Businessday Nigeria Archive for July 2011

Saturday, July 30, 2011

Aviation minister assures Nigerians of airspace safety

Lagos ultimatum to tanker drivers records 80% compliance

FTAN seeks N500bn intervention fund for tourism sector

Friday, July 29, 2011

No need for violence over non-interest banking, says Sultan

SON to test, certify cement quarterly

Court refuses Okah’s application to quash treason charge

Apple now has more cash than the U.S. government

Oil communities insist on resource control, want Land Use Act repealed

Shell's Nigerian oil station restarts after protest

We’ll need OPS, Diaspora communities to grow economy, says Aganga

NUJ chairman hinges successful 6-year single tenure on transparency

Abuja Exchange prepares cotton for international trade

FG moves to cut internet cost with Exchange Points

Thursday, July 28, 2011

Cold weather: Experts warn of spread of respiratory diseases, malaria

Calling the tanker drivers bluff!

Businesses lose billions of Naira to Lagos floods

$500m foreign investment in hotels crashes room rate

FG woos investors, eyes $450m revenue from new satellites

Ojukwu is stable – Royal Berkshire Hospital

Aviation minister orders Bi-Courtney to halt N2,500 service charge

Jonathan will not run for office in 2015, says Abati

Oil gant Shell profits jump 77% on higher oil prices

Police in Norway face questions over attacks

FG sets up committee to look into NDDC hiccups

Military denies presence of Boko Haram in Jos

Wednesday, July 27, 2011

FirstBank to issue N75bn Eurobond

MPR hike: Interbank rates up, naira down as equities lose

Nigeria oil output on 15-year high

Exchange rate depreciation stifling private sector-OPS

NASS will not succumb to foreign laws, says Tambuwal

Agbakoba, others hail proposed single-tenure plan

NCC plans open access model for effective telecommunication

Suspected Boko Haram militant dies in shootout with JTF

Ministry of Environment begins climate-change policy review

Bayelsa wades into crisis between SPDC, communities

World flays attack on UN peacekeepers in Lebanon

Tuesday, July 26, 2011

Jonathan enters Obasanjo’s territory with tenure elongation bill

Only three sectors met Vision 2020 growth targets

FirstBank earns N140bn in first half of 2011

CBN surprises analysts with higher rate raise

We did not approve Islamic banking – Reps

Jonathan proposes tenure elongation amendment bill

Kaduna road mishap kills five

Police arrest protesters over Bayelsa, Shell electricity agreement

Jonathan, Amadou meet on Nigeria, Cameroun border crimes

Police nab 7 in connection with Suleja bombing

Infrastructure commission backs Islamic banking

Police killed 23 after bomb attack: amnesty

Fashola cautions NASS against state creation, 6-year single term

Monday, July 25, 2011

16 senators spend millions of naira to inspect Oshodi – Apapa Expressway

Correction and clarification

Telkom loses N157 billion in failed Multi-Link’s venture

10 banks hold 77 percent of banking deposits

Jonathan commends BPP for saving N216bn in 2010

FG seals deal on new refineries

Delta Rerun poll: Tribunal dismisses Ogboru petition

Maritime workers threaten to shut seaports

Sunday, July 24, 2011

Analysts recommend 50bps raise in MPR as MPC meets

Guinness revs up beer market war

Huge demand, competition drive expansion in cement sector

CBN faces acid test on transparency

SPDC restates rights to divest from N/Delta oil blocs

ACN wants Jonathan to spearhead reduced cost of governance

Akwa Ibom seeks FG assistance on Ibom Airport management

Saturday, July 23, 2011

Nigeria flays Norway terror attacks

Oil workers suspend proposed three-day nationwide strike

FG’s foreign policy is to attract direct investments – Minister

Transition chairmen decry state of infrastructure in Anambra suburbs

UK court adjourns Ibori case till September

Friday, July 22, 2011

Cement manufacturers, importers make new moves over price slash

Ambassador wants Abuja tourism village replicated in Brazil

FG plans aerodromes, airstrips to boost transportation nationwide

ECOWAS, ECCAS move to ensure maritime security

Suspected Boko Haram militant dies in gunfight with task force

Guinness, Diageo commit to nation’s economy with £225m investment

‘Misappropriation of funds, violence spur fresh polio outbreak’

