Pay N18,000 minimum wage or go to jail 2010.07.13

Pay N18,000 minimum wage or go to jail By Funmi Komolafe & Victor Ahiuma- Young Tuesday, July 13, 2010 LAGOS-ANY ONE who fails to comply with the new National Minimum Wage Act when passed by the National Assembly is likely to pay a fine not exceeding N50,000, and in the case of continuing offence, to a fine not exceeding N100,000 for each day during which the offence continues.

Power generation: Nigeria needs 1.2bn scf of gas monthly, says Minister 2010.07.13

Power generation: Nigeria needs 1. 2bn scf of gas monthly, says Minister By Oscarline Onwuemenyi Tuesday, July 13, 2010 ABUJA - Minister of State for Power, Nuhu Wya, has stated that the country would require more gas than it currently gets at its thermal plants if it is to improve power generation, even as he disclosed that increase in rain fall had led to a rise in the power generation to about 3700MW over the past few weeks.

Reinvest 75% local contents income in economy -Billy Harry 2010.05.06

Reinvest 75% local contents income in economy -Billy Harry By Franklin Alli Thursday, May 6, 2010 Mr. Billy Harry, is the President, South-South Chambers of Commerce(SSCC), Chairman, Oil & Gas Trade Group of NACCIMA. He explains goals of the nascent SSCC, and why 75 per cent of income to be generated by businesses in the oil and gas industries should be reinvested in the economy.

Vanguard Editorial: At last, turbines moved to site 2010.05.06

At last, turbines moved to site Editorial Thursday, May 6, 2010 At last, the chaos that followed in the wake of the National Integrated Power Projects (NIPP) set up by the federal government under the President Olusegun Obasanjo regime is set to come to an end as the turbines for the generation of electric power, have started being evacuated to sites.

Anxiety heightens over impending MFB policy review 2010.05.03

Anxiety heightens over impending MFB policy review By Amaka Agwuegbo Monday, May 3, 2010 Despite the fact that microfinance banks are empowered by the Microfinance Policy Framework to take term deposits from customers, speculations are rife that the Central Bank of Nigeria, CBN, may stop microfinance banks (MFBs) from receiving term deposits.

Viewpoint: Ripples of banking reforms 2010.05.03

Ripples of banking reforms Viewpoint Monday, May 3, 2010 The banking reforms which were started by the new CBN governor Lamido Sanusi Lamido some months ago have continued to wreck devastating consequences on the "glitterati" and "literati" of the banking sector so to speak.

Power more than smuggling, cripples local industries, Dikko 2010.04.29

Power more than smuggling, cripples local industries, Dikko By Ifeyinwa Obi Thursday, April 29, 2010 If the Comptroller-General of Nigeria Customs Service, NCS, Alhaji ABUDULLAHI Inde Dikko, was not in the Customs, perhaps he would have fitted well in the SSS or other security agencies. He is calm, calculative and has this gaze at a visitor to his expanse office, as if he wants to get your mission off you without telling.

Virgin Nigeria financially sick - Jimoh Ibrahim 2010.04.29

Virgin Nigeria financially sick - Jimoh Ibrahim By Abel Orukpe, CORRESPONDENT, Lagos Chairman of NICON Group, the new owner of Virgin Nigeria, Barrister Jimoh Ibrahim, has stated that the debt ridden airline is bedevilled by financial challenges and not technical, compared to the EAS, which was renamed NICON Airways, whose operations has been suspended.

Vanguard Editorial: Congrats, Aganga, BWI Chair 2010.04.29

Congrats, Aganga, BWI Chair Editorial Thursday, April 29, 2010 IT was with utmost pride and satisfaction that we received the news that Nigeria 's new Minister of Finance, Mr Olusegun Aganga, had been elected as the Chairman of the Board of the Bretton-Woods Institutes, the World Bank and the International Monetary Fund (IMF), after a keen contest.

FG denies $1bn loan, as Jonathan signs N4.6trn budget 2010.04.23

FG denies $1bn loan, as Jonathan signs N4. 6trn budget By Daniel Idonor Friday, April 23, 2010 ABUJA-ACTING President Goodluck Jonathan, Thursday, signed into law a N 4. 6 trillion budget for 2010, with more than a third earmarked for the development of roads, power and the Niger Delta. Acting President Goodluck Jonathan with the Senate President, David Mark, Deputy Speaker, House of Representatives, Usman Nafada and Presidential Adviser on National Assembly, Senator Muhammed Abba Aji as he signed the 2010 Appropriation Bill into law in Abuja, yesterday.

Coal City goes agog as Zain launches OgaLine 2010.04.07

Coal City goes agog as Zain launches OgaLine Wednesday, April 7, 2010 The Trade Fair ground in the Coal City, Enugu state, was agog, penultimate week when leading Global System for Mobile (GSM) Communications services provider, Zain Nigeria Limited, formally launched its newest product, Oga_Line at the 21st Enugu International Trade Fair.

Foodstuff dealers threaten fresh strike 2010.04.07

Foodstuff dealers threaten fresh strike By Olasunkanmi Akoni Wednesday, April 7, 2010 Fresh crisis in the supply of food items in Lagos is imminent as traders at Mile 12 market under the Amalgamated, Foodstuffs and Cattle Dealers Association of Nigeria have threatened to embark on another round of strike from 21 April, 2010.

NNPC earns $200bn in 10 years, says Barkindo 2010.04.02

NNPC earns $200bn in 10 years, says Barkindo By Yemie Adeoye &Oscarline Onwuemenyi Friday, April 2, 2010 In an apparent attempt to reflect the spirit of transparency and accountability ahead of its full transformation into a fully commercial oil and gas company, the management of the Nigerian National Petroleum Corporation, NNPC, has disclosed that it had collected more than $200.

Lagos gets N630m grants to boost food production 2010.04.01

Lagos gets N630m grants to boost food production By Olasunkanmi Akoni Thursday, April 1, 2010 The Lagos State government has received $4. 2 million, about N630 million, grants from a World Bank-assisted programme, under the National Fadama Development Project, NFDP, to boost food production for the period of five years.

Naira loses 21 kobo as forex demand rises by 137% 2010.04.01

Naira loses 21 kobo as forex demand rises by 137% By Babajide Komolafe Thursday, April 1, 2010 The Naira depreciated by 21 kobo against the dollar at the Wholesale Dutch Auction System (WDAS) session on Monday advertisement rnum=Math. round(Math. random() * 100000); ts=String.

Daily Independent Editorial: Distressed economy overburdened by taxation 2010.03.24

Distressed economy overburdened by taxation Editorial To Say that Nigeria's economy is presently distressed will amount to restating the obvious. Of course, the signs are everywhere. Infrastructure decay, lack of critical skills for business development, poor regulatory environment, and the near absence of the political will to enforce contracts amongst other debilitations.

Owerri to host first South-East ICT Mega Summit 2010.03.24

Owerri to host first South-East ICT Mega Summit By Emmanuel Nzomiwu, REPORTER, Enugu Imo State capital, Owerri, is going to host the first edition of South East Information and Communication Technology (ICT) Mega Summit, a partnership programme between the Nigerian Communications Commission (NCC) and the South East Youth Movement (SEYM).

FG to flood domestic market with gas, Ajumogobia 2010.03.23

FG to flood domestic market with gas , Ajumogobia By Oscarline Onwuemenyi Tuesday, March 23, 2010 ABUJA - The former Minister of State for Petroleum, Mr. Odein Ajumogobia, has assured Nigerians of adequate gas supply for domestic use as efforts are intensified to get Brass NLG and other gas plants in the country on stream.

Vanguard Editorial: Foodstuff dealers' strike 2010.03.23

Foodstuff dealers' strike Editorial Tuesday, March 23, 2010 For about a fortnight now, patrons of Lagos foodstuff markets have been going through harrowing experiences occasioned by the strike embarked upon by suppliers of foodstuff from the northern part of the country. Commodities, such as vegetables, yams, fruits and livestock products have become very scarce and the prices of the little that are available have shot through the roof, sometimes as much as 1,000%.

NNPC spends N7.7bn on litigation in one year 2010.03.19

NNPC spends N7. 7bn on litigation in one year By Adeola Yusuf, Correspondent Nigerian National Petroleum Corporation (NNPC) has 172 contingent liability cases with a total value of N188 billion as at January, Group Managing Director of the corporation, Sanusi Barkindo, has disclosed. advertisement rnum=Math.

Court orders NCC to restore Mobitel's 2.3GHZ licence 2010.03.19

Court orders NCC to restore Mobitel's 2. 3GHZ licence By Joe Nwankwo, Snr Correspondent, Abuja # Says cancellation by Minister reckless advertisement rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

Soludo misled Nigeria on banks' consolidation -David Mark 2010.03.19

Soludo misled Nigeria on banks' consolidation -Mark By Adetutu Folasade-Koyi, Assistant Editor, Abuja Senate President, David Mark, has said former Governor of the Central Bank of Nigeria (CBN), Chukwuma Soludo, misled the National Assembly on the banking consolidation exercise he supervised in 2005.

Lagos to encourage development of SMEs 2010.03.16

Lagos to encourage development of SMEs By Laja Thomas & Chioma Obinna Tuesday, March 16, 2010 The Lagos State government has reiterated its determination to explore ways to improve and encourage the development and growth of Small and Medium Scale Enterprise, SMEs, and also create self-employment opportunities in the state.

