Latest News

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  Iroko Partners Raises $8 million in Financing for Nollywood Focused Company

  Iroko Partners owners of iROKtv, the online site with exclusive rights to distribute Nollywood movies has secured $ 8 million in financing from foreign investors as earlier reported by techloy.com. The financing was raised through the assistance...

  • Posted March 22, 2012
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  GT Bank targets Loan growth, Plans to build Seven Branches in 2012

  Guaranty Trust Bank (GT Bank) expects loan growth to top 16 percent in 2012, with return on equity of between 23 and 25 percent, while it starts expansion to French- speaking west Africa next month, the bank’s...

  • Posted March 22, 2012
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  Poor Gas Supply Causes Electricity Generation to fall 900 Megawatts as Nigerians battle Heatwave

  The minister for Power, Professor Barth Nnaji has blamed the recent state of extremely poor power supply in the country on poor gas supply. The minister says power generation has fallen by 900 megawatts causing Nigerians to...

  • Posted March 22, 2012
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  Okonjo Iweala Said to Be Seriously Considered for World Bank

  Some African nations are planning to nominate Nigeria’s Finance Minister Ngozi Okonjo-Iweala to become president of the World Bank, an official on the lender’s board of directors said. Okonjo-Iweala, who was a managing director at the Washington-based World...

  • Posted March 22, 2012
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  Access Bank to Sell Intercontinental Bank UK Subsidiary

  Access Bank Plc, Nigeria’s sixth- largest lender by market value, plans to sell its entire stake in Intercontinental Bank U.K., Chief Executive Officer Aigboje Aig-Imoukhuede said. “The bank has commenced discussions with two potential buyers and will ensure...

  • Posted March 22, 2012
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  Nigeria Stock Exchange Watch: Bourse Rebounds from Yesterday, Gains 0.29%

  The bourse rallied in today’s session, with a marginal gain of 0.29% as the All Share Index closed at 21,067.90. The banking sub-sector saw reversal in the fortunes of First Bank (+4.91%) as the stock reversed on...

  • Posted March 21, 2012
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  Banks to Provide Lagos Tax Officials with Customer Information or Face Consequences

  The Chairman of the Lagos Internal Revenue Service (LIRS), Mr. Tunde Fowler, recently disclosed that bankers who fail to provide the LIRS with information regarding bank accounts, bank statements of individuals and corporations in Lagos State will...

  • Posted March 21, 2012
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  Notore plans N156bn investment in new fertiliser plant

  Notore Chemical Industries Limited, Nigeria’s leading fertiliser, agro-allied chemicals and seeds development group, plans to invest over $1bn (N156bn) in the construction of a new fertiliser plant. The planned investment is part of the company’s expansion programme...

  • Posted March 21, 2012
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  CBN to Go Hard on Banks Involved in Pension Fraud

  The Governor of the Central Bank of Nigeria, Lamido Sanusi, disclosed to journalists yesterday that the apex bank would penalize any banks found to be culpable in the Pension scam currently being investigated by the Senate. Speaking...

  • Posted March 21, 2012
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  Oteh’s one-day food bill stirs fresh controversy

  A receipt obtained by THE PUNCH on Tuesday revealed how the Director-General, Securities and Exchange Commission, Ms. Arumah Oteh, allegedly spent the sum of N850,000 at the Transcorp Hilton Hotel, Abuja. There were, however, discrepancies in the figures on...

  • Posted March 21, 2012
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  SEC Nigeria Vs Honourable Hembe: Enough of the Banter

  Editors Note: This guest post is written by Aretha Dadzie The so called SEC probe has sure generated a lot of heat with accusations trailing back and forth as to who did what. My concern however is the impact...

  • Posted March 21, 2012
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  Foreign Exchange Reserves Appreciate 9% to $35 billion, Exchange Rates Fall

  The country’s foreign exchange (forex) reserves have improved by 9% since the beginning of the year. The forex reserves now stand at $35.43 billion (as at March 14th, 2012), up from $32.64 billion at the end of...

  • Posted March 21, 2012
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  SEC Initiates Internal Investigation to Unravel Spy Ring providing Internal Memos to Hembe

  An internal investigation is also underway at SEC to discover who the mole is that continually provides Herman Hembe with internal correspondences. Herman Hembe, who up until he disqualified himself yesterday was, the House Committee Chairman on...

  • Posted March 21, 2012
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  Nigerian Stock Exchange Watch: Market Sustains Marginal Losses, Closes at 21,006

  The Market succumbed to the bears due to selling pressure on some of the bourse highly capitalized stocks including Zenith Bank (-0.76%), Access (-1.83%), First Bank (-4.13%) and Guinness (-1.23%). The All Share Index fell 0.26% to...

  • Posted March 20, 2012
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