News Reports

Five quick facts about Zenith Bank’s listing on LSE

Nigerian shareholders can take advantage of the listing. Zenith Bank was last week listed on the London Stock Exchange, LSE. The bank’s management has applauded the move as one to bring more stability to the bank. “It is a sign of stability. The bank has strength, and it has moved from just being a local […]

Understanding Zenith Bank’s listing on London Stock Exchange as shareholders react

The company is listing Global Depository Receipts, GDRs, in London. Mixed reactions have trailed Zenith Bank’s listing on the London Stock Exchange. While some shareholders are excited about the development, some are indifferent, not certain about the offer these development has on their shares. Joyce Omotola, a Zenith Bank shareholder in Abuja, said she is […]

Food security, an emerging challenge for import driven countries- Report

“In a large proportion of cities in Africa and Asia, destructive floods have become an annual event.”

BPE offers Omotosho Power Plant to Chinese investors

The Omotosho Power Plant will now be owned by the China Corporation.

A Win-Win in African Infrastructure – The Durban BRICS Summit, By Donald Kaberuka

The new world order comes to Durban this week – for the fifth BRICS Summit, and the first in Africa. Dilma Rousseff, Vladimir Putin, Manmohan Singh, Xi Jinping and Jacob Zuma represent a changing world, as gravity and power gradually shift from North to South, and West to East. Between them, they preside over nearly […]

CBN activates cheque truncation platform in Abuja, Lagos

The aim of the platform is to ensure that cheques are cleared in one day.

CBN

CBN sells treasury bills worth N177.28bn

The treasury bills were of three months to one year tenor. The Central Bank of Nigeria sold N177.28 billion worth of treasury bills at its last bi-monthly auction. The treasury bills were of three months to one year tenor. The details of the sale were posted on the Central Bank’s website on Friday after the […]

Zenith Bank joins 96 sub-Saharan firms listed on London Stock Exchange

The listing gives Zenith access to the deepest international pool of capital in the world. Zenith Bank Nigeria Plc, one of Nigeria’s largest commercial banks, was on Thursday announced as the latest publicly quoted company from Nigeria to list its shares on the London Stock Exchange. “London Stock Exchange welcomes today Zenith Bank, one of […]

ECOWAS finance ministers adopt regional common tariff regime

The tariff regime is coming after more than ten years of internal negotiations.

ECOWAS may soon adopt common external tariff regime

Members of ECOWAS met in Cape Verde to facilitate the process for a universal external tax regime.

Bidders pay N73.64bn for 11 PHCN successor firms

The Nigerian government is privatizing the power sector.

Sanusi lamido sanusi

I won’t seek second term as CBN Governor- Sanusi

Lamido Sanusi said he has no intention to remain Governor of Nigeria’s Central Bank beyond 2014.

Jonathan rejects transparency clause in 2013 budget; asks N’Assembly not to monitor budget spendings

President Goodluck Jonathan has rejected a number of ambitious stipulations in the Budget Act allowing the Senate and the House of Representatives to monitor every kobo disbursed by the executive for project execution, a design federal lawmakers hatched to check the perennial problem of poor budget implementation. Mr. Jonathan said the unprecedented clauses, inserted by […]

Nigerian government sets up committee to pay electricity workers’ terminal benefits

The workers will get all their entitlements, government officials said. The Federal Government has set up a committee to pay members of the National Union of Electricity Employees (NUEE) their terminal benefits. Workers of Power Holding Company of Nigeria (PHCN) under the aegis of NUEE have been quarreling with the government over their severance package […]

Terminating BPE’s offer on ALSCON illegal, says BFIG

BPE rescinds sale of ALSCON to BFIGroup. The conspiracy and intrigues that has frustrated the privatization of Aluminum Smelter Company of Nigeria, ALSCON, since 2004 again reared its head on Tuesday, when the Bureau of Public Enterprise, BPE announced the termination of its offer to BFIGroup to acquire the plant. BFIG’s Chairman, Rueben Jaja, has […]

Nigeria maintains monetary policy rate at 12%

The MPC chose to keep the monetary policy rate unchanged at 12 per cent Nigeria’s Monetary Policy Committee, MPC, on Tuesday retained the nation’s Monetary Policy Rate, MPR, at 12 per cent, for the sixth consecutive time. The MPC is saddled with the responsibility of formulating monetary and credit policies, maintaining external reserves to safeguard […]

Judge postpones trial of Diamond Bank, 2 workers, others for money laundering

The Lagos judge postponed the trial to June 18. A Federal High Court in Lagos on Tuesday fixed June 18 for trial of two employees of Diamond Bank Plc, charged along with the bank and three others accused of money laundering. The accused are Lasisi Abayomi and Hillary Ojukwu, both employees of Diamond Bank; Oni […]

Court overrules NEXIM bank’s preliminary objection in case by former employees

Some former staff of NEXIM sued the bank for nonpayment of severance benefits. 

Made-In-Nigeria Leather Goods Fair holds in Abuja

Nigeria reportedly produces the third best leather in the world.

Nigeria to formulate salary policy in public service – SGF

The new policy will encourage and reward productivity, engender equity and recognise ability to pay.

Nigeria terminates ALSCON sale to BFIG

The BPE announced the decision of the Federal Government on Tuesday.

Nigeria earns N24.6bn from sale of 5 PHCN successor companies

The amount is from the payment of the mandatory 25 per cent of the bid value offered by five of the preferred bidders. The Federal Government has so far realised about $156.50 million (N24.6billion) from the sale of five of the 11 Power Holding Company of Nigeria, PHCN, successor companies. The amount is from the […]

Nigeria’s February inflation rises to 9.5%- NBS

Nigeria inflation rate witnessed a 0.5 per cent increase in February.

Nigeria loses N90 billion to ‘Grey market’ automobile

Illegal importation has cost Nigeria N90 billion in revenue.

Governor Sullivan Chime

Vietnamese company takes over Enugu’s Sunrise Flour Mill

The Enugu Governor expressed his pleasure at the expected revival of the flour mill.