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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 »

FG boosts agric insurance with N1.1b

Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has disclosed that he has directed the release of $5 million (about N110 million) to Nigerian Agricultural Insurance Company (NAIC) to support its institutional reforms. The gesture, he added, will also strengthen the company’s operations and roll out of agricultural insurance products. The minister, who was represented by South West Regional ... Read More »

NNPC boosts products loading to 260 trucks at PHRC

The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it has completed the rehabilitation and reconstruction of several kilometers of internal access roads at Port Harcourt Refining Company (PHRC) as well as  Pipelines and Products Marketing Company (PPMC)Depot in Onne. The corporation said on Sunday that with the completion of the projects, daily evacuation of petroleum products has increased ... Read More »

42 ships with petroleum products, foods arrive Lagos ports

Forty two ships are expected to arrive with containers, general cargo, foods, petroleum products and vehicles at the Lagos ports from Feb. 24 to March 25. The Nigerian Ports Authority (NPA) made this known on Wednesday in its daily publication – Shipping Position – made available to newsmen in Lagos. It said that 22 of the ships would arrive with ... Read More »

FAAN denies owing energy company

The Federal Airports Authority of Nigeria (FAAN) has denied being indebted to Ikeja Distribution Company (IKDC), but that instead it is airlines, concessionaires and organisations that are indebted to it. The General Manager, Corporate Communications, FAAN, Mr Yakubu Dati, said this in an interview with Daily Independent while reacting to allegations in some quarters that the agency is indebted to ... Read More »

Guinness announces 5% revenue rise

Guinness Nigeria has announced its interim results for the six months which ended December 31, 2014. This was disclosed in a statement issued by the management of the company  where it stated that it delivered a five percent increase in revenue, while gross profit was up by two percent. Managing Director/Chief Executive Officer (CEO), Guinness Nigeria Plc, Mr John O’Keeffee, ... Read More »

Inflation rose by 8.2% in January – NBS

National Bureau of Statistics (NBS) on Monday said the Consumer Price Index (CPI) which measures inflation rose by 8.2 per cent in January 2015 from 8.0 per cent recorded in December 2014. A release by the Statistician General of the Federation, Dr. Yemi Kale, said prices rose by 8.2 per cent (year-on-year), 0.2 percentage point from 8.0 per cent recorded ... Read More »

Japan comes out of recession but growth still disappoints

Japan came out of recession in the fourth quarter of last year, but the world’s third largest economy grew at a slower than expected pace. The economy expanded by an annualised 2.2% in the three months to December in a preliminary reading, compared to forecasts for a 3.7% increase. Japan’s growth in the fourth quarter comes after the economy contracted ... Read More »

Shareholders Sue CBN Over Sale Of Bank PHB

Some shareholders of the defunct Bank PHB Plc have headed for a Federal High Court in Lagos claiming that they were not duly compensated when the bank’s assets were transferred to Keystone Bank Plc. Joined as defendants in the suit, marked FHC/L/CS/1273/11, are the Central Bank of Nigeria, Keystone Bank Limited and the Attorney General of the Federation. Others are ... Read More »