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  • MDAs smuggle N 1 trillion worth of projects into 2012 Budget – Senate

    The Senate Committee on Appropriation has indicted Ministries, Departments and Agencies (MDAs) of the Federal Government of having inflated the 2012 budget by a colossal N 1 trillion. Chairman of the committee, Ahmed Maccido, informed journalists in...

    • Posted February 15, 2012
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  • Nigerian Stock Exchange Watch: Market Responds Positively to Love Bug

    The Nigerian Stock Exchange recorded brisk business today even as Valentine epidemic was underway in the commercial capital- Lagos. The stock market must have borrowed Cupid’s arrow to give investors a positive vibe as the All Share...

    • Posted February 14, 2012
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  • Honeywell Flour Mills 3Q, 2011 Earnings up 23%

    The management of Honeywell Flour Mills released its 3Q, 2o11 results on the floor of the exchange today. The company reported a growth in revenue of 20%. Revenues were N 27.94 billion, up from N23.36 billion over...

    • Posted February 14, 2012
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  • Agbonlahor Resigns from Board of Guinness Nigeria Plc

    Guinness Nigeria Plc has notified the Exchange that the Board of Directors of Guinness Nigeria Plc. at its meeting of Thursday, February 9, 2012 accepted the resignation of Mr. Francis Agbonlahor from the Board of Directors of...

    • Posted February 14, 2012
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  • International Private Equity Firms court Nigeria, South Africa

    An increasing number of private equity firms are seeking to participate in deals in Africa. Businessnews spoke with a PE player based in New York over the weekend. The associate at the PE firm which controls $183...

    • Posted February 14, 2012
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  • MTN advises Data Subscribers to Register their SIMs

    MTN has advised its data subscribers to register the SIM in their devices in order to received uninterrupted services. Apparently the directive from the Nigeria Communications Commission (NCC) that all devices must be registered does not apply...

    • Posted February 14, 2012
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  • Firm Boosts Power Supply in Lagos, Ogun

    As part of its mandate to strengthen the power transmission and distribution networks in the country, Niger Delta Power Holding Company Limited, (NDPHC), owners of the National Integrated Power Project (NIPP) has declared one 60MVA 132/33 KV...

    • Posted February 14, 2012
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  • FG received N 4.62 trillion in Taxes in 2011

    The Federal Government made N4.62tn from tax collections in 2011, the Federal Inland Revenue Service has said. The figure represents an increase of N990bn or 27.27 per cent over the N3.63tn revenue target set for the agency....

    • Posted February 14, 2012
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  • Irish Rock Star backed Private Equity Firm to Invest $450 million in sub-saharan Africa

    Private Equity firm 8 Miles LLP backed by Irish Rock Star Bob Geldof has raised $ 200 million to invest in sub-Saharan Africa which includes Nigeria, Kenya, and Ghana as the top investment destinations. 8 Miles, which...

    • Posted February 14, 2012
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  • NIgeria Cocoa Output to Decline 20% due to Heavy Rains

    Olam International, the Agriculture trading company based in Singapore which recently acquired Titanium holdings, the largest producer of biscuits and sweets in Nigeria has stated that the cocoa output this season may decline by 20% due to...

    • Posted February 14, 2012
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  • Nigeria Stock Exchange Watch: Fifth Consecutive Day of Decline

    The Nigerian Stock Exchange began the seventh week of the year on a negative note as the All Share Index slumped by 19 points to close at 20,583.61. The banking sub-sector was the only indice to record...

    • Posted February 13, 2012
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  • Obama Budget Proposes Doubling Dividend Tax on Wealthy, Implementing Buffett Rule

    President Barack Obama’s budget plan calls for taxing dividends received by high-income taxpayers as ordinary income, raising the top rate to 39.6 percent from 15 percent. The proposal, in the president’s fiscal 2013 budget released today, would reverse...

    • Posted February 13, 2012
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  • Nigerian naira eases on importer demand for dollars

    The Nigerian naira eased slightly against the dollar on the interbank market on Monday after dollar demand from importers put pressure on foreign currency liquidity, dealers said. The naira ended at 159.20 to the dollar, weakening from...

    • Posted February 13, 2012
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  • Pirates kill captain, chief engineer in Nigeria ship attack

    Pirates shot dead the captain and the chief engineer on a cargo ship off the coast of Nigeria on Monday, an International Maritime Bureau (IMB) official said, the latest in a string of attacks on vessels off...

    • Posted February 13, 2012
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