Court nullifies Dangote's election as NSE President 2010.03.15

Court nullifies Dangote's election as NSE President By Innocent Anaba Saturday, March 13, 2010

Daily Independent Editorial: Re-opening Ajaokuta Steel Company 2010.03.15

Re-opening Ajaokuta Steel Company Editorial Ordinarily, the recent directive by Acting President Goodluck Jonathan for the commencement of procedure to reactivate the Ajaokuta Steel Company Limited(ASCL) and the National Iron Ore Mining Company(NIOMCO), Itakpe Kogi State should have elicited a sigh of relief from concerned stakeholders.

Pay rise for federal government employees soon - Minister 2010.03.15

Pay rise for federal government employees soon - Minister BY FUNMI KOMOLAFE Sunday, March 14, 2010 Employees of the Federal Government are to enjoy a pay raise soon according to labour and productivity minister, Alhaji Ibrahim Kazaure. advertisement rnum=Math. round(Math. random() * 100000); ts=String.

Why licence beneficiaries can't build refineries, Mojekwu 2010.03.15

Why licence beneficiaries can't build refineries , Mojekwu By Udeme Clement Sunday, March 14, 2010 As controversy continues to trail the recent approval of new licences to private firms to build 18 refineries in the country, stakeholders are divided over the development. While some said that the exercise may fail as those granted the licences are the same people importing petroleum products into the country, others are of the opinion that government must be strict about such companies meeting the deadline or revoke their licences.

Sanusi asks FG to deregulate oil sector, okays N500bn for electricity 2010.03.03

Sanusi asks FG to deregulate oil sector, okays N500bn for electricity By Emma Ujah & Oscarline Onwuemenyi Wednesday, March 3, 2010 ABUJA-GOVERNOR of the Central Bank of Nigeria, Dr. Sanusi Lamido Sanusi, has urged the Federal Government to carry through its planned deregulation of the downstream oil sector to forestall further inflationary pressure on the economy.

Daily Independent Editorial: Privatisation of NITEL: Matters Arising 2010.03.03

Privatisation of NITEL: Matters Arising Editorial It is not an exaggeration to say that several Nigerians were excited, just as we were last week, following the announcement by the BPE that it had at last found a buyer willing to pay $2. 5billion, for 75% of the moribund Nigeria Telecommunications Plc (NITEL).

CBN reduces lending rate to 1% 2010.03.03

CBN reduces lending rate to 1% By Gbenga Ogunbufunmi , Assistant Business Editor, Lagos # Keeps Exchange Rate At 8% advertisement rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

Banking: What went wrong - Sanusi 2010.03.01

Banking reform: What went wrong - Sanusi

N36bn Dredging of River Niger not cancelled - Presidency 2010.03.01

N36bn dredging of River Niger not cancelled - Presidency By Daniel Idonor Monday, March 1, 2010 ABUJA-IN a swift move to nip in the bud what is capable of sectionalizing his Presidency, Acting President Goodluck Jonathan, yesterday, described as outright falsehood reports that he has cancelled the ongoing N36 billion dredging of the River Niger in Lokoja and diverted the funds meant for it to reclaim the lower River Niger.

FG audits Ajaokuta Steel Company 2010.03.01

FG audits Ajaokuta Steel Company By Isiaka Oyibo Monday, March 1, 2010 LOKOJA - FOLLOWING the failing infrastructures at the nation's multi-billion naira Ajaokuta Steel Company, ASCL, the Federal Government has instituted an audit panel to ascertain the viability of the industry. advertisement rnum=Math.

Akwa Ibom, Belgium partner on seaport development 2010.02.26

Akwa Ibom, Belgium partner on seaport development By Udo Ibuot Friday, February 26, 2010 UYO-AKWA Ibom State Government has said it would partner with Belgium in the development of the deep sea port at Ibaka, in Mbo Local Government Area. advertisement rnum=Math. round(Math. random() * 100000); ts=String.

Shell's opposition to PIB selfish, FG insists 2010.02.26

Shell's opposition to PIB selfish, FG insists By Adeola Yusuf, Correspondent, Lagos Federal Government came down hard on Royal Dutch Shell on Wednesday over its opposition to the Petroleum Industry Bill (PIB), insisting that the oil major was wrong in its assessment that the bill would block investment.

Daily Independent Editorial: Banking Reform: Whither CBN? 2010.02.23

Banking Reform: Whither CBN? Editorial Last week's intervention by the Federal Ministry of Finance in the ongoing Central Bank of Nigeria-induced reform of the banking sector is a welcome development. For us, it was rather late in coming. A statement credited to the Minister of State for Finance, Remi Babalola, announced that the government was asking the CBN for a comprehensive blueprint of its reform programme in order to allow assessment of the direction of its policies and ensure that they are in tandem with the government's long-term objectives.

Vanguard Editorial: Defects in de-regulation 2010.02.23

Defects in de-regulation Editorial Tuesday, February 23, 2010 DE-REGULATION, the public thinks, is another name for price increases without any certainty about improvements in services. While de-regulation has worked with the telecommunications industry, where the issues of power (fuel and energy for industrial, commercial and domestic uses) are concerned, the same factors that made telecommunications a burgeoning success appear to disappear.

Chinese firms will fail FG on NITEL - ATCON boss 2010.02.23

Chinese firms will fail FG on NITEL - ATCON boss By Ajibola Abayomi, Senior Correspondent, Lagos First Vice President of the Association of Telecommunications Companies of Nigeria (ATCON), Adebayo Banjo, has declared that New Generation, a Chinese consortium that secured the nod of Bureau of Public Enterprise (BPE) with $2.

China Unicom seeks 20% equity participation in NITEL 2010.02.22

China Unicom seeks 20% equity participation in NITEL Saturday, February 20, 2010 Lagos - The China Unicom (Hong Kong) Ltd, a member of the New Generation Consortium that won the bid for NITEL, has demanded 20 per cent equity holdings in the newly acquired company. advertisement rnum=Math.

Guardian Editorial: Senator Udoma: Conflict of interest 2010.02.22

Senator Udoma: Conflict of interest Editorial The petition by the Chairman of the Senate Committee on Capital Market, Senator Ganiyu Solomon, asking the Minister of State for Finance, Mr. Remi Babalola, to compel Senator Udoma Udo Udoma to resign as the Chairman of the Securities and Exchange Commission (SEC), reveals a lot about the absence of thoroughness in the Senate confirmation process.

NCC postpones SIM card registration 2010.02.22

NCC postpones SIM card registration By Prince Osuagwu Monday, February 22, 2010 The Nigerian Communications Commission yesterday postponed the deadline for SIM card registration from 1 March 2010 to 1 May 2010. advertisement rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Shell's threat: Barkindo seeks Defence Minister's protection 2010.02.22

Shell's threat: Barkindo seeks Defence Minister's protection By Oscarline Onwuemenyi Monday, February 22, 2010 ABUJA-FOLLOWING a threat by the Anglo-Dutch oil firm Shell Petroleum Development Company to shut down its gas facilities over non-evacuation of condensate by the Nigerian National Petroleum Corporation, NNPC, the corporation's Group Managing Director, Dr.

Jonathan gives Lukman gas supply target 2010.02.22

Jonathan gives Lukman gas supply target By Daniel Idonor Monday, February 22, 2010 ABUJA-ACTING President Goodluck Jonathan has set a daily target of one billion quantity of gas production and supply for the Ministry of Petroleum Resources, headed by Dr Rilwanu Lukman or be made to face the wrath of government.

Spanish firm acquires NITEL for $2.5bn 2010.02.17

Spanish firm acquires NITEL for $2. 5bn By David Agba Senior Correspondent, Abuja # MTN gets SAT-3 for $25m advertisement rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

'Over dependence on foreign software threatens Vision 20-2020' 2010.02.17

'Over dependence on foreign software threatens Vision 20-2020' By Emeka Aginam Wednesday, February 17, 2010 While nations of the world, especially India are retooling their software products for global competitiveness, there has been growing concern in the Nigerian IT industry regarding the country's over dependency in foreign software drive her economy, a development which experts say, may derail vision 2020 imperative ISPON DINNER: From left, Executive Vice-Chairman of NCC, Engr.

Nigeria's foreign debt rises to $4bn 2010.02.17

Nigeria's foreign debt rises to $4bn By Luka Binniyat Wednesday, February 17, 2010 ABUJA- FOUR years after exiting the infamous $30 billion Paris and London Clubs debts, Nigeria's external debt profile today stands at $3. 947 billion, the Minister of Finance, Alhaji Mansur Muhtar said in Abuja, yesterday.

National Mobile Payment Scheme to take-off this year, CBN 2010.01.27

National Mobile Payment Scheme to take-off this year, CBN By Babajide Komolafe Wednesday, January 27, 2010 Central Bank of Nigeria (CBN) has said that mobile payment system will take off in the country by middle of the year. Acting Director, Banking Operations, Mr. Abayomi Atoloye, said this at a workshop on mobile payment regulatory framework dissemination organised by Enhancing Financial Innovation and Access (EFInA) in Lagos yesterday.

China may dominate Nigerian oil sector, analyst predicts 2010.01.25

China may dominate Nigerian oil sector, analyst predicts Stories by Adeola Yusuf Correspondent, Lagos # May buy Shell's $10bn field in Nigeria The next ten years in Nigeria will be the years of China's dominance in Nigeria's multi-billion dollar oil industry, analyst Mark Dominic predicted at the weekend.

