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Ikeja Power Problems Not Our Fault-Ikeja Electric

THE Ikeja Electricity Distribution Company (Ikeja Electric) has explained the reason behind the power outage being experienced in Ikeja for over one week. Head, Communication and Strategy, Ikeja Electric, Olanipekun Adeyanju, confirmed that there was gross shortfall in supply and Ikeja Electric gets 330MW from the grid. He said: “We have transmission limitation coupled with the substantial decline in supply ... Read More »

FG hails private partnership in housing finance, delivery

The Federal Government has once again hailed the private sector initiative in mortgage finance in the country, which has resulted into delivery of housing units across the country just like the  Federal Mortgage Bank of Nigeria (FMBN)/ Sky Diamond Estate in Kaduna recently inaugurated  by Vice President, Namadi Sambo. At the event, Sambo said the administration was pleased to note ... Read More »

IBTC Bank secures $90m credit for SMEs

Stanbic IBTC Bank has concluded a $90 million line of credit facility from the FMO (NederlandseFinancierings-MaatschappijvoorOntwikkelingslanden N.V). The purpose of the facility is for Stanbic IBTC Bank to on-lend to small and medium sized companies for the financing of projects in the infrastructure sector, which include agriculture, oil and gas, power, ports, telecom companies, etc. within Nigeria. The facility will ... Read More »

Sterling Bank posts N9.9b profit, holds AGM

Sterling Bank on the heels of an improved performance has concluded all plans to hold its annual general meeting in Lagos where its shareholders will approve the banks’ 2014 audited financial report and accounts. Key extracts of the audited report and accounts for the period under review released last week by the Nigerian Stock Exchange (NSE), showed appreciable growth in ... Read More »

Buhari effect on Brand Nigeria, how far can it work?

BY Olamide Bakare The presidential election has come and gone and the winner had since emerged. To some, the concluded election was seen as a contest involving two strong contenders where one of the aspirants had to run on the record of performance and the other hedged his bet on the attribute of integrity and probity. However, if there is anything ... Read More »

Dangote Set For Profit Boom As Cameroun Bans Cement Import

The management of the leading Pan African Cement Manufacturer, the Dangote Cement Plc has assured the government of Cameroon that it would help shore up local production of the vital product following the ban on importation of cement into Cameroon. The assurance came in the wake of the formal launching of the Company’s high grade 42.5 cement type into the ... Read More »

CBN Moves To Stamp Out Fraud

The Central Bank of Nigeria (CBN) has enjoined banks to report any unethical practices that borders on dishonesty and lack of integrity among others, in the action/behaviour of CBN staff that visit their organisation in the course of performing their duty. This directive is contained in a circular to all banks and discount houses signed by Director of Banking Supervision, ... Read More »

Economy Improves With Buhari Win

In what some have tagged the Buhari effect, the health barometers of the Nigerian Stock Exchange (NSE)- the market capitalisation and All-Share index, soared further as the market closed for the public holidays declared for Friday and Monday to mark the Christian feast of Easter. Capitalisation (a summation of the share prices of all companies listed on the bourse) and ... Read More »

NSE Markt Cap up by N26b

Trading on the floor of The Nigerian Stock Exchange (NSE) continued its upward movement on Tuesday when two major indicators, the All-Share Index and market capitalisation, appreciated by 0.26 percent each. Market capitalisation appreciated by N26.206 billion to close at N9.872 trillion as against N9.845 trillion recorded on Monday, while the All Share Index rose by 78.53 basis points or ... Read More »

Oil Rebound Is Very Unlikely

The oil price is unlikely to reach again the record levels seen in the past few years, according to Saudi Arabia’s representative at Opec. Mohammed al-Madi, Saudi’s Opec governor, told an energy conference that hitting the $100 to $120-a-barrel mark again would be “difficult”. Mr Madi also told the meeting in Riyadh that that his country’s oil policy had no ... Read More »