Construction workers want N/ASS legislation against project abandonment

UK group tasks FG on execution of planned infrastructure

Thursday, July 21, 2011

Analysts foresee higher benchmark rate at MPC

Global Emerging Markets set to acquire Spring Bank

Soyinka wants mystery over Yar’Adua’s death revealed to test FoI Act

Power supply: Obsolete plants, not gas, are PHCN’s headache

Soyinka, Fashola, others want FOI Act implemented

New banking policy to curb money laundering, industrialise cash management

Ogoni pollution: ERA decries delayed release of UNEP report

Merkel, Cameron visits critical to transformation programme

‘Undisbursed N34bn UBE Fund slows down scheme implementation’

FG flays Guinea coup attempt, warns against recurrence in ECOWAS

Wednesday, July 20, 2011

We’re competent to acquire Afribank – VCP

Nigeria ready to implement IFRS as Jonathan signs FRC bill

Banks to withdraw services from firms without tax identification

Wide gap in official, parallel market raise fear of round tripping

Drowned Lagos PDP chieftain, Abaniwonda, buried

Jonathan consults with Northern elders on Boko Haram

Body of drowned Abaniwonda, ministerial nominee, recovered from Lagos lagoon

Tambuwal assures international community of FOI Act implementation

UN declares famine in Southern Somalia

Phone hacking: Cameron's 'regret' over hiring Coulson

41 ministers, drain on nation’s resources – ANPP

Mixed reactions trail proposed six-year tenure for president, governors

UN declares famine in Southern Sudan

Afren cuts 2011 production forecast

Tuesday, July 19, 2011

Total debts stock rises to $37bn

Diamond Bank targets Oceanic for retail expansion

North in strategic push for economic competitiveness

Britain seeks transparency in reform of economy

Yuguda, ACN task FCT minister on security, satellite towns

Workers begin nationwide strike

Workers call off warning strike

Phone hacking: 'Humbled' Murdoch rejects blame

Three injured in new Borno bomb blast

Lagos airport records passenger traffic ahead strike

Boko Haram: FG arraigns 5 police chiefs for terrorism

N38bn scam: EFCC insists on Bankole’s trial

Murdoch attacked at MPs' hearing

Afribank calls off private equity deal – Sources

Reps summon Sanusi over cash withdrawal limit

MPs quiz Murdochs over phone-hacking

Proposed EFCC, ICPC merger not meant to stifle operations, says Adoke

Monday, July 18, 2011

Flood: Did Jonathan fail Lagos?

Why we cancelled Afribank, Vine Capital acquisition deal – CBN

Stanchart, Deustch, Citibank set fresh hurdles for local banks on new credit

NECA opposes NLC on strike, says it’s illegal

700 explosives: Ringim fingers military for inaccurate report

Minimum wage: FG, labour meeting in stalemate

FG plans ecological funds for Lagos in flood aftermath

‘Nigeria spends N98trn on food importation in 3 years’