UBA okays Elumelu's replacement 2010.01.25

UBA okays Elumelu's replacement By Aliyu Adekunle Saturday, January 23, 2010 The Board of United Bank for Africa Plc has announced the appointment of Mr. Phillips Oduoza as Group Chief Executive Designate rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Delta: Gov Uduaghan bags CBN's Micro-finance award 2010.01.22

Uduaghan bags CBN's Micro-finance award Friday, January 22, 2010 Governor Emmanuel Uduaghan of Delta State has emerged the best governor in Central Bank of Nigeria's Micro-finance award. Delta State Governor, Emmanuel Uduaghan (left), recieving the Best State Support for Micro Finance Award from Vice President Goodluck Jonathan, as Central Bank of Nigeria Governor, Lamido Sanusi, applauds during the fourth CBN Annual Microfinance and Micro Enterprenuership Awards in Abuja.

Graduate Management School in Port Harcourt, Rivers State, empowers State's women 2010.01.22

School empowers Rivers women By Godwin Egba Special Correspondent, Port Harcourt Graduate Management School in Port Harcourt, Rivers State, has said it is supporting President Yar' Adua's Seven-point agenda in the agricultural sector by training rural women in the Niger Delta region.

Banana Republic: Central bankers meet in Nigeria to chart way forward for Nigerian banks 2010.01.22

Central bankers meet in Nigeria to chart way forward for Nigerian banks Friday, January 22, 2010 Renowned world banks' chieftains will be gathering in a banking conference in Nigeria on Thursday, February 11, 2010, to chart a way forward for Nigerian banks. rnum=Math. round(Math. random() * 100000); ts=String.

Anambra Assembly passes N67.31bn 2010 appropriation bill 2010.01.22

Anambra Assembly passes 2010 appropriation bill By Vincent Ujumadu Friday, January 22, 2010 AWKA-THE Anambra State House of Assembly has passed the state's 2010 Appropriation Bill presented to it by Governor Peter Obi, last month. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

[In the absence of professionalism] Power: FG adopts fresh strategy to boost distribution, transmission 2010.01.19

Power: FG adopts fresh strategy to boost distribution, transmission By Yemie Adeoye Tuesday, January 19, 2010 THE Minister of Power Dr. Lanre Babalola has said that the activities of his ministry have revolved around rehabilitation and reinforcement of existing facilities adding that without adequate reinforcement and expansion in the network whatever achievement that is recorded will not have the desired impact.

Enugu NDE generates 2,147 jobs 2010.01.19

Enugu NDE generates 2,147 jobs By Emmanuel Nzomiwu Reporter, Enugu A total of 2,147 employment opportunities were generated in Enugu State by National Directorate of Employment (NDE) last year, the State Coordinator, Buchi Ojei, stated on Friday. rnum=Math. round(Math. random() * 100000); ts=String.

Edo's debt profile now N18.8bn - Commissioner 2010.01.19

Edo's debt profile now N18. 8bn - Commissioner By Gabriel Enogholase Tuesday, January 19, 2010 BENIN-EDO State Commissioner for Finance, Mr. James Osagie Inegbedion, yesterday in Benin informed the State House of Assembly that the local debt profile of the state as at 2009 stood at N18.

Akanu Ibiam Airport, Enugu, closes for renovation 2010.01.19

Enugu airport closes for renovation Tuesday, January 19, 2010 Enugu - The Akanu Ibiam Airport, Enugu, will be closed to traffic as from February 10 to allow for the renovation and extension of its runway, its Manager, Mr Chigbo Nwobu, has said. The closure is to last for one year. rnum=Math.

Deregulation: We're only waiting for right time [to lower the boom on the masses] -Lukman 2010.01.19

Deregulation: We're only waiting for right time - Lukman By Hector Igbikiowubo& Oscarline Onwuemenyi Tuesday, January 19, 2010 ABUJA -THE Minister of Petroleum Resources, Dr. Rilwanu Lukman, yesterday, announced that government has concluded negotiations with stakeholders in the oil and gas sector over the proposed deregulation of the downstream sector, and was only waiting for the "right time" to launch out.

Bank CEOs vote N300m to fight me - Sanusi 2010.01.14

Bank CEOs vote N300m to fight me - Sanusi By Daniel Idonor Thursday, January 14, 2010 ABUJA - GOVERNOR of the Central Bank of Nigeria, CBN, Lamido Sanusi, yesterday, raised alarm that some of the sacked bank chief executive officers, CEOs, have budgeted N300 million to fight him through the media, alleging that already N120 million has been deployed for sustained media war against him.

Glo sues NCC, MTN over interconnect dispute 2010.01.14

Glo sues NCC, MTN over interconnect dispute Thursday, January 14, 2010 LAGOS-Second national telecommunication carrier, Globacom Limited has dragged the Nigerian Communications Commission, NCC, and MTN before a Federal High Court, Lagos, alleging unfair treatment in the way and manner the regulatory agency handled the interconnection agreement dispute between them.

Power: FG needs $10bn to attain 35,000MW in 10 years 2010.01.12

Power: FG needs $10bn to attain 35,000MW in 10 years By Oscarline Onwuemenyi Monday, January 11, 2010 ABUJA -THE Minister of Power, Dr. Lanre Babalola, has disclosed that an investment of over $10 billion must be made over the next ten years in the power sector if Nigeria must attain the quantity and quality of power needed for massive development of the country.

Arik Air airlifts 4 million passengers since inception in October 2006 2010.01.12

Arik Air airlifts 4 million passengers since inception in October 2006 Kenneth Ehigiator Monday, January 11, 2010 Arik Air has airlifted well over four million passengers since it started flight operations in the country in October 2006. rnum=Math. round(Math. random() * 100000); ts=String.

Shareholders sue CBN over Intercontinental Bank 2010.01.12

Shareholders sue CBN over Intercontinental Bank Monday, January 11, 2010 LAGOS-Five shareholders of Intercontinental Bank Plc have dragged the Central Bank of Nigeria, CBN, its Governor and Intercontinental Bank Plc to a Federal High Court in Lagos seeking an order to restrain the CBN Governor from selling the shares of the bank to local or foreign investors.

Sack of 15,000 workers unsettles bank chiefs 2010.01.12

Sack of 15,000 workers unsettles bank chiefs By Emma Chukwuanukwu, Assistant News Editor # We only approved action for Intercontinental Bank - CBN rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

NSE delists 4 troubled banks, 6 others from Index 30 2010.01.11

NSE delists 4 troubled banks, 6 others from Index 30 Saturday, January 9, 2010 IN apparent bid to reposition and re-balance the NSE 30 index as part of effort to restoring the dwindling investors' confidence in the stock market, the Nigerian Stock Exchange (NSE), yesterday removed Intercontinental Bank Plc, Bank PHB Plc, Oceanic Bank International Plc and Spring Bank Plc from the list of top quoted companies.

FG to release N41bn oil subsidy owed marketers Jan.11 2010.01.11

FG to release N41b oil subsidy owed marketers Jan. 11 Saturday, January 9, 2010 The Federal Government will on Jan. 11, pay N41 billion oil subsidy arrears owed major marketers for the second quarter of 2009. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Prompt tax payment'll attract development - Amaechi 2010.01.11

Prompt tax payment'll attract devt - Amaechi Monday, January 11, 2010 PORT HARCOURT- Governor Rotimi Amaechi has urged all eligible tax payers in Rivers State to honour their tax obligations to government as a pre-condition for goods and services from the government. rnum=Math. round(Math.

Akwa Ibom plans 5 cottage industries 2010.01.11

Akwa Ibom plans 5 cottage industries AT least, five cottage industries are to be set up in Akwa Ibom State before the end of this year, the state's commissioner for commerce and industries, Dr. Emem Wills, has said. Sunday, January 10, 2010 The commissioner, who was speaking at an interactive/stakeholders' session between members of the state executive council and the fact finding Akwa Ibom diaspora team, said the governor had mandated his ministry to work out modalities for the setting up of the cottage industries.

CBN appoints 10 executive directors for three rescued banks 2010.01.11

CBN appoints 10 executive directors for three rescued banks By Omo GABRIEL, Business Editor Saturday, January 9, 2010 The Central Bank of Nigeria CBN yesterday said it has appointed 10 new executive directors for three of the eight banks it rescued last year. rnum=Math. round(Math. random() * 100000); ts=String.

Deregulation: Why FG is shifting take-off date 2010.01.11

Deregulation: Why FG is shifting take-off date By Emma Chukwuanukwu and Sylvester Enoghase, Lagos # NNPC calls stakeholders meeting over fuel scarcity Negative security reports, effects of the global economic downturn on the Nigerian economy and lately the long absence of president Umaru Yar'Adua from the country are among the reasons why the Federal Government has shifted the planned deregulation of the downstream sector of the petroleum industry, Sunday Independent can authoritatively reveal.

FG signs MoU with 13 firms on accelerated gas development 2010.01.11

FG signs MoU with 13 firms on accelerated gas development By Obas Esiedesa, Senior Reporter, Abuja Federal Government has signed Memorandum of Understanding (MOU) with 13 gas companies to accelerate gas development projects at various on-shore fields in the Niger Delta Region. rnum=Math. round(Math.

Benue shuts Taraku Oil Mill 2010.01.06

Benue shuts Taraku Oil Mill By Peter Duru Wednesday, January 6, 2010 MAKURDI - Sequel to the termination of a lease agreement it entered with Yelwata Trading Company few weeks back, the Benue State government has ordered the immediate closure of Taraku Oil Mills with all staff of the firm laid off.

Nigeria's power failure, by Nasir Ahmad El-Rufai 2010.01.06

Nigeria's Power Failure, By Nasir Ahmad El-Rufai By Nasir Ahmad El-Rufai Wednesday, January 6, 2010 Much has been said about the failure of leadership in Nigeria. In fact many have extensively written articles about this subject, especially with regards to the absence of the president.

