Businessday Nigeria Archive for July 2010

Friday, July 30, 2010

Nigerianears deal for private power producers

Nigerian interbank rates fall on fresh cash inflow

Industrialists want gap closed between deposit and lending rates

N4bn cocaine: Chinese suspects face trial in Nigeria

BA posts pre-tax loss of $256.5 million

Varsity plans more centres for distance learning

Bharti appoints new Marketing Officer for African


Thursday, July 29, 2010

2011 election: NIGCOMSAT proposes modified secret balloting system

PPPRA, PENGASSAN accuse ‘greedy’ marketers of foul play in rumoured fuel scarcity

Firm faults FAAN over debt claims

Senate passes INEC Act 2010

Group Life Insurance: Firms risk huge claims

Speakers at BusinessDay forum seek challenging roles for women

SEC says Afribank, executives manipulated 2007 public offer

SEC may step into Stock Exchange crisis

Senate confirms Juwah to head NCC

Nigeria reach final of the Under-20 Women's World Cup

Screening of NCC Board members: Senate dissolves Committee on Communications

Reps okay N240.5b NDDC budget support Nigeria to develop its solid minerals

Rivers Govt secures N1bn loan for SMEs --- Gov's aide

The euro hit an 11-week high against a broadly weak dollar

Finbank H1 pretax profit more than triples

Wednesday, July 28, 2010

Crude oil spillage: Fishermen demand N46bn compensation from Mobil

World Bank’s package for acquisition of distressed banks excites analysts

House in rowdy session as Reps reject NCC SIM card registration budget

Zoning: Either way, PDP is in trouble, says Galadima

INEC boss assures voters’ register will pass credibility test

Senators get N60m quarterly allowance, despite public outcry

Nigeria crude Sept output to top 2m bpd - Trade

Sanusi canvasses new electricity tariff to attract investors

Head hunting for AMCON’s chief executive points to Diaspora Nigerian

Court orders EFCC to pay Vaswanis N5m damages

Nigeria’s Crude Reserves Drop 1.6 bn barrels

Gombe chicken farmers complain of strange bird ailment

Plane with 152 on board crashes in Pakistan; no survivors

Tuesday, July 27, 2010

Amendment to 1999 constitution, a disappointment –Sagay

Presidency and the North-South question

Ondo REC: Lawyer drags Ayoka, Jega to court

Election date: Senate denies witch-hunting Jonathan

2011: Jonathan, in Uganda, pledges rancour free elections

SEC takes 260 entities, individuals to tribunal for market infractions

CBN seeks five laws to drive financial sector reforms

Northern governors endorse Jonathan for 2011

New gas price may stall plan to boost domestic consumption

Jonathan can contest election, say Northern Governors

Nigeria to hold presidential election in January

CBN sees interest in all rescued banks

Oil falls towards $78 after weak U.S. data

No casualties in Lufthansa cargo plane crashe

NDLEA smashes drug syndicate, seizes N4bn worth of Cocaine

AU ratifies African Maritime Charter

Monday, July 26, 2010

Pressure group urges Jonathan to contest 2011 elections

PFN youths criticise proponents of zoning, route for credible leader

Senate committee probes N630.7bn housing budget

FG installs safety-critical aviation facilities at airports

Northern governors meeting to shape 2011 race

CBN pegs minimum deposit in merchant banks at N100m

Tullow discovers ‘major’ oil field off Ghana’s coast

Controversy continues over succession at NSE

World Bank to fund Nigeria bank consolidation

Nigeria may become leading supplier of bandwidth in sub-Saharan Africa

Etisalat Goes Live on Main One Submarine Cable system

BP's Hayward set to step aside for Dudley

Sunday, July 25, 2010

Inter-bank rates ease on liquidity glut

Oil host communities demand strict enforcement of Local Content Act

Ex-militants mull relocating to Abuja over Jonathan’s 2011 ambition

Auto firms to access N4.2bn loan soon, says NAC DG

Voters’ registration: AC tasks FG to give INEC N72bn

Jonathan expresses Nigeria’s commitment to AU objectives

NPAN wins case against Press Council law

First Bank shelves bond, eyes Jo’burg listing

Investors hedge on commercial properties for higher returns

Fresh succession crisis hits Nigerian Stock Exchange

BP CEO Tony Hayward nears exit as spill work resumes

Uganda bombings overshadow African Union summit

Falconets make history, oust defending champions U.S.

