Access Bank’s shares drop by 7.5%
At the close of equity trading activities on the Nigerian Stock Exchange on Wednesday, Access Bank fell by 7.47 per cent, dropping to a three-month low. The bank’s shares, which opened for trading at...
View ArticleSpain’s bailout less likely –Moody’s
Spain is less likely to need a sovereign bailout now than it was in October as funding costs have fallen since then, Moody’s Investors Service said, according to Bloomberg. “When we did our last rating...
View ArticleDollar slips against yen
The dollar edged down from a near four-year high against the yen on Tuesday as traders booked profits on its sharp rally, but the yen’s weakening trend remained intact following the Bank of Japan’s...
View ArticleForex market: CBN sold $3.89bn in Q1
The Central Bank of Nigeria sold a total of $3.89bn at the Wholesale Dutch Auction System in the first quarter of this year. Calculations by our correspondent showed that the apex bank also offered a...
View ArticleStanbic IBTC unveils mobile banking application
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has announced the introduction of the Stanbic IBTC MobileMoney App for smartphones running on BlackBerry, iOS and Android operating systems. A...
View ArticleHeritage Bank opens first set of branches
Heritage Bank, the newest player in the Nigerian banking sector, has opened its first two branches in Marina, Lagos and Dugbe in Ibadan, Oyo State. While the Marina branch went on stream mid-March, the...
View ArticleJPMorgan leads job cuts as banks seek profit
Rising stock prices, rebounding profits, restored dividends and a growing economy are signaling to United States banks it’s time for more job cuts, Bloomberg reported. Even after the industry posted...
View Article‘Indigenous operator contributes only 1% of NLNG feedgas’
In spite of the drive to increase local participation in the Nigerian oil and gas industry, only one per cent of the 3.5 billion cubic feet per day natural gas (feedgas) required for liquefaction at...
View ArticleFG cannot provide free water –Minister
The Federal Government has said it can only provide affordable but not free water for residents of the country. This clarification, it said, was to clear misconceptions on the right of the citizens to...
View ArticleFG may stop steel importation soon – SON
The Federal Government may stop the importation of steel into the country anytime soon as was the case with bagged cement, whose importation had been stopped for two years now. The Director-General,...
View ArticleGlobal investment banks seek to join NSE
Some global investment banks have indicated interest in trading in shares on the Nigerian Stock Exchange. The Chief Executive Officer, NSE, Mr. Oscar Onyema, announced this on Wednesday during the...
View ArticleMMIA security operatives arrest eight illegal forex traders
Officials of the security unit of the Murtala Muhammed International Airport, Lagos, have arrested no fewer than eight illegal Bureau de Change operators at the nation’s flagship airport. The...
View ArticleSapele power plant battles capacity recovery challenges
With an installed capacity of 1,020 megawatts, the Sapele power plant is only able to contribute between 165MW and 265MW to the national grid. DAYO OKETOLA examines the problems and challenges awaiting...
View ArticleS&P hits new high
The S&P 500 rose to a historic high on Wednesday as stocks advanced by one per cent in a broad rally, with technology shares among the strongest of the day. Reuters reports that for the second day...
View ArticleBrazilian stocks gain on interest rates
The Bovespa index rose to a three-week high as homebuilder, MRV Engenharia & Participacoes SA, led gains by companies that sell locally amid bets that policy makers will keep borrowing costs at...
View ArticleCustomers’ debt rises to N2bn in Apapa – PHCN
The Apapa Business Unit of Power Holding Company of Nigeria has said debt owed by customers in the area has risen to N2bn. The Business Manager of the unit, Mr. Adewale Obajemu, who made this...
View ArticleUS, others imported N3.098tn Nigerian crude Q4 2012
The total value of crude exported from Nigeria to the United States, India, Netherlands, Italy and six other countries in the last quarter of 2012 was N3.098tn. The National Bureau of Statistics stated...
View ArticleOil eases below $106, US crude stocks swell
Oil eased below $106 a barrel on Wednesday after United States crude oil stocks swelled to the highest level in more than two decades and dented the outlook for demand in the world’s top consumer,...
View ArticleNigerians criticise Jonathan for poor power generation
Nigerians have taken to the Internet to criticise President Goodluck Jonathan for the drop in power generation from a peak of 4,517 megawatts attained on December 21, 2012 to 3,443MW on Tuesday. A...
View ArticleGTBank commences social banking service on Facebook
In a bid to promote financial inclusion in the country, Guaranty Trust Bank Plc on Wednesday unveiled its social banking service on popular social networking site, Facebook. Speaking at the...
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