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  • Nigeria Applies for $ 670 Million Interest-free Loan from Islamic Development Bank

    The Minister of State for Finance, Dr. Yerima Ngama, has confirmed Nigeria’s application for a $ 670 million interest-free loan from the Islamic Development Bank (IDB). The loan application which is currently being debated by the National...

    • Posted March 16, 2012
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  • CBN provides Concessions on Cashless Lagos, Increases Transaction Limits and Cuts Charges

    The Central Bank of Nigeria (CBN) appears to be partially retracing its steps on the controversial Cashless Nigeria project which is slated to kick off in Lagos in two weeks. The CBN has divulged that the transaction...

    • Posted March 16, 2012
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  • FCMB warns of 2011 Loss

    First City Monument Bank (FCMB) warned on Thursday it expected to report a net loss of up to 9 billion naira ($57 million) for last year, knocking its share price. “We will be posting a loss for...

    • Posted March 16, 2012
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  • Cameroon Blocks Allocation of Land to Nigeria’s Dangote Cement

    Land in Cameroon’s port city of Douala allocated to Nigeria’s Dangote Cement Plc  to build a manufacturing plant belongs to the municipality and a cultural group and can’t be given out, a government official said. Members of the ethnic Douala...

    • Posted March 16, 2012
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  • Nigerian Stock Exchange Watch: Market Plummets Further due to Blue Chips Decline

    The Nigerian Stock Exchange plummeted further in trading today, compounding on yesterday’s losses due to selling pressure on several bluechip stocks including the bourse’s juggernaut, Dangote Cement. The banking sub-sector was skewed largely towards the bears as...

    • Posted March 15, 2012
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  • NCC seals Techno office over uncertified products

    The Nigerian Communications Commission (NCC) on Wednesday sealed the Lagos office of Techno, a mobile phone manufacturer, over alleged production of uncertified products. Mr Efosa Idehen, the NCC Head of Enforcement Unit, told journalists that followed the...

    • Posted March 15, 2012
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  • Senate to Pass N4.648tr 2012 Budget Today

    Indications emerged Wednesday that the N4.648 trillion 2012 federal budget may finally scale through the Senate’s legislative mill Thursday, as senators warm up for its passage. The final report on the budget was to have been presented...

    • Posted March 15, 2012
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  • Statoil legal challenge in Multi-Million Dollar Abebe Lawsuit

    Statoil has attacked as ”ill-founded and without merit” claims against it reportedly running into millions of dollars from a Nigerian oil consultant after challenging a legal ruling in a Lagos court this week. The Norwegian state oil...

    • Posted March 15, 2012
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  • States face bankruptcy over N339.9bn foreign debt – RMAFC

    The Revenue Mobilisation Allocation and Fiscal Commission, said on Wednesday that the 36 states of the federation were owing a $2.165bn(about N339.9bn) foreign debt, resulting in their inability to finance developmental projects. Making his submission before the...

    • Posted March 15, 2012
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  • Islamic Development Bank Commits $470 million for Almajiri Education

    The Islamic Development Bank has committed the sum of $ 470 million for the bilingual education of almajiri’s in the country. Dr. Ahmed Mohamed-Ali revealed this during a courtesy call to the Minister of Finance, Ngozi Okonjo...

    • Posted March 15, 2012
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  • Oscar Onyeama Enlightens Lawmakers on the New NSE

    The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyeama, tucked his tail between his legs and appeared before the House Committee on Capital Markets, putting aside his earlier defiance. In his testimony before the...

    • Posted March 15, 2012
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  • Arunma Oteh Clashes with Lawmakers over N 850,000 Food Expenditure Bill

    Tempers flared during the House Committee on Capital Markets headed by Herman Hembe sitting yesterday. The Director General of the Securities and Exchange Commission (SEC), MS. Arunma Oteh was grilled by members of the committee on various...

    • Posted March 15, 2012
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  • Why I Am Leaving Goldman Sachs

    Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. TODAY is my last day at Goldman Sachs. After...

    • Posted March 14, 2012
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  • Nigerian Breweries Sells N 230 billion Worth of Beer in 2011

    NIGERIAN Breweries Plc Group, comprising Nigerian Breweries Plc (NB Plc) and its recently acquired subsidiaries — Sona Systems Associates Business Management Limited and Life Breweries Company Limited, recorded an operating profit of N56.6 billion for the 2011...

    • Posted March 14, 2012
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