Saturday, July 24, 2010

Goldman Sachs Names European Banks It Paid Amid AIG’s Bailout

Emir of Bauchi dies at 77

Euro Falls as Stress Test Results Fail to Alleviate Banking Risk Concern

2011: Labour, Civil society groups want polls shifted to April, Jega insists on January

Friday, July 23, 2010

2011: INEC has no excuse---Ekweremadu

Thursday, July 22, 2010

Enugu leads council bosses to Songhai farm to perfect agric revolution

Ship masters, others to emerge from ranks of former militants

Senate passes Electoral Bill, transmits harmonised version next week

Pressure on Jonathan as Senate backs January polls

N105bn sovereign bond oversubscription rallies confidence for FG

Katsina-Alu, Akhigbe, Okonjo-Iweala, Onovo, 182 others receive national awards

Senate raises alarm over FAAN’s insolvency

Jega discards old voters’ register, new one to cost N72bn

DSTv regains lucrative English Premiership rights in $100m deal

Northern govs to discuss zoning on Tuesday -- Aliyu

Wednesday, July 21, 2010

FG set to evaluate port concession, rules out witch hunt

NUPENG’s strike threat: Talks starts, negotiation shifted to August 3

US officials to conduct mock audit of Nigeria’s airports next week

FCMB says expected $170m facility from IFC not to acquire local bank

Oil rises above $78 on economic growth optimism

2011 elections: We have given you free hands, Jonathan tells INEC

NNPC achieves N45bn savings from initial reforms

Senate passes N4.427trn supplementary bill

Nigeria’s Internet gathers speed as Main One Cable goes commercial

Banks to contribute 0.3% balance sheet to fund AMCON

‘Main One’ brings new hope to Nigeria with high speed internet

BP denies CEO leaving as it readies $7 billion in assets sales

U.N.: African nations face food crisis

Tuesday, July 20, 2010

Jonathan seeks Senate’s confirmation of 2 INEC commissioners, Supreme Court Justices

