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The event will bring key telecom, media and technology focused international institutions and investors to Lagos TMT Finance (www.TMTfinance.com), the global telecom investment news and events provider, and IHS Towers (www.IHStowers.com), the largest mobile...

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Western oil giants raise net debt by a third to fend off low prices effect

The net debts of the largest Western oil companies have surged by a third over the past year, increasing their vulnerability to another fall in oil prices. The aggregate net debt of the 15 largest North American and European oil groups rose to $383bn at the end of March, up $97bn from 12 months ago, according to company reports compiled by Bloomberg. Oil companies’ revenues have slumped as a...

British Airways Refutes Reports Of Nigerian Exit

British Airways, Monday, denied reports that it was pulling out of Nigeria due to the operating environment. There had been reports quoting Mr Kola Olayinka, Country Manager British Airways, as saying that the “U.K. carrier is struggling to repatriate its share of the $575 million that Nigeria...

Bob Diamond’s Atlas Mara Posts $6.7 Million Loss

LONDON—Atlas Mara Ltd., the listed Africa banking group co-founded by Bob Diamond, Thursday said high operating costs and bad loans in Zimbabwe dragged it to a $6.7 million net loss in the first quarter. Weak currencies in the countries Atlas Mara operates in, including...

40% of Nigeria’s 180 million citizens are excluded from conventional banking, IMF says

The International Monetary Fund (IMF) says 40 percent of Nigeria’s 180 million citizens are excluded from conventional banking, with only 36 percent covered by the formal banking sector. IMF adds that another 12 percent of the population use informal banking modes...

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Nigeria Stock Market Gains 6.59%

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The Nigerian equities market closed last week trading on an active demand with the benchmark index closing 6.59 per cent higher for last week. Market analysts said in the outgone week, the equities market...

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GLOBAL MARKETS: Dollar gains, bond prices fall after Yellen remarks

Trading begins on the Twitter Inc. IPO on the floor of the New York Stock Exchange, in New York, November 7, 2013.  REUTERS/Lucas Jackson (UNITED STATES  - Tags: BUSINESS SCIENCE TECHNOLOGY)   ORG XMIT: TOR218

* U.S. dollar also boosted by U.S. GDP data * U.S. stocks put in strongest week since March (Updates with U.S. markets’ closing levels) Trading begins on the Twitter Inc. IPO on the floor of the New York Stock Exchange, in New York, November 7, 2013. REUTERS/Lucas Jackson (UNITED STATES – Tags: BUSINESS SCIENCE TECHNOLOGY) ORG XMIT: TOR218 The...

SEC suspends BGL’s MD, deputy from capital market activities

The Securities and Exchange Commission (SEC) on Thursday banned Mr Albert Okumagba, BGL Managing Director and his deputy, Mr Chibundu Edozie, from participating in capital market activities for 20 years. Albert Okumagba This is contained...

WEEKAHEAD-AFRICA-FX: Uncharted waters for Nigeria’s naira, others mixed

Uncertainty surrounds trade on the Nigerian currency after the central bank announced plans for a flexible foreign exchange policy, while the Zambian kwacha will likely weaken as foreign currency flows are reduced. NIGERIA Nigeria’s...

NSE Market Indices Appreciate Further By 2.18%

Activities on the Nigerian Stock Exchange (NSE) on Thursday for the third consecutive day sustained a positive trend with the market indices appreciating further by 2.18 per cent. Naija247news reports that the All-Share Index rose by 616.86...

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Buhari inherited heavy economic baggage from Jonathan – Soyinka

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Nobel laureate, Professor Wole Soyinka believes the Nigerian government inherited a burden that may take a while to lessen but it must sustain efforts at improving the economy. This comes as Nigeria assesses...

Why I Sacked Kogi’s Chairman Staff Screening Committee – Gov.Bello

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The Kogi State Governor, Yahaya Bello, has sacked the Chairman Staff Screening Committee, General Paul Okutimo (Rtd), following alleged high handedness and refusal to comply with terms of reference as...

Economists, legal experts react over Buhari’s failure to reveal amount of recovered loots

Some legal practitioners and economists have expressed support for the refusal of President Muhammadu Buhari to unveil the names of looters and the amount of looted assets so far recovered. The President,...

INEC conducts 127 elections in six months

The Independent National Electoral Commission, INEC said it has conducted 127 elections in the last six months. According to the commission’s Chairman, Prof. Mahmood Yakubu, INEC has, since the 2015...

Nigeria’s Bank of Industry Commissions N32M Solar Power Plant in Kaduna

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The Bank of Industry (BOI) has commissioned a N32 million solar power project in a community in Kaduna State. The 24KW micro-grid solar system located at Charwa/Chakun in Makarfi Local Government Area...

Oil prices drop on strong dollar, rising Canadian output

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* Start of driving season, falling output lends some support * U.S. crude stocks fall just as production also declines * Nigerian oil pipeline attacks push up Brent * OPEC meeting not expected to impact...

Hercules Offshore eyes bankruptcy filing for second time

Hercules Offshore Inc (HERO.O) said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered...

Fuel price hike: FG to release palliatives soon -Minister

The Minister of State for Solid Minerals, Alhaji Abubakar Bawa Bwari, has said that the Federal Government would very soon release the palliatives to cushion the effect of the recent increase in the pump...