PENGASSAN threatens strike over minimum wage

FG restates commitment to attracting investments across sectors

NEMA distributes relief items to Maiduguri crisis victims

Poor visibility delays flights at Murtala Muhammed Airport

Sunday, July 17, 2011

Labour insists on strike, starts Wednesday

Lack of credits, floods increase vacancy rate by 20%

Recurrent spending 70.2%, deficit N117.59bn in April, says CBN

Intrigues, poor budget execution scuttle FG’s power target

Labour vows to paralyse economy Wednesday

Boko Haram crisis: Ogun evacuates indigenes from Borno

Minimum wage: We’ll accept nothing less than N18, 000, say Oyo workers

Suleja holds service for bomb victims amid tight security

Rebekah Brooks arrested by hacking police

Borno rejects call for withdrawal of JTF

Saturday, July 16, 2011

700 explosive devices in FCT not from Boko Haram - IG

2 die, 4 injured as building collapses in Lagos

Governors’ forum resolves to pay new minimum wage

Friday, July 15, 2011

Jonathan pledges 100 % budget implementation in 2012

Respect office of president, Obasanjo tells ministers

CSOs seek prosecuting powers for auditor-general’s office

Jitters, gridlocks greet commuters on Apapa-Oshodi Expressway

Finbank, FCMB sign merger deal

NASS Borno caucus wants presidential amnesty for Boko Haram sect

Jonathan to disown cabinet members with questionable integrity

Varsity funding: ASUU urges FG to plug systemic wastage

ERA tasks FG, Bayelsa on Shell’s non-compliance with electricity accord

News International CEO quits amidst scandal

Two explosions rock Maiduguri

Kuku seeks removal of UK travel advisory on Nigeria

Thursday, July 14, 2011

Telcos cannot lead Mobile payment schemes, say analysts

Rental market upbeat over rent legislation enforcement

Germany to grow involvement in Nigeria LNG – Merkel

Jonathan orders EFCC to probe MDAs, States, LGs

Jonathan orders five-year probe of MDAs

Jonathan to commission $1bn Abuja World Trade Centre

Boko Haram: Rivers Assembly wants indigenes evacuated from Borno

Minimum wage: Labour, civil society begin mobilisation for strike

Merkel visit: Keep nuclear energy off the table, ERA tells FG

MEND carpets FG over planned Boko Haram dialogue

Bill, Melinda Gates to visit Port Harcourt September

Boko Haram wants soldiers withdrawn from Maiduguri

Nigeria needs N35trn to drive Vision 2020 Agenda – Aganga

Wednesday, July 13, 2011

Acquisition of rescued banks revs up as FCMB signs Implementation Agreement with Finbank soon

Leakage, fuel import suck $14.51bn in six months

Boko Haram: New security measures focus on public places, infrastructure

FG fails to deliver on its power target

NNPC allays fears on possible explosion at oil leak site

Reps slash running cost by 63%

Sherriff denies link with Boko Haram

Latest blast in Maiduguri wounds one soldier

Senate confirms last batch of four ministerial nominees

Policemen in court trial for Boko Haram killing

Labour unions to strike July 20-22 over minimum wage

UN says no humanitarian crisis yet over Boko Haram bombings

D-8 Commission to review visa restrictions

Tuesday, July 12, 2011

Labour begins 3-day warning strike Wednesday

Union Bank signs implementation agreement with Capital Alliance

SEC goes ahead with NSE demutualisation

Residents flee Maiduguri as Boko Haram continues attacks

FG mulls dialogue with Boko Haram, others – Olubolade

Reps move to avert varsity workers’ strike

GT Bank appoints new chief executive

Minister sets up committee on aviation fuel

Jonathan appoints more cabinet ministers

Residents flee Maiduguri over Boko Haram attacks

Nnaji pledges unhindered gas supply

FG will address infrastructural challenges, says Anyim

Monday, July 11, 2011

Abuja Commodity Exchange: CBN blames lack of corporate governance

Afribank, Vine Capital deal collapses

Business wants new cabinet to focus on power, jobs, PIB

Lagos rains kill 10 as experts predict more downpour

NIPPs to become individual companies by 2014, says FG

FG, Labour meeting on minimum wage ends in deadlock

NTDC seeks additional FDI in nation’s hospitality business

Two-day downpour leaves Lagos commuters stranded

Kwankwaso pledges support for new economic city project

20 injured in Kaduna bomb blast

Sunday, July 10, 2011

Appetite for growth drives beer war in Nigeria

Investor confidence threatened as Okorocha plans cancellation of Imo bond

Torrential downpour grinds Lagos

Rescued banks hide multibillion naira losses in deferred tax

2 dead, one seriously injured in Suleja bomb blast

Nigeria army claims 11 Boko Haram deaths in Maiduguri

Gunmen kidnap NNPC staff in Rivers

Oyo workers ready to down tools over minimum wage

Phone-hacking probe: 'Thank you & goodbye', says NoW

‘FG targets youth potentials for national development’

Mark advocates mutual respect among government arms

Saturday, July 09, 2011

Labour advised to seek redress at Industrial Court over minimum wage

Rivers ACN rejects Wike’s nomination for ministerial appointment

Military Task Force warns Borno residents against association with Boko Haram

Dialogue, panacea for national insecurity, says Anyim

Shamsudeen resumes, pledges stricter supervision of MDA projects

Friday, July 08, 2011

Okonjo-Iweala leaves World Bank, becomes Coordinating Minister for Economy, Minister of Finance