2011: Jega cautions RECs over relationship with governors

First Bank Q2 financials exceed analysts’ expectations

2011: Atiku, Nyako paralyse activities at PDP headquarters

Experts attribute UBA’s 6,297% surge in post-tax profit to growing lending

Ribadu hints at contesting presidency

Experts dispute NNPC’s defence of inflated insurance premium

Financial markets indicators rise on presidential signature to AMC

After N450bn spending, power generation remains stagnant

Glo 1 Submarine Cable goes live

FG releases 45,000 tonnes of grains for sale to public

First Bank Q2 financials exceed analysts’ expectations

Global banks must beef up capital: U.S. regulator

U.S. grand jury subpoenas Toyota on steering rods

Fishermen report oil spill at Qua Iboe oil field

Monday, July 19, 2010

South East leaders demand fair distribution of resources , political offices

NNPC insurance fraud: NIA defends members’ involvement

Fashola signs law to standardise tourism, hotel practice

Naira weakens on dollar supply shortfall

Journalists’ kidnap: Police arrest 4 suspects

Court adjourns former Afribank MD’s case to October 28

Analysts upbeat as FBN H2 result hits market today

FG to raise additional N315bn bonds in Q3

NPDC takes over Shell’s oil wells in Ogoniland

Banks, capital market set for recovery on back of AMCON

Gwandu says access to ICT guarantees credible online elections

NSE trades N1.98b worth of shares in depressed transactions

Court adjourns former Afribank MD's case to Oct. 28

President Jonathan signs "bad bank" bill into law

Sunday, July 18, 2010

FG restates commitment to encourage private sector in building refineries

Constitution amendment: Section 121, a bankruptcy clause, says Edo speaker

Inter-bank rates fall on budget inflow

Inflation dips to lowest for two years

FG must insulate proposed SWF from corruption, group warns

Affordable internet pricing elusive as telcos, ISPs shun N35m IXPN

Released journalists: Jonathan asks IGP to arrest kidnappers at all cost

‘One North’ is dead - Analysts

We lived on one meal, one ‘pure water’ a day in the bush - freed journalists

CBN stirs market confidence with shifts in banking policy

Kidnap: Freed journalist arrive Lagos

Kidnap: Freed journalist relives ordeal

Four kidnapped Lagos journalists released

Saturday, July 17, 2010

Seven killed in fresh attack in Jos

Falconets too much for Japan

FG ready to partner states, China on coal exploration

U.S. no longer hiding place for corrupt Nigerian officials- Envoy

BRT opertors hike fares Aug. 1

African Union summit starts in Uganda a week after bombings

Abuja:VP inaugurates Priority Projects Committee

One arrested as Nigerians express outrage over kidnap of journalists

Insurer AIG agrees to massive $725m fraud payout

FG needs N32 trn for infrastructure for 2020 plan

Dollar Declines Most in 14 Months on Signs of Economic Slowdown

Friday, July 16, 2010

Constitution Amendment:36 States Submit Resolutions

Insurance sub-sector boosts activities on the NSE

Supreme Court upholds Gov Aliyu Babangida's election

Thursday, July 15, 2010

Halliburton: Group drags EFCC to court for shielding Obasanjo

Onasanya consolidates at First Bank as 3 EDs quit

Kidnappers lower ransom demand for four journalists to N30m

Nigeria, others to boost OPEC’s rising NGL, non-conventional oil supply

2011: Jonathan kicks off campaign

Bank lending to real estate drops 60% as credit squeeze lingers

High compensation claims slow down progress on power projects

NNPC saga: Senate asks committees to verify claims of insolvency

Shareholders still own bailed-out banks - Sanusi

FG’s 7% growth report questioned

S.African stocks flat but Dimension Data soars on takeover news

Stocks Tumble, Oil Falls on U.S. Manufacturing Slowdown

Nigeria, Germany in energy pact

Motor rally planned for 50th independence anniversary

Most countries fail to deliver on Haiti aid pledges

Wednesday, July 14, 2010

Nigeria worse at 50, says EFCC boss

Kidnapped journalists cry out, urge Nigerians to intensify prayers

Jonathan’s constructive engagement makes us look homeward, say Nigerians abroad

Sectarian clashes in Taraba claim eight, 40 seriously wounded

Government re-advertises Abuja airport runway contract

National Assembly ready to create new states – Mark

Exciting summer for holiday makers as airlines reduce fares

Analysts see easier access to credit in better infrastructure

FG denies Babalola on NNPC, says firm is solvent

FG mulls Globacom,Shell Exchange listing

FG denies NNPC is bankrupt

Kidnap: Doctors on protest strike, IGP orders house-to-house search

Kidnap: IGP orders house-to-house inspection

Tuesday, July 13, 2010

Senate confirms 2 nominees as INEC national commissioners

2011 budget will be ready September, says Aganga

NUJ hopeful over release of kidnapped members as negotiation peaks

Mark advocates prison reform

UBA: Recovery gaining momentum – Rencap

Aviation industry on the verge of collapse, experts warn

Nigeria distributes N413 billion revenues in June

NNPC is insolvent - Babalola

FG set to raise N105bn to finance budget deficit through sovereign bonds

Credit from bailed out banks rises by 53.51%

Ecobank signs $175m agreement with IFC

2011 budget proposal will be ready by September, says Aganga

Euro hits 2-month high vs dollar, sterling rallies

Uganda finds suicide vest as death toll from blast rises

Monday, July 12, 2010

NIMASA, foreign investors to re-float NUL

2011: Dokubo lambastes former militant group over Jonathan

Naira gains after energy firms dollar sales

IGP orders deployment of special team to rescue journalists

Passengers to pay more as NCAA approves N500 fuel surcharge for Aero

Belgore committee recommends N18,000 national minimum wage

Arik Air gets certificate to operate direct flight to US

Experts raise concern over risk of leakages in budget 2010

Secrecy pact frustrating NNPC premium inflation probe

Investors wait for Nigeria’s power sector breakthrough

Somali militants 'behind' Kampala World Cup blasts

Labour leaders condemn kidnap of journalists


World Cup 2010: Spain return to rapturous welcome


Nigeria needs 20,000mw of electricity by 2020, says Vice President Sambo

Sunday, July 11, 2010

ASUU decries poor implementation of November 2009 agreement with FG

Oceanic Bank, others adopt children in Rivers

Kogi governor, senators on a collision course over site of refinery

FG to audit, strengthen FMBN, NERFUND, NEXIM, others

Sanusi identifies power, infrastructure as constraints to banks lending to SMEs

ExxonMobil lists challenges of Nigerian Content Act

Pension fund administrator, PENCOM trade blames

FAAN loses over N33.5bn in airport concessions

SPAR opens in Nigeria, sets up rivalry with Shoprite

Economy suffers as banks’ lending favours big firms

Saturday, July 10, 2010

Germany pip Uruguay to third place

IBB Supports Nwodo On Zoning

Nigeria asks UK to extradite ex-bank chief

World Cup: Football hoping for fabulous finish

Naomi Campbell will appear at war crimes trial of Charles Taylor

GTBank is Best Bank in Nigeria again - Euromoney

Fake N500, N1, 000 notes in circulation in Ebonyi - Governor

NIGERIA seeks Turkish investments in power sector as trade hits $1 billion mark

Mobil dissociates self from oil spill compensation forms

Friday, July 09, 2010

Multilinks-Telkom appoints new CEO

Intercontinental Bank Q1 pretax profit drops

JAMB registrar urges candidates to always adhere to instructions

Thursday, July 08, 2010

AC says it won’t challenge election result at tribunal post 2011

2011 election: 4 development partners donate $80m, says Usman

Bank directors call for patience in sale of troubled banks

Funding support from donor agencies to Nigeria stands at $4.2bn, says Aganga

Jonathan wants further amendment to 2010 appropriation, supplementary budgets

Jonathan assumes chairmanship of D-8, calls on member-states to invest in Nigeria

2011: Ayu, Anyim differ on zoning

Court suspends removal of Bayelsa deputy governor as Sylva swears in former speaker

