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APCON appeals to media owners to adhere to rules

An appeal has gone to mass media organizations in Nigeria to  exercise restraint and follow guidelines and rules regarding political advertising. This is contained in a statement issued by the advertising Practitioners Council of Nigeria, APCON, which was  signed by the management of the Council in Lagos recently. This call came against the backdrop of a recent advert placement in ... Read More »

Trans-Forcados pipelines attacked four times this year

The Trans-Forcados pipelines which carries crude oil from production facilities to export terminals in Forcados has been attacked four times by vandals and oil thieves, since the beginning of this year alone. Executive Director, Gas and Power, Nigerian National Petroleum Corporation (NNPC), Dr. David Ige who disclosed this in Abuja at the weekend noted that besides the loss of thousands ... Read More »

Investors gain N259b on 21,044 deals

Nigerian equities witnessed considerable recovery last week as market value of investors’ assets in quoted shares on the Nigerian Stock Exchange (NSE) rose by N259 billion to N9.930 trillion. Market values of several quoted companies rode on the back of sustained bargain-hunting to close at their recent highs. While the market witnessed a mid-week paused on Wednesday and Thursday, the ... Read More »

Egbin station targets 2,670mw of electricity by 2017

In order to ensure effective power supply in Lagos and its environs the management of Egbin Power Station has invested over N 50 billion to revive one of its plants (ST 06) which has been moribund for over ten years. The Minister of Power, Prof. Chinedu Nebo who revealed this to newsmen in Lagos over the weekend,  said  privatization of ... Read More »

CBN jacks up weekly dollar sale to BDCs by 100 per cent

The Central Bank of Nigeria (CBN) has increased the weekly sale of dollars to Bureau De Change (BDC) operators from $15,000 per BDC, to $30,000 per BDC in order to deepen the BDCs segment. In a circular titled: “Review of Weekly Foreign Exchange Cash Sales to Bureau  De Change Operators,” signed by CBN Director, Trade and Exchange Department, Olakanmi Gbadamosi, ... Read More »

Fed Govt now pays N2.50 per litre as petrol subsidy, says minister

The Federal Government  says it still subsidizes  the cost of Premium Motor Spirit (PMS)  to the tune of N2.50k per litre. Petroleum Resources Minister,  Mrs. Diezani Allison-Madueke said in Abuja yesterday that the  crash of crude oil prices in the global market has not completely absorbed government’s  subsidy on fuel. She spoke  on Political Forum,    a programme of RAYPOWER FM. ... Read More »

Ecobank Sells Adeniyi Jones Branch

Psst! Please dont tell anybody so as not to cause any panic, but we can authoritatively tell you that, Ecobank Group has sold its Adeniyi Jones, Ikeja, Lagos, Nigeria branch. The sale which has been concluded for months now was bought by Network marketing company, Edmark. Sources say the sale was put as a little below N500m. It is not ... Read More »

Blackberry Stocks Rises After Samsung Rumours

A report that Korean smartphone giant Samsung had offered to buy struggling rival BlackBerry for as much as $7.5bn (£4.92bn) saw the Canadian firm’s shares rise 30% in US trade. According to Reuters, executives from both firms met last week to discuss a potential deal. Blackberry’s share price surge was the firm’s biggest gain in about a decade. Samsung said ... Read More »

Crude Oil Prices Near 6-Year Low

Oil prices on Tuesday dropped to nearly a six-year low with the prices of both Brent and US crude converging briefly at a point as Saudi Arabia and its Gulf allies in the Organisation of Petroleum Exporting Countries (OPEC) insist on their refusal to cut production to boost prices. As OPEC battles not to lose its Asian market share, the ... Read More »

Nigeria Slips 22 Places in Prosperity Index

The Legatum Research Institute, London, has placed Nigeria on 125th position out of 142 countries worldwide based on its 2014 Prosperity Index (PI) ranking just released. Nigeria occupied 89th position in the 2009 PI annual ranking. The ranking, which represents a fall by 22 place among the countries under analysis, portrayed deteriorating living conditions and declining living standards. In 2010, ... Read More »