500 Societies benefit from Anambra credit schemes 2009.12.30

500 Societies benefit from Anambra credit schemes By Chukwujekwu Ilozue, Reporter, Onitsha About 500 cooperative societies in Anambra State have so far benefited from equipment grants or micro-credit schemes of the state's micro-credit schemes. rnum=Math. round(Math. random() * 100000); ts=String.

Daily Independent Editorial: Whither the banking reform? 2009.12.30

Whither the banking reform? Editorial The reform initiative adopted in August this year by the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, to cleanse the banking sector's Aegean stables was so dramatic and far-reaching that some commentators quickly dubbed it the "Sanusi tsunami.

FG bans retail of bulk lubricants 2009.12.30

FG bans retail of bulk lubricants By Oscarline Onwuemenyi Wednesday, December 30, 2009 ABUJA-The Federal Government on Tuesday announced the ban, by January 1, 2010, of all bulk sales of lubricants to retailers nationwide. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Niger State govt to float N40bn bond 2009.12.27

Niger State govt to float N40bn bond By Wole Mosadomi Friday, December 25, 2009 Minna - Following the successful floating of N6 billion development bond by the Niger State government in 2009, it is considering an additional N40 billion bond for infrastructural development in 2010. rnum=Math.

Noodles War: Indomie and the competitions 2009.12.14

Noodles War: Indomie and the competitions Noodle market in Nigeria has been proliferated in recent time. The numbers of noodles brands have been on the rise in comparable volume with those that have also exited the market or perhaps remain relatively inactive due to stringent competitive environment.

Interview: Peugeot Automobile Nigeria (PAN) plans made-in-Nigeria car in five years -Haroun Aliyu, Managing Director 2009.12.14

Peugeot Automobile Nigeria (PAN) plans made-in-Nigeria car in five years -Haroun Aliyu, Managing Director Peugeot Automobile Nigeria (PAN) is the only surviving vehicle assembly plant out of the six in the country. Established in 1972, the company commenced full operations in 1975. In April 2006, PAN was privatised when the Bureau for Public Enterprise (BPE) and AP France (technical partners of PAN) jointly divested 54.

FG to sell six billion barrels oil reserves to China for $50bn 2009.12.14

FG to sell oil reserves to China for $50bn By Adeola Yusuf, CORRESPONDENT, Lagos # Petroleum Industry Bill fails December deadline Abuja plans to proceed with the sale of six billion barrels oil reserves to Chinese oil companies once the Petroleum Industry Bill (PIB) is pass into law, Daily Independent has learnt.

N10bn non-performing loan: NEXIM Bank debtors disappear into thin air 2009.12.14

N10bn non-performing loan: NEXIM Bank debtors disappear into thin air By Babajide Komolafe Monday, December 14, 2009 We would smoke them out-CEO rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

FG to use proceeds of deregulation to create jobs 2009.12.14

FG to use proceeds of deregulation to create jobs By Funmi KOMOLAFE & Demola AKINYEMI Saturday, December 12, 2009 The Federal government has assured that proceeds from the proposed deregulation of the down stream sector of the oil industry which would take into consideration the views of all the stakeholders including the Nigeria Labour Congress, would be used to create more jobs for Nigerians.

LASG signs MoU for model solid waste management system 2009.12.14

LASG signs MoU for model solid waste management system Stories by Dada Jackson, Senior Correspondent, Lagos Lagos State Governor, Babatunde Fashola, has said that the state government would continue to provide good governance to the people of the state. Fashola said this during the signing of a memorandum of understanding (MoU) by the Lagos State Government with the Clinton Foundation and the Konsadem Consortium to develop the first modern integrated solid waste project.

NCRIB, Nollywood actor, Esiri celebrate Staco Insurance 2009.12.14

NCRIB, Nollywood actor, Esiri celebrate Staco Insurance By Patience Saghana Monday, December 14, 2009 The Nigerian Council of Registered Insurance Brokers (NCRIB) has taken the quarterly Brokers' Evening to a new level as the body will henceforth ensign featured insurance companies in the quarterly event with celebrities just as Nollywood actor, Mr Justus Esiri will tomorrow grace the brokers evening with Staco Insurance.

Vanguard Editorial: Latest bank reforms 2009.12.11

Latest bank reforms Editorial Friday, December 11, 2009 CENTRAL Bank of Nigeria Governor, Sanusi Lamido Sanusi has lost the gusto with which he spoke about his banking reforms. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

Over $1.5bn realized from cocoa export, says Sanusi 2009.12.11

Over $1. 5bn realized from cocoa export, says Sanusi By Dayo Johnson Friday, December 11, 2009 AKURE-OVER $1. 5bn was realized from the exportation of cocoa beans between 2005 and October this year, the Central Bank of Nigeria said yesterday. rnum=Math. round(Math. random() * 100000); ts=String.

FG loses $1.234bn in joint venture deals 2009.12.11

FG loses $1. 234bn in joint venture deals By Otei Oham, Correspondent, Abuja Facts emerged on Thursday that the Federal Government has lost $1,234,374,450. 30 in Joint Venture (JV) projects with multinational companies. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Gov Peter Obi explains establishment of Microsoft Academy in schools 2009.12.03

Obi explains establishment of Microsoft Academy in schools By Vincent Ujumadu Thursday, December 3, 2009 AWKA-Governor Peter Obi has said that the establishment of Microsoft Academy in many of the state -owned Secondary Schools was aimed at increasing job opportunities for students after school.

Anambra distributes micro-enterprise equipment 2009.11.23

Anambra distributes micro-enterprise equipment By Chukwujekwu Ilozue, Reporter, Onitsha Ebonyi State PDP Chairman, David Omaha (second left), addressing party members on the passing of vote of confidence in Governor Martin Elechi at Abakaliki

Interview: Rot in Aviation sector requires concerted effort -Tukur 2009.11.23

Rot in Aviation sector requires concerted effort -Tukur By AKOMA CHINWEOKE Saturday, November 21, 2009 Alhaji, Mohammed Tukur, former coordinator of Chachangi Airline, is a member of a committee set up by Federal government to look into aviation matters after operators complained about the poor state of affairs at the nation's airport.

Banks to slash workers' pay 2009.11.23

Banks to slash workers' pay By Omoh Gabriel, Victor Ahiuma-Young Monday, November 23, 2009 LAGOS-Indications emerged at the weekend that the 10 troubled banks will cut staff salaries across the board as a cost-saving measure to strengthen the survival path charted for them by the Central Bank, CBN.

IMF seeks action on bank failures in Nigeria 2009.11.18

IMF seeks action on bank failures in Nigeria By Babajide Komolafe Wednesday, November 18, 2009 THE International Monetary Fund (IMF) has called for a framework to deal with bank failures in Nigeria, adding that a robust financial stability framework will be important for the sustained development of the financial sector.

CBN is to be blamed for MFBs' woes, Olowu 2009.11.18

CBN is to be blamed for MFBs' woes, Olowu By Amaka Agwuegbo Wednesday, November 18, 2009 The former national president of the defunct National Association of Microfinance Banks of Nigeria (NAMFBIN), Olatunde Olowu, has blamed the Central Bank of Nigeria, CBN, for the low rendition of returns by microfinance banks (MFBs).

Fashola presents N430bn 2010 budget 2009.11.18

Fashola presents N430bn 2010 budget By Olasunkanmi Akoni, Gbenga Akanmu & Monsur Olowoopejo Wednesday, November 18, 2009 LAGOS State Governor Babatunde Fashola yesterday presented the state's 2010 budget of N429. 5 billion, tagged: "Budget of Consolidation" before the State House of Assembly for consideration and approval.

World Bank's N45bn loan for Nigeria 2009.11.12

World Bank's N45bn loan for Nigeria

Nigeria joins league of aluminium vessel manufacturing nations 2009.11.12

Nigeria joins league of aluminium vessel manufacturing nations For the production manager of West Atlantic Shipyard Ltd, Jason Markwell, the Nigerian nation has indeed launched itself into the elite league of manufacturing nations of aluminum vessels, which is the only kind in the entire West African sub-region.

Cost of funds rise as massive withdrawal hit interbank 2009.11.12

Cost of funds rise as massive withdrawal hit interbank By Babajide Komolafe Thursday, November 12, 2009 Cost of funds has risen more than 100 per cent in the interbank money market following massive withdrawal of funds from the market. rnum=Math. round(Math. random() * 100000); ts=String.

Sanusi equipped for CBN job, says Omale, a City of London consultant 2009.11.05

Sanusi equipped for CBN job - Omale, City of London consultant Thursday, November 5, 2009 Dr. Sam Omale a London based financial consultant is the founder and CEO of Rock Global Training & Consultancy which focuses on exotics and structured financial products. Omale holds a doctorate from the Commonwealth University College Belize City.

Nigeria struggles for 10% Chinese market 2009.11.05

Nigeria struggles for 10% Chinese market Thursday, November 5, 2009 Nigeria is struggling to access about 10 per cent of Chinese market. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document.

Comment: Business 'Nigeriana' 2009.11.05

Business 'Nigeriana' By Dafe Onojovwo There's a natural tension between the professional practice of journalism and the business of journalism. The journalist - as reporter, analyst, commentator, social activist and political interpreter - is drawn inexorably to the intellectual quest for truth, which he extracts from the continuous stream of ever-changing public events or private events of public interest.