Actress Rabi Ismail's death sentence upheld

Jonathan swears in 17 more ministers

FIRS raids tax-evading companies in Port Harcourt

Airline operators urge new aviation minister to sustain safety record

Local Content Act to create 1 million jobs in 5 years

Jonathan to swear in cabinet nominees

FG urged to invest in renewable energy amid power crisis

Kano commits to Economic City project

Maiduguri bans motorbikes after sect attacks

Only president can reverse decision on amnesty programme, says Kuku

Thursday, July 07, 2011

EFFC asks court to quash Bankole's objection to trial

Adesina rejects ministerial nomination over agric portfolio - Sources

Mr President, sign the FRC Bill

Jonathan sends Olubusola Johnson, 7 others to Senate for screening

National Assembly remuneration is ‘simply scandalous’ – Anyaoku

Experts urge Nigeria to seize the moment

Atiku hails Okonjo-Iweala, flays Aganga over recurrent expenditure

Group blames hike of commodity prices on exchange rate, Customs duties

Senate confirms 8 additional ministerial nominees

News of the World to close amid hacking fury

Politicians urge Jonathan to take decisive action on Boko Haram

Group wants FG to stabilise kerosene price at N50

SMEDAN to leverage on FG, World Bank support to develop M&E framework

Ihedioha condoles families of Aniagolu, Mohammed, Igbokwe

Nigerian oil minister returns, doubters circle

Civil Defence to install CCTV cameras nationwide

Wednesday, July 06, 2011

FG to construct rail line from Lagos to Uyo

Jonathan appoints Sarah Jibril, Abati 16 others as principal aides

Okonjo-Iweala pledges tighter fiscal policy, supports Islamic banking

Unease trails Jonathan’s cabinet

Reps support fuel subsidy removal as precondition for N18,000 minimum wage

NUPENG blames kerosene scarcity on poor distribution network

Consumer protection crucial to economic transformation, says CPC

Okonjo-Iweala pledges tighter fiscal policy

FG seeks UN support for NEMA

Nigerians want EFCC, ICPC to function separately

"Explosion, gunfire rock Maiduguri"

Rivers orders fresh clampdown on bikes, tricycles

Tuesday, July 05, 2011

Jonathan withdraws Toye Cole as ministerial nominee

Nestle to invest $1.4bn in Africa to maintain ‘strong’ growth

Policy shift on troubled banks: FG considers nationalisation

CBN’s new agric policy seeks to cut N630bn food import bill

FG commits to employment generation, productivity

Jonathan picks Okonjo-Iweala for cabinet

CNPP blames suicide bombing on government indifference

Reps summon Diezani, Oniwon over kerosene scarcity

Nigeria’s defence budget increases 32%, ranks 57th globally

Millions will die if India stops AIDS drugs – UN

Ports&Harbour Congress advocates policy framework in Africa

Vehicular traffic heightens in Abuja over Boko Haram manhunt

Monday, July 04, 2011

CBN, ICRC, DMO mull Islamic bond issue for infrastructure funding

Funds chase bonds as stocks hit 3-month low

Bombings: SSS arrests 100 suspects in 6 states, demobilises 12 home made bombs

Senate screens Okonjo-Iweala today

Okonjo-Iweala to be screened for cabinet role

Oil prices steady on firmer global share prices

SSS arrests 100 suspects over bombings

FG warns governors, Labour against blackmail over minimum wage

CBN not establishing an Islamic bank, says Sanusi

Naira eases against dollar on supply shortage

CLO backs NLC, TUC planned strike

Military Task Force arrests 6 suspects over bomb blast

Sell kerosene at N50 per litre, IPMAN tells members

'Militant' attacks leave 10 dead in Maiduguri

Sunday, July 03, 2011

Analysts flay 40% forex spend on importation of refined products

N10bn N/Assembly loan: CBN warns on unscrupulous lending by banks

MTN brings 40m Nigerians into mobile money scheme

BusinessDay marks 10 years of robust financial journalism

Marketers allege kerosene undersupply by NNPC, PPMC

Foreign investors eye solid minerals in Ekiti, says Fayemi

Waziri opposes clamour for EFCC, ICPC merger

16,603 ex-militants graduate from amnesty camp

Friday, July 01, 2011

Nigerian population to hit 402m in 2050

ACN members reject Tambuwal’s offer on zoning

Jonathan to swear in 14 new ministers tomorrow

NSE sanctions 48 quoted companies over non-submission of financial statements

NERC denies new increase in electricity tariff

Death of Essien-Igbokwe is a big loss, say artistes

CBN sees rising foreign interest in Nigeria bonds

Labour unions threaten strike over minimum wage

Thursday, June 30, 2011

Companies, NGOs push for better social investment

Minimum wage: NLC, TUC, begin nationwide strike July 8