria Ltd. Gitto is an Italian owned company that grew from marble supply  in the late...

  • Posted April 2, 2012
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