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  • ICRC, others to address $930bn infrastructure funding gap

    The Infrastructure Concession Regulation Commission on Wednesday said it would in partnership with other African countries galvanise resources to address the $930bn infrastructure deficit in the continent. The Director-General, ICRC, Mr. Mansur Ahmed, gave the indication at...

    • Posted February 16, 2012
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  • Ecobank Downsizes, but Promotes Top Performers

    Ecobank having recently completed its merger with Oceanic bank has announced the termination of an undisclosed number of staff, whilst also announcing the promotion of its best performing employees numbering about a thousand. A statement released by...

    • Posted February 16, 2012
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  • Senate Chides NNPC Leadership over Cluelessness on $ 665 million 2011 Budget Discrepancy

    The level of competence being displayed by the public officials in charge of managing our national resources leaves much to be desired. From an inability to account for crude oil allocations, subsidy payments and over-payments and more, one has...

    • Posted February 16, 2012
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  • KPMG’s NNPC Report Rendered Null and Void – Senate

    The Senate Committee on Public Accounts has rendered null the KPMG report on NNPC, citing a provision in the Constitution. Section 85 (3) of the 1999 Constitution states “Nothing in subsection (2) of this section shall be...

    • Posted February 16, 2012
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  • GSM Operators Ordered to Stop Sending those Annoying Text Messages to Subscribers

    Every GSM subscriber in Nigeria is usually harassed by text messages from his or her network carrier concerning one promotion or the other. For instance on Valentine’s Day, operators sent several unsolicited text messages throughout the duration...

    • Posted February 16, 2012
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  • NNPC Fails to Defend Budget

    The Nigerian National Petroleum Corporation failed to respond to the queries raised over the the execution of its 2011 budget, as it was unable to give relevant  answers on how it spent the $8.722bn (about N1.35tn) approved...

    • Posted February 16, 2012
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  • Nigeria Stock Exchange Watch: Bears Resurface as Dangote Cement Drags Bourse

    The market took a beating today driven primarily by losses sustained in Dangote Cement, which is the Exchange’s most capitalized stock. Institutional sales led to the stock losing the full 5% allowed and this in part led...

    • Posted February 15, 2012
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  • Dubai Property Developer Woos Nigerian Customers with Guaranteed Returns

    DAMAC a leading property developer in Dubai with a wide customer base in Nigeria has put together a special package in order to lure Nigerians to invest in the World’s fastest growing and most respected property market....

    • Posted February 15, 2012
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  • N1tr fraud in 2012 budget

    The National Assembly Committee on Appropriation’s announcement yesterday discovered how some federal Government Ministries Department and Agencies secretly included an illegal over N1trillion projects into the N4.7trillion fiscal estimate. Following this, the alleged smuggled items into the...

    • Posted February 15, 2012
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  • NSE Lists N4.6bn Tower Aluminium Bond

    The Nigerian Stock Exchange (NSE) last week listed N4.6 billion bonds floated by Tower Funding Plc on its daily Official list.   The bonds, series one tranche A and series one tranche B, were raised by Tower...

    • Posted February 15, 2012
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  • Why Nigerian contractors are excluded from projects – ADB

    The African Development Bank said on Tuesday that lack of adequate financial and technical requirements was why many Nigerian contractors hardly qualified for contracts awarded by it. Nigeria is ADB’s largest shareholder, while the bank is currently...

    • Posted February 15, 2012
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  • Google gets U.S., EU nod to buy Motorola Mobility

    U.S. and European regulators approved Google Inc’s $12.5 billion purchase of Motorola Mobility Holdings Inc and said they would keep a sharp eye on the web search giant to ensure patents critical to the telecommunications industry would...

    • Posted February 15, 2012
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  • AMCON recovers N 600 billion Bad Loans, to Commence Sales of Nationalized Banks

    The Asset Management Corporation of Nigeria (AMCON) revealed yesterday that it has recovered N 600 billion of the non-performing loans (NPLs) it bought from banks last year. This amount represents 19% of the N 3.14 trillion it...

    • Posted February 15, 2012
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  • President Jonathan seeks House of Assembly Approval to Borrow $ 7.9 billion from World Bank, Others

    The Federal Government has unveiled plans to borrow $ 7.9 billion (N 1.2 trillion) from the World Bank and other multi-national financial institutions. The President sent a letter along with a list of projects to the National...

    • Posted February 15, 2012
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