Rivers is next Dubai on the Atlantic -Gov Rotimi Amaechi 2009.11.05

Rivers is next Dubai on the Atlantic - Rotimi Amaechi By Emma Okocha Thursday, November 5, 2009 IT was like another of the many conventions of the Nigerian peoples resident in the USA. The Hilton Hotel Rivers Town Meeting at Henden, a few miles from the International Dulles airport, in the Commonwealth of Virginia, carried the familiar badges.

Fuel scarcity: Marketers get import approval 2009.11.02

Fuel scarcity: Marketers get import approval Monday, November 2, 2009 ABUJA - INDICATIONS emerged yesterday that the Federal Government may have succumbed to pressure on the issuance of import approval for marketers to resume importation of petroleum products across the country, raising hopes of improvement in fuel supply in the country.

CBN to regulate banks' regional expansion, executive compensation 2009.11.02

CBN to regulate banks' regional expansion, executive compensation By Babajide Komolafe & Michael Eboh Sunday, November 1, 2009 The Central Bank of Nigeria (CBN) has said that it would soon introduce measures to regulate regional expansion of banks as well as remuneration and bonuses of executives officers Mr.

Govt beefs up security at Okpai IPP over threats 2009.11.02

Govt beefs up security at Okpai IPP over threats By Emma Amaize Monday, November 2, 2009 WARRI-SECURITY has been fortified at the Federal Government-owned Independent Power Project (IPP) at Kwale/Okpai in Delta State, following threats by aggrieved Ndokwa natives to disrupt the project over alleged refusal of the National Agip Oil Compnay (NAOC) to step down electricity to the people.

Shareholders desperate to reclaim troubled banks 2009.11.02

Shareholders desperate to reclaim troubled banks Monday, November 2, 2009 LAGOS-THE major shareholders, investors and other stakeholders in the eight troubled banks are making moves to reclaim them, vowing to co-operate with the Central Bank installed managements there. rnum=Math. round(Math.

Interview: How I succeeded where others failed, by Dr. Wale Omole, Group Medical Director of T&S Hospital 2009.11.02

How I succeeded where others failed, By Omole Dr. Wale Omole is the Group Medical Director of T&S Hospital, a company of medical experts in various fields of medicine. In this interview with Correspondent, Bamidele Ogunwusi, he speaks on the challenges he faced while setting up his business and how he was able to successfully set up a hospital facility in a building where two hospitals had gone under.

Retrenchment tsunami: Banks sack over 1,000 in two weeks • Labour threatens showdown 2009.11.02

Retrenchment Tsunami: Banks sack over 1,000 in two weeks • Labour threatens showdown with banks By Babajide Komolafe & Victor Ahiuma-Young Sunday, November 1, 2009 The banking industry is experiencing an unprecedented wave of staff retrenchment with over 1,000 bank workers losing their jobs within two weeks.

Comment: Polymer Currency: Waste, deceit & commonsense 2009.11.02

Polymer Currency: Waste, deceit & commonsense BY LES LEBA Monday, November 2, 2009 I will begin this week's article with a reference and excerpt from veteran journalist, Bisi Lawrence's piece titled "Oh to spray again" in Saturday Vanguard edition of 10/10/09. rnum=Math.

FG to establish aircraft maintenance centre 2009.10.30

FG to establish aircraft maintenance centre Friday, October 30, 2009 RETIRED Maj-Gen. Godwin Abbe, the Minister of Defence, said the Federal Government planned to establish an aircraft maintenance centre. Abbe made the disclosure when the Chinese Military Attach

Nigerian banks recapitalised soon, economic view bright, CBN 2009.10.30

Nigerian banks recapitalised soon, economic view bright, CBN Friday, October 30, 2009 NIGERIAN banks are expected to be recapitalised as soon as possible and the near-to-medium-term outlook for Nigeria's economy was positive, Central Bank Governor Lamido Sanusi said on Wednesday. rnum=Math.

Opinion: Rumblings within the oil industry: Signs of God's things around 2009.10.30

Rumblings within the oil industry: Signs of God's things around By Adisa Adeleye Friday, October 30, 2009 IF the granting of amnesty to Niger Delta militants after the laying down of their lethal weapons could be described as a super political step by the President Yar'Adua, the move, [if it is true] to give oil producing areas a 10 per cent share in the oil and gas Joint Venture is another bold action towards the final solution of the unnecessary Niger Delta imbroglio.

FDI, Tech transfer, central to realising Nigerian dreams - Bilbis 2009.10.15

FDI, Tech transfer, central to realising Nigerian dreams - Bilbis By Prince Osuagwu Thursday, October 15, 2009 Since coming into office, the Minister of State for Information and Communications, Alhaji Aliyu Ikra Bilbis, is not known for too many words and as a matter of fact have not been heard so much.

Customs impounds N100m worth of contraband in Enugu 2009.10.15

Customs impounds N100m worth of contraband in Enugu By Godfrey Bivbere Thursday, October 15, 2009 ADOPTED Strategies to curb the activities of smuggling and their barons have yielded positive result in Enugu, as the Federal Operations Unit, Zone "C" of the Nigeria Customs Service (NCS) impounded a train of six-cabin load of contraband items worth over N100 million, on transit along the west-eastern route.

Bill: Reps move against corporate prostitution in banks 2009.10.15

Reps move against corporate prostitution in banks By Luka Binniyat Thursday, October 15, 2009 ABUJA-The House of Representatives yesterday passed into Second Reading a bill that prohibits the use of Nigerian women by banks in manners that makes them compromise to meet set targets and keep their jobs.

Time running out for 6,000 MW by December -Okolo 2009.10.12

Time running out for 6,000 MW by December- Okolo By Franklin Alli and Moses Nosike Saturday, October 10, 2009 Dr. Simon Chukwuemeka Okolo, an Aba - based industrialist and a medical practitioner is the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Come and invest at home, Ohakim tasks Imo industrialists 2009.10.12

Come and invest at home, Ohakim tasks Imo industrialists By Joe Nwankwo Snr. Correspondent, Abuja Imo State Governor, Ikedi Ohakim, has charged the state's industrialists in Abuja to come to home to invest as part of efforts to rapidly industrialise and develop the state. rnum=Math. round(Math.

Ebonyi sets up panel to probe NigerCem's continued delay in the reactivation of Nigeria's premier cement factory 2009.10.12

Ebonyi sets up panel to probe NigerCem By Felix Uka, Abakaliki Dissatisfied with the continued delay in the reactivation of Nigeria's premier cement factory, NIGERCEM, and its subsequent failure to contribute to economic development, the Ebonyi State government, host of the firm, has set up a Judicial Commission of enquiry to probe into its activities.

Amnesty: Nigeria earns N18bn from oil daily 2009.10.12

Amnesty: Nigeria earns N18bn from oil daily By Adeola Yusuf Correspondent, Lagos Troops will remain in the Niger Delta to safeguard oil installations, the Joint Military Task Force (JTF) has declared - eight days after the end of amnesty. rnum=Math. round(Math. random() * 100000); ts=String.

Bank PHB/Spring Bank: CBN's sack confirms report on illegal acquisition 2009.10.12

Bank PHB/Spring Bank: CBN's sack confirms report on illegal acquisition By Kingsley Ighomwenghian, Finance Editor The sack, a fortnight ago, of the executive management of Bank PHB by the Central Bank of Nigeria (CBN), may have confirmed the recommendations of the Ministerial Committee set up to look into the bank's acquisition of troubled rival- Spring Bank.

Fashola suspends award of new projects 2009.10.12

Fashola suspends award of new projects By Olasunkanmi Akoni Monday, October 12, 2009 LAGOS - Governor Babatunde Fashola of Lagos State has directed all the state Ministries, Departments and Agencies not to embark on new projects in 2010 fiscal year but focus on completion of on-going projects across the state.

Proposed N300bn bail-out won't benefit masses - Falana 2009.10.12

Proposed N300bn bail-out won't benefit masses - Falana By Victor Ahiuma-Young Monday, October 12, 2009 LAGOS- LAGOS lawyer and human rights activist, Mr. Femi Falana, has said the plan by the Federal Government to release N300 billion to the three tiers of governments to cushion the effect of the economic crisis in the country, would no benefit the ordinary Nigerians but government officials and their cronies.

Anambra to partner with Israeli agriculture experts 2009.10.12

Anambra to partner with Israeli agriculture experts By Chukwujekwu Ilozue Reporter, Onitsha ANAMBRA State government is to partner with Israeli agriculture experts to resuscitate abandoned farm settlements and livestock companies in the state. Governor Peter Obi disclosed this while receiving a report of Agricultural Survey conducted by an Israeli company across the state in the Executive Chambers of the Government House, Awka.

GAT: Aviation workers disagree over planned strike 2009.10.12

GAT: Aviation workers disagree over planned strike By Kenneth Ehigiator & By Ise-Oluwa Ige Monday, October 12, 2009 LAGOS-Plans by industrial unions to shut down the airspace today in protest against the Federal Government's handover of the General Aviation Terminal (GAT) of the Murtala Muhammed Airport, Ikeja, Lagos, to Bi-Courtney Aviation Services Limited may come to nought, as some key unions offering essential services for flight operations have feigned ignorance of any strike.

Re-inventing Nigeria's comatose shoe industry 2009.10.12

Re-inventing Nigeria's comatose shoe industry By Isioma Madike Head, Covers & Investigation As Nigeria's economy throttles, the government, it appears, is sustaining the lip service it pays to the development of other sectors. It has, to the shock of many, continued to cling to oil, which has remained the country's economic mainstay for years.