Nigeria’s low yields boost trading in Ghana’s securities

MAN urges FG to give fresh loans to manufacturers

D-8 Summit ends in Abuja

President Jonathan opens D-8 summit Promises to improve investment climate

Fault disrupts Seacom internet cable to East Africa

IMF raises global economic growth forecast

Wednesday, July 07, 2010

Oil falls below $72 on economic worry

2011: Uduaghan’s second term hope dims

Bayelsa governor picks speaker as deputy governor

Militants storm Abuja, protest non-accreditation for post-amnesty programme

FG moves to raise power generation, approves new projects

SIM Capital Alliance floats IPO for N5bn value fund

Saipem, Eni to pay fines in Nigeria bribe case

CBN unveils new guidelines risk management

2011: Nothing like zoning in PDP, says Nwodo

NNPC hostile to reduction of insurance premium

Flood shuts down Lagos

Niger Delta youths, ex-militants protest in Abuja

Tuesday, July 06, 2010

2011: Yuguda moves to mend fences with Jonathan

Jonathan charges army to diversify competence

House adopts report on bill to repeal workers compensation Act

FG mulls establishment of security trust fund

Senators, stakeholders want death penalty for terrorists

Inter-bank lending rates double as NNPC withdraws funds from banks

Nigeria faces delays in sovereign wealth fund

N1bn bail out for airlines ridiculous, say experts

Experts lists legal, technical hurdles before AMCON implementation

FG to save $10 billion, signs $25bn refineries’ deal with Chinese group

Monday, July 05, 2010

2011: PDP mulls reviewing number of national convention delegates

Reps crisis: Bankole apologises to school children, assures on peaceful resolution

Foreign investors eye Nigerian power sector

Polytechnic workers begin five-day warning strike

Lagos, NNPC, Chinese investors seal deal on 300,000 bpd refinery

Lagos, ENCON to establish 15mw IPP for Lagos Island

Rivers may shut new 100mw IPP over un-evacuated power

CBN governor sees money supply, credit growth challenges

FG introduces competitive gas pricing to boost investment

NCAAgrounds Chanchangi Airlines

President Jonathan rescinds 2 year ban on international football

NigeriaPresident Goodluck Jonathan Rescinds Two-Year Super Eagles Withdrawal From International Football - Report

Jonathan’s Facebook account reaches capacity threshold

BP oil spill costs pass $3bn mark

Rice/Cassava: Vietnamese, Chinese set to boost production in Edo

Sunday, July 04, 2010

Reps committee faults 2010 budget

Only N58bn agric fund disbursed yet

Security agencies probe Yar’Adua’s death

We gave effect to Nigerian Content Act, says Brass LNG boss

FMBN’s $1.5bn HSBC facility raises hope of housing supply

Naira continues its rally against dollar, closes month at N148.50/$

For PPA, end of road beckons

BusinessDay wins Diageo Media of the Year Award

Private sector takes full control of electricity June 2011

Chinese investors hold talks with stakeholders on 750,000 bpd Green Refinery

Saturday, July 03, 2010

World Cup: Spain in semifinal beat Paraguay 1-0

Gunmen seize crew in vessel attack off navy

Rampant Germany oust Argentina

N46b supplementary budget scales through in Lagos Assembly

Company plans to establish $800m power plant in Edo

Coach says:” I'm very proud” as Ghana crahes out of World Cup

3 million pupils de-wormed in Lagos State in 2 years – Desk Officer

killed, 40 houses destroyed as petrol tanker crashes in Gombe

Friday, July 02, 2010

Business Day wins Diageo Media of the Year Award

World Cup: Holland knock out Brazil

FIFA sets deadline for Nigeria to overturn ban

Thursday, July 01, 2010

Ekweremadu lists criteria for state creation

Eagles’ two-year ban elicits mixed reaction

PPA crisis deepens, Chukwumerije, Onyechi quit, head for APGA

SAHCOL sacks 150 workers over incaompetence

Shareholder groups disagree on CBN plans to sell troubled banks

Banks’ Q1 profit propelled by recovered loans, say experts

FG settles for current reserves, direct deduction as sources of fund for NSWF

NBA to drag legislators to court over jumbo pay

Main One Cable goes live

CBN governor sees no rate rise, warns of bubble

FG suspends Nigeria from FIFA competition

Wednesday, June 30, 2010

Crime and Corruption major impediment to Nigerian businesses – Report

Insurance industry premium hits N200bn

Money laundering: Senate may ban cash payment above N5m

Obasanjo denies discussion, closed-door meeting with Bankole

Orji, Abia governor, joins APGA

Naira hits 3-mth high as oil firms sell dlrs

Reps pass electoral act bill

CBN releases guidelines for granting liquid asset status to state govt. bonds

State IPPs on verge of collapse over FG’s power policy