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  • Nestle to Spend $ 92 million on Nigeria Expansion, Sell More Maggi, Milo and Golden Morn

    Nestle Nigeria has announced plans to spend $92 million to boost its output in Africa’s biggest consumer market. According to Nestle CEO, Martin Woolnough, ““We’ve got a lot of money going into the country and that will...

    • Posted February 29, 2012
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  • Nigeria Needs Pause in Interest Rate Tightening, IMF Says

    The International Monetary Fund said a pause is “warranted” after Nigeria’s central bank raised its benchmark rate by 6 percentage points since 2010 to combat price pressures. A “clear” inflation objective will help to anchor expectations in Africa’s top oil producer, the...

    • Posted February 29, 2012
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  • Amosun Set to Convene Inaugural Investors’ Forum

    The Ogun State Government will hold the inaugural edition of Ogun State Investors’ Forum, with the theme: “Ogun State: Open for Business”on March 27 – 28, 2012 at DLK Event Centre, Abeokuta.   One of the Forum’s...

    • Posted February 29, 2012
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  • Nigerian Stock Exchange Watch: Market Cap Sheds N72 Billion

    The market fell for the second consecutive day due to the activities of profit-takers, compounded with huge losses in blue chip, highly capitalized stocks such as Nigerian Breweries (-4.99%) and First Bank (-5%). The All Share Index...

    • Posted February 28, 2012
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  • FG awards over $2.5bn contracts for gas pipelines

    The Federal Government has awarded over $2.5bn contracts for various gas pipeline projects in the country. This is in line with its policy on gas monetisation, as laid out in the Gas Master Plan, GMP. The Executive...

    • Posted February 28, 2012
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  • FG Pledges $15 Million to IFAD, Plans to Increase Agric Output to $ 300 Billion

    The Federal Government plans to boost the impact of agriculture on the Nigerian economy three-fold from the present $ 99 billion to $ 300 billion by the year 2030. Minister of Agriculture and Rural Development, Akinwumi Adesina,...

    • Posted February 28, 2012
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  • SURE Programme still Operational – Reuben Abati

    Presidential spokesman Reuben Abati has released a strongly worded statement in order to clear the air on the purported truncation of the Subsidy Reinvestment and Empowerment (SURE) programme. Recent reports had alleged that the President had disclosed...

    • Posted February 28, 2012
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  • NNPC, Mobil Source $ 1.5 Billion Loan from Offshore and Local Banks

    The Nigerian National Petroleum Corporation (NNPC) and Mobil, join-venture partners in oil mining assets, are tapping local and international markets for financing of $ 1.5 billion in order to fund drilling activities. Some international and local lenders...

    • Posted February 28, 2012
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  • Nigerian Stock Exchange Watch: Profit takers Rule the Day

    The market succumbed to profit takers today, the All Share Index dropped by 0.64% to 20,364.56. Investors were eager to harvest their profits made from gains on banking, consumer and Insurance stocks. First Bank (-4.07%), Union Bank...

    • Posted February 27, 2012
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  • Ibori Pleads Guilty to Money Laundering, Faces 10 Years Imprisonment

    James Ibori, former governor of Delta State, and godfather of present Delta state governor, Emmanuel Uduaghan who seconds as his cousin, has pleaded guilty to multiple count of money laundering and intention to defraud, in a British...

    • Posted February 27, 2012
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  • BP Said to Consider $14 Billion Spill Settlement

    BP Plc (BP/) and plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14 billion accord that would be funded with money originally set aside by the company for out-of-court settlements, according to three...

    • Posted February 27, 2012
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  • CBN sells N149.65bn T-bills, yields mixed

    The Central Bank of Nigeria has sold N149.65bn ($953.00m) worth of treasury bills with yields on the 182-day and 364-day papers lower than the previous auction, while the 91-day yields rose slightly. A statement by the CBN...

    • Posted February 27, 2012
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  • Revoke BiCourtney’s Concession Nigerians Tell Government as Robbers Lay Siege to Lagos-Ibadan Expressway

    According to a Businessnews poll, over 57% of Nigerians believe that the Federal Government should revoke the concession awarded to Bicourtney for the Lagos-Ibadan Expressway. After several years of being awarded the contract, many Nigerians are of...

    • Posted February 27, 2012
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  • Road Contractors Directed to Halt Usage of Kerosene

    Mike Onolememen, Minister of Works, in a bid to improve the quality of road construction in the country has called upon all contractors handling road projects to utilize bitumen emulsion instead of kerosene. The minister gave the...

    • Posted February 27, 2012
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