Daily Independent Editorial: FG's $2bn lifeline: Matters Arising 2009.10.12

FG's $2bn lifeline: Matters Arising Editorial "The grapevine is already abuzz - rightly or wrongly - that Economic Council members who are political office holders are simply angling, under the cover of a stimulus package, to build massive war chests for their re-election battles in 2011.

First malaria control factory in Africa for Port Harcourt 2009.10.07

First malaria control factory in Africa for Port Harcourt By Jimitota Onoyume Wednesday, October 7, 2009 PORT HARCOURT-TO EFFECTIVELY fight malaria, Rivers State government is to collaborate with a Cuban company to build the first malaria control factory on the continent in Port Harcourt.

Starcomms slashes international tariff 2009.10.07

Starcomms slashes international tariff Wednesday, October 7, 2009 IN furtherance of its avowed commitment towards providing qualitative, yet affordable telephone services to Nigerians across the country, the Nation's leading CDMA operator, Starcomms, has slashed its international tariff from twelve naira (N12.

C' River awards N1.6bn rural electrification contract 2009.10.07

C' River awards N1. 6bn rural electrification contract By Bassey Inyang,Correspondent, Calabar Cross River State government has announced the award of N6 billion contract to two companies for the electrification of rural areas in the three senatorial districts of the state. rnum=Math. round(Math.

Govs okay N300bn stimulus package [National Assembly has no say?] 2009.10.07

Govs okay N300bn stimulus package By Chesa Chesa, Snr State House Correspondent, Abuja The National Economic Council (NEC) on Tuesday endorsed President Umaru Yar'Adua's approval of the injection of $2 billion (N300 billion) into the economy, to ease the liquidity crunch in banks. rnum=Math.

Govts to share N300bn to boost economy 2009.10.07

Govts to share N300bn to boost economy By Omoh Gabriel (in Istanbul, Turkey), Babajide Komolafe & Daniel Idonor Wednesday, October 7, 2009 ABUJA - THE National Economic Council, NEC, yesterday, approved the sharing of the $2 billion (about N300 billion) recently proposed for injection into the economy to avoid an imminent contraction of the economy following ongoing reform of the banking sector by the Central Bank.

18 FADAMA community associations get loan in Enugu 2009.10.05

18 FADAMA community associations get loan in Enugu By Tony Edike Monday, October 5, 2009 ENUGU-EIGHTEEN FADAMA Community Associations in Enugu state have received loans worth millions of naira for the execution of various agricultural projects under the FADAMA III programme, which has taken off in the state.

Sanusi accused of deceiving eight banks on Expanded Discount Window (EDW) 2009.10.05

Sanusi accused of deceiving eight banks on Expanded Discount Window (EDW) By Kingsley Ighomwenghian, Finance Editor Following Friday's sack of the executive management of three more banks by the Central Bank of Nigeria (CBN), more revelations emerged at the weekend of how the CBN Governor, Sanusi Lamido Sanusi, allegedly sent text messages to eight bank chief executives directing traffic to the inter-bank market, in view of the closure of the Expanded Discount Window (EDzW).

Banking reforms won't save economy, says Ihonvbere 2009.10.05

Banking reforms won't save economy, says Ihonvbere By Simon Ebegbulem Monday, October 5, 2009 BENIN-FORMER Presidential aide and chieftain of the Peoples Democratic Party (PDP) in Edo state, Professor Julius Ihonbvere, weekend declared that the nation's economy would continue to suffer irrespective of the on-going reforms in the banking sector, unless there is good governance anchored on constitutionalism and positive leadership.

The reason CBN intervened in banks - Sanusi 2009.10.05

The reason CBN intervened in banks - Sanusi By Omoh Gabriel Istanbul, Turkey Saturday, October 3, 2009 GOVERNOR of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, today, in Istanbul, Turkey, explained the nature of the apex bank intervention in the banks, especially Spring Bank and Wema Bank.

Nigeria's electricity generation rises to 2,900MW 2009.10.05

Nigeria's electricity generation rises to 2,900Mw Monday, October 5, 2009 The Minster of Power, Dr. Rilwanu Babalola, said yesterday in Shiroro, Niger State, that the country's electricity generation had hit 2,900 megawatts. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Daily Independent Editorial: Petroleum products availability: Beyond rhetoric 2009.10.05

Petroleum products availability: Beyond rhetoric Editorial It is now common knowledge that low capacity utilization of refineries, the neglect and sabotage of oil pipelines, institutionalized corruption and large-scale cross-border smuggling have contributed to entrenching Nigeria's seemingly intractable petroleum products crisis.

Why CBN removed Mike Adenuga as member of the board of Equitorial Trust Bank (ETB) 2009.10.05

Why CBN removed Mike Adenuga as member of the board of Equitorial Trust Bank (ETB) Saturday, October 3, 2009 THE Central Bank (CBN) removed business mogul, Chief Mike Adenuga, from the board of Equitorial Trust Bank (ETB) in compliance with its policy to discourage sole proprietorship in the industry, Sunday Vanguard can reveal.

Viewpoint: Economy snailing to boom? 2009.10.05

Economy snailing to boom? The Nigerian economy is in very poor shape. But it can be turned around, if. . . That is the verdict of Nigerians as the country marked her 49th Independence anniversary on Thursday. But first, how did the country get to this economic difficulty? Finance Editor, KINGSLEY IGHOMWENGHIAN, and Correspondents, ADEOLA YUSUF and BAMIDELE OGUNWUSI, report that the road to economic boom seems far away.

Controversy trails proposed National Shipping Line 2009.10.05

Controversy trails proposed National Shipping Line By Andrew Utulu, Reporter Controversy has continued to trail the plan by the Federal Government to establish a N5 billion national shipping line. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window.

Ekiti executes N3bn projects 2009.10.05

Ekiti executes N3bn projects By Yaqoub Popoola, Correspondent, Ado-Ekiti EKITI State government has executed public building projects worth N3 billion in the last two years,Daily Independent learnt in Ado-Ekiti. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

FG killed Delta ports, says Iweta 2009.10.05

FG killed Delta ports, says Iweta Monday, October 5, 2009 WARRI-PRESIDENT, Delta State Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. David Iweta, yesterday accused the Federal Government of deliberately seeing to the collapse of Warri, Sapele, Koko and Burutu Ports with its refusal to dredge the 6.

Nigeria needs $25bn Investments to achieve Vision 20:20-20 - Adrian Wood 2009.10.05

Nigeria needs $25bn Investments to achieve Vision 20:20-20 - Adrian Wood By Emma Okonji, Senior Correspondent, Lagos Former MTN Chief Executive, Adrian Wood, has said that Nigeria would need to attract a minimum of $25 billion (about N3. 875 trillion) to leapfrog into the top 20 economies of the world by the year 2020.

EFCC arrests Corporate Affairs Commission (CAC) official, 3 others for alleged forgery 2009.10.02

EFCC arrests CAC official, 3 others for alleged forgery By Emma Ovuakporie Friday, October 2, 2009 ABUJA- No fewer than four members of a forgery syndicate including an official of the Corporate Affairs Commission (CAC) were on Wednesday arrested in Abuja by operatives of the Economic and Financial Crimes Commission (EFCC).

Sanusi set to sack five more bank MDs 2009.10.02

Sanusi set to sack five more bank MDs By Rotimi Durojaiye Group Business Editor, Lagos * Gets presidential approval rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) {nf=''} else {nf='NF/'}; document. write(ts+'script src="http://odili.

As Enugu House debates hotel tax 2009.09.29

As Enugu House debates hotel tax By Emmanuel Nzomiwu, REPORTER, Enugu In most legislatures, the survival of a bill is always determined in the second reading, when members who are for or against the bill make contributions on the floor of the House to back up their various positions. If majority are against the bill, then it is thrown away but if it happens the other way round, the bill moves to the committee stage rnum=Math.

FG abolishes US$1 million refinery performance deposit 2009.09.29

FG abolishes US$1 million refinery performance deposit By Yemie Adeoye Tuesday, September 29, 2009 IN an effort to encourage private sector participation in crude oil refining the Federal Government acting through the Department of Petroleum Resources has announced the immediate removal of the statutory refinery commitment deposit of 1 million US dollars.

FG, marketers hold crucial talks on deregulation 2009.09.29

FG, marketers hold crucial talks on deregulation By Omoh Gabriel Tuesday, September 29, 2009 LAGOS - THE Federal Government held a consultative meeting, yesterday, with major stakeholders in the oil and gas sector of the economy preparatory to the removal of petroleum subsidy later in the year.

Tinapa Shipping Line makes maiden voyage 2009.09.29

Tinapa Shipping Line makes maiden voyage By John Ighodaro Tuesday, September 29, 2009 CALABAR-The Tinapa Shipping Line, which started operations Monday as a cargo vessel to serve the Tinapa Business Resort and neighbouring state, made its maiden voyage to the dormant Calabar Sea Port in Calabar, Cross River State.

U.S. oil demand from Nigeria crashes further 2009.09.29

U. S. oil demand from Nigeria crashes further By Adeola Yusuf, Correspondent, Lagos (With Agency Reports) The bad times, which analysts described as temporary, struck the Nigeria oil market at the weekend as the demand from its biggest consumer crashed further. rnum=Math. round(Math. random() * 100000); ts=String.

Senate resumes, parleys Finance Minister on budget 2009.09.29

Senate resumes, parleys Finance Minister on budget By Adetutu Folasade-Koyi, Assistant Editor, Abuja Senators resume plenary today with plans to meet with Finance Minister, Usman Muhtar, to discuss details of the 2010 budget. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

CBN foresees death of 9 banks 2009.09.29

CBN foresees death of 9 banks By Peter Egwuatu Tuesday, September 29, 2009 The nation's 24 banks may be pruned to 15 as the Central Bank of Nigeria (CBN), gets set to release the auditing of banks not affected in the earlier exercise last month. rnum=Math. round(Math. random() * 100000); ts=String.

Daily Independent Editorial: Beyond Ekiti State's biofuel projects 2009.09.24

Beyond Ekiti State's biofuel projects Editorial The palpable public excitement generated over Governor Segun Oni's "discovery" of the huge potentials latent in the Ekiti State Government's drive for biofuel technology to boost ethanol production is understandable. Nigeria, as is well known, is richly endowed with abundant agricultural resources.

Comment: Sidelights on the CBN intervention 2009.09.24

Sidelights on the CBN intervention By Eugene Uwalaka The American President Barack Obama once called for a shift in metaphors - one that sees democracy not as a house to be built, but as a conversation to be heard. This call should be heeded by all intellectuals not necessarily because of the deliberative nature of democracy but rather in view of the risky shifts in the behavioural psychology of contemporary leadership across the various estates of the realm.

Battle for customers loyalty shifts to Cash Deposit ATMs 2009.09.21

Battle for customers loyalty shifts to Cash Deposit ATMs By Babajide Komolafe Monday, September 21, 2009 Banks battle for cus tomers' loyalty via electronic banking channels have shifted to the Cash Deposit ATM segment where Skye Bank and UBA locked in an intense services delivery contest.

Bank crisis: The road to hell (3) 2009.09.21

Bank crisis: The road to hell (3) By DELE SOBOWALE Sunday, September 20, 2009 There are some commercial banks that have a negative net worth. What is CBN's plan for them? Who is going to merge with a bank with a large negative net worth under your N25 billion scenario? Is this a disguised way of putting them out ofbusiness by December 31, 2005? Why would the Central Bank of a country watch commercial banks keep their doors open to the public, when they have negative capital? -Atedo Peterside, July 21, 2004.

Akwa-Ibom commissions $171m International Airport Wednesday 2009.09.21

Akwa-Ibom commissions $171m airport Wednesday By Joe Nwankwo, Snr. Correspondent, Abuja As part of activities marking the 22nd anniversary of the creation of Akwa-Ibom State, all is now set for the commissioning of the state 's International Airport built at the cost of $170. 5 million.

Comment: Which way, micro-finance banks? (1) 2009.09.21

Which way, micro-finance banks? (1) By James Egbuchulam, mnim, jameschulam@yahoo. co. uk 08025806769 The recent cleansing of the banking industry and the bail-out of five banks by the courageous Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, have revealed three things: First, that Nigerian banks have been flashing deceitful images; secondly, that internal and external auditors, as professionals, have compromised their responsibility, and thirdly, that supervision of banks and other financial institutions is inefficient and ineffective.

N92.9bn recovered as more bank debtors pay up 2009.09.21

N92. 9bn recovered as more bank debtors pay up By Gabriel Omoh, Innocent Anaba & Emman Ovuakporie Monday, September 21, 2009 No decision yet on 14 banks - CBN rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document.

Aviation workers threaten strike over airport terminal 2009.09.21

Aviation workers threaten strike over airport terminal By Abel Orukpe, Correspondent, Lagos TWO AVIATION unions have threatened to bring activities in the industry to a halt from Wednesday, following the secret handover of the disputed General Aviation Terminal (GAT) to Bi-Courtney Aviation Services Limited (BASL) on Saturday by the Federal Government.

Bank shareholders lament undue CBN interference 2009.09.21

Bank shareholders lament undue CBN interference By Peter Egwuatu Monday, September 21, 2009 LAGOS - Shareholders of the five banks whose Managing Directors and Executive Directors were sacked by the Central Bank, last month, are spoiling for a showdown with their successors for taking briefings from the apex bank instead of the boards of the banks.

Irate depositors force Integrated Microfinance Bank Plc (IMFB) to close its doors 2009.09.21

Irate depositors force IMFB to close shop By Amaka Agwuegbo Monday, September 21, 2009 Barely a week after the sudden resignation of its Managing Director/Chief Executive, Mr. Simon Akinteye, Integrated Microfinance Bank Plc (IMFB) closed its doors to customers last week to escape its irate depositors.

14 Banks' audit report ready in two weeks - CBN 2009.09.21

14 Banks' audit report ready in two weeks - CBN By Kingsley Ighomwenghian (Lagos) and Alexandra Mede (Abuja) The Central Bank of Nigeria (CBN) disclosed on Sunday that the result of the second bank audit would be released within the next two weeks, to be deliberated upon by CBN Committee of Governors and the Nigeria Deposit Insurance Corporation (NDIC) Executive Committee.

Naira records first appreciation in two months 2009.09.16

Naira records first appreciation in two months By Babajide Komolafe Wednesday, September 16, 2009 The declining fortunes of the naira was halted yesterday as it recorded its first appreciation in two months-gaining 10 kobo against the dollar. Naira rnum=Math. round(Math. random() * 100000); ts=String.

CBN considers 3 sales options for 5 banks 2009.09.14

CBN considers 3 sales options for 5 banks By Omoh Gabriel, Business Editor Monday, September 14, 2009 LAGOS - THE management of the Central Bank (CBN) is considering three options to recapitalise the country's five troubled banks. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Viewpoint: Bank crisis: The road to hell (2) 2009.09.14

Bank crisis: The road to hell (2) By DELE SOBOWALE Saturday, September 12, 2009 This is where I classify the new capital requirement of the CBN. It is the anti-thesis of an entrepreneurial approach. That is why I am certain that X years from now some policy maker will reverse it. The only loser will be the Nigerian economy -Professor Pat Utomi, The Guardian, July 25, 2004.

Sanusi's approach good for banks -Poll 2009.09.14

Sanusi's approach good for banks -Poll By Kingsley Ighomwenghian and Paul Arhewe, Lagos * Banks Begin Staff Audit rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document. write(ts+'script src="http://odili.

Boosting rice production in Lagos State 2009.09.14

Boosting rice production in Lagos By Stella Odueme, Correspondent, Lagos Rice is a stable food on tables of every Nigerian but the price has kept on skyrocketing such that its affordability is becoming out of reach of the common man. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

FG spends extra N6bn on abandoned Ajaokuta-Warri Railway 2009.09.14

FG spends extra N6bn on abandoned Ajaokuta-Warri Railway By Obas Esiedesa, Snr Reporter, Abuja The Federal Government is to spend additional N6 billion to complete Ajaokuta-Warri railway line abandoned by Julius Berger Nigeria (JBN) over a year ago due to non-payment by the government, Minister of Transport, Ibrahim Isa Bio, has said.

World Bank boosts Nigerian aviation with $46.6m loan 2009.09.11

World Bank boosts Nigerian aviation with $46. 6m loan By Abel Orukpe Correspondent, Lagos * FAAN $14. 19, NCAA $10. 73 rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document. write(ts+'script src="http://odili.

Daily Independent Editorial: Gas pipeline sabotage and blackouts 2009.09.11

Gas Pipeline Sabotage And Blackouts Editorial "What likelihood of success is there for the peace initiative if the oil majors are not assigned any explicit and obligatory role, especially when their presence in the region in the last 50 years has only meant, for the oil-bearing communities, environmental disaster, callous neglect, discrimination, cultural disruption and extreme economic adversity?" rnum=Math.

Nigeria is losing money holding reserves in dollars - FMI 2009.09.11

Nigeria is losing money holding reserves in dollars- FMI By Peter Egwuatu Friday, September 11, 2009 Nigeria is losing money holding reserves in dollars following the fact that the dollar has been losing value as reserve currency in the last couple of months says Financial Market Intelligence (FMI), a firm of financial markets analysts.

OPEC dashes Nigeria's hope for output increase 2009.09.11

OPEC dashes Nigeria's hope for output increase By Adeola Yusuf Correspondent, Lagos Nigeria's hope of jerking up its oil output above 1. 7 million barrels per day (bpd) has been dashed by the Organisation of Petroleum Exporting Countries (OPEC). rnum=Math. round(Math. random() * 100000); ts=String.

Four banks to raise N1.4trn bonds 2009.09.11

Four banks to raise N1. 4trn bonds By Omoh Gabriel, Business Editor Friday, September 11, 2009 LAGOS - FOUR of the five banks cleared by the Central Bank (CBN) three weeks ago have put machinery in motion to raise N1. 4 trillion corporate bond from the capital market. rnum=Math. round(Math.

Daily Independent Editorial: The re-validated oil processing licences 2009.09.08

The re-validated oil processing licences Editorial Recently an Abuja High Court Judge, Justice Mustapha Abdullahi, cancelled the decision by the Federal Government to revoke the two Oil Processing Licenses (OPL 321 and OPL 323), which it had granted in 2005 to a South Korean consortium (Daewoo Shipbuilding and Korea Electric Power Corporation), represented by the Korea National Oil Corporation (KNOC), during the Olusegun Obasanjo administration.

Failed Banks: Fuel scarcity imminent as credit line worry marketers 2009.09.08

Failed Banks: Fuel scarcity imminent as credit line worry marketers By Yemie Adeoye Tuesday, September 8, 2009 FOLLOWING the alleged risk exposure of the five major banks in the country and their subsequent take over via a bail out by the Central Bank of Nigeria (CBN), the country appears to be heading for another round of petroleum products scarcity Vanguard can authoritatively reveal.

Inter-bank lending drops as Naira crashes further 2009.09.08

Inter-bank lending drops as Naira crashes further By Babajide Komolafe Tuesday, September 8, 2009 LAGOS-There has been a lull in inter-bank money market activities as banks have shunned themselves due to uncertainty over the outcome of the on-going fresh audit of the banks ordered by Central Bank of Nigeria, CBN.

Imo intensifies effort on revenue drive 2009.09.08

Imo intensifies effort on revenue drive By Chidi Nkwopara Tuesday, September 8, 2009 OWERRI - In a renewed bid to sustain its services delivery and obligations to the citizens in the face of prevailing economic circumstances, Imo state government says it would intensify its efforts in to improve its internally generated revenue (IGR).

Many headaches of micro finance banks' customers 2009.09.08

Many headaches of micro finance banks' customers When micro finance banks were introduced to help small scale entrepreneurs enlarge their businesses, people were happy over the idea. However little did the citizens know especially market men and women about their longevity in the banking industry? rnum=Math.

Ebonyi plans international market for Abakaliki 2009.09.08

Ebonyi plans int'l market for Abakaliki By Dennis Agbo Tuesday, September 8, 2009 ABAKALIKI - EBONYI state government is to build an international market along Abakaliki-Ogoja highway, to relocate traders at the popular Abakpa market, whose location right inside the capital city has seriously congested Abakaliki, the state capital.

Daily Independent Editorial: New tax policy in Abia State 2009.09.06

New tax policy in Abia State Editorial In its bid to generate more revenue, the Abia State Government has reportedly put in place a tax policy requiring individuals and organisations wishing to do business with it, including parents and guardians seeking admission to public schools for their children and wards, to present evidence of tax payment for the preceding three years.

NSE lifts suspension on Spring, Ecobank Nigeria 2009.09.06

NSE lifts suspension on Spring, Ecobank Nigeria By Kingsley Ighomwenghian, Finance Editor FORTY-EIGHT hours after the lifting of full suspension off the shares of five banks, the Nigerian Stock Exchange (NSE) on Thursday lifted technical suspension placed on Ecobank Nigeria and Spring Bank.

Anambra: Banks, tipper owners battle contractors over N324m 2009.09.06

Banks, tipper owners battle contractors over N324m By Okey Maduforo, Correspondent, Awka Commercial banks and tipper owners in Anambra State have threatened to drag 10 contractors in the state to Economic and Financial Crimes Commission (EFCC) following their failure to honour financial agreements reached by them.

Trading resumes on shares of troubled banks 2009.09.03

Trading resumes on shares of troubled banks By Michael Eboh Thursday, September 3, 2009 The Nigerian Stock Exchange (NSE), Tuesday, lifted the full suspension placed on the five banks whose Managing Directors and Executive Directors were sacked by the Central Bank of Nigeria (CBN) couple of weeks ago.

NNPC, oil firms partner to meet FG's 6000MW target 2009.09.03

NNPC, oil firms partner to meet FG's 6000Mw target By Emma Amaize & Emma Arubi Thursday, September 3, 2009 WARRI-THE Nigeria National Petroleum Corporation (NNPC), oil multinationals and contractors have agreed to work together in a tripartite arrangement to ensure that the Federal Government meets its 6,000 megawatts power generation target by the end of the year.

Viewpoint: 'Militant' banking (1) 2009.09.03

"Militant" banking (1) Chike Orjiako cartersorjiako@yahoo. com The whole country is enamoured with the recent home movie, titled "militant banking "written, produced and directed by the new CBN governor Mallam, Sanusi Lamido Sanusi. {SLS}. The drama came at a time the entire socio-political and economic landscape has been reduced to something akin to graveyard silence.

Anambra: 100 Secondary schools to benefit from Microsoft IT Academy 2009.09.03

Anambra: 100 Secondary schools to benefit from Microsoft IT Academy By Emeka Aginam, Asst. Online Editor Thursday, September 3, 2009 In a committed effort to empower its citizens, especially educational institutions with IT tools and knowledge, the Anambra State government is partnering with the software giant , Microsoft on IT education termed Microsoft IT academy aimed to enable institutions to offer a world_class curriculum to help students utilise the latest Microsoft technologies while learning about information technology and earning Microsoft technology certifications.

Economy gloomy as revenue slides by 14% 2009.09.01

Economy gloomy as revenue slides by 14% By Babajide Komolafe Monday, August 31, 2009 LAGOS-Nigeria's economic indices are bad, going by the latest Central Bank of Nigeria (CBN's) report for the second quarter ending today. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window.

Comment: Petroleum subsidy and its global phenomenon 2009.09.01

Petroleum subsidy and its global phenomenon Okafor Loretta (Guest Columist) "A healthy nation is a wealthy nation" says the adage. The future of any country's survival, and that of its corporate institutions, depend largely on how healthy or otherwise its government is, especially in responsive to the yearnings of it citizens.

Comment: Reforms in the nation's oil sector, a desirable option 2009.09.01

Reforms in the nation's oil sector, a desirable option By Mohammed. S. Umar The stunted growth as well as low level of heavy investment in Nigeria's oil and gas industry (OGI), among other militating factors for sustainable growth of the industry, will soon be a thing of the past. rnum=Math.

Ekiti council plans N450m quarry 2009.08.31

Ekiti council plans N450m quarry Sunday, August 30, 2009 IKERE Local Government Area of Ekiti State has concluded plans to set up a N450million quarry in the state. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document.

Banks borrow N10 trillion from CBN in Q2 2009.08.31

Banks borrow N10 trillion from CBN in Q2 By Babajide Komolafe Monday, August 31, 2009 # Credit to economy up by 17. 8% rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document. write(ts+'script src="http://odili.

Viewpoint: Nigerian banking sector: The friday massacre 2009.08.31

Nigerian banking sector: The friday massacre With Emmanuel Okoye penultimate Friday, the Central Bank of Nigeria (CBN) wielded the big stick on the riotous banking industry. Five CEOs - and their executive directors - were sacked from office in one fell swoop with immediate effect and 'automatic alacrity'! The bank chief executives affected were Afribank's Sebastian Adigwe, Finbank's Okey Nwosu, Intercontinental's Erastus Akingbola, Oceanic's Cecilia Ibru and Union's Bartholomew Ebong.

Nigeria earns $6.9bn from oil; economy grows by 5.1% in second quarter 2009.08.31

Nigeria earns $6. 9bn from oil; economy grows by 5. 1% in second quarter By Babajide Komolafe Monday, August 31, 2009 NIGERIA recorded $6. 9 billion from crude oil exports in the second quarter of the year while the economy grew by 5. 13 per cent. The Central Bank (CBN) in its economic report for the second quarter said the country exported 113.

Vanguard Editorial: Kill economy, save banks 2009.08.31

Kill economy, save banks Editorial Monday, August 31, 2009 You do not cut the head to cure a headache - African saying. rnum=Math. round(Math. random() * 100000); ts=String. fromCharCode(60); if (window. self != window. top) { nf=''} else { nf='NF/'}; document. write(ts+'script src="http://odili.

Step Up: Zain slashes tariff with new package 2009.08.31

Step Up: Zain slashes tariff with new package By Emmanuel Elebeke Monday, August 31, 2009 IN a bid to offer its customers more value for money, Africa and Middle East, telecom operator, Zain has introduced a new tariff plan with a reduced cost in making a call per second. Ikechukwu Kalu, Head, Segments, and Shamel Hanafi, Chief Commercial Officer, both of Zain Nigeria at the media launch of the telecom giant's high end consumer offer, Zain Step Up at Protea Hotel, Maryland, Lagos at the weekend rnum=Math.

Daily Independent Editorial: As bank stocks crash 2009.08.31

As bank stocks crash Editorial "The so-called booming stock market has now been shown up as a charade. The pricing of the stocks was clearly not founded on any real basis. In other words, the regulators were culpable of winking at the phantom pricing and manipulation of stocks that took place.

Bayelsa revenue drops, to float bond 2009.08.31

Bayelsa revenue drops,to float bond By Peter Egwuatu Monday, August 31, 2009 The Bayelsa State Government, weekend, said its revenue earnings from the Federation Account has declined by over 50 per cent in the last one year from N10 billion to N4bn, a development attributed to the consequence of militants' activities in the Niger Delta region.

Five banks: Chanchangi Airlines to pay N.8m daily to Union Bank 2009.08.26

Chanchangi to pay N. 8m daily to Union Bank By Abel Orukpe Correspondent, Lagos AS THE seven-day ultimatum issued by the Economic and Financial Crimes Commission (EFCC) to debtors of the five commercial banks indicted by the Central Bank of Nigeria (CBN) expired Tuesday, Chanchangi Airlines, one of the airlines indebted to Union Bank to the tune of N423.

Lagos and self sufficiency in fish production 2009.08.26

Lagos and self sufficiency in fish production By Stella Odueme Correspondent, Lagos Fish is an essential food component and one of the cheapest sources of protein. Due to its low cholesterol level, it is medically acceptable to both the young and old. Unfortunately various industrial activities such as gas flaring and oil spillage as well the dumping of toxic waste into the water bodies and invasion of their natural habitat is affecting the breeding of fish in the water.

The debtors' deceit 2009.08.26

The debtors' deceit Ayo Oyoze Baje, ayoze14@yahoo. co. uk, 0805 797 1776 But they that will be rich/ fall into temptation and a snare/ and into many foolish and hurtful lusts/ which drown men in destruction/ and perdition. (1 Timothy 6:11) rnum=Math. round(Math. random() * 100000); ts=String.