The Central Bank of Nigeria (CBN) said it lent N10 trillion to banks to fund their operations in the second quarter of the year. This reflected the severity of the liquidity crisis in the banking industry during the quarter.

The Lagos Chamber of Commerce and Industry (LCCI) has faulted the CBN and the Nigerian Deposit Insurance Corporation (NDIC) over the current happenings in the banking sector.

Hope and expectations have greeted the commencement of drilling, this week, in the Joint Development Zone (JDZ), an exclusive economic area in the Gulf of Guinea, shared by Nigeria and Sao Tome and Principe.

Oil prices rose to around $73 a barrel on Friday, lifted by slightly better GDP and jobs data out of the United States, although still rangebound over the week. U.S. crude for October CLc1 gained 32 cents to $72.87 a barrel by 1221 GMT.

Diamond Bank Plc has announced a N24.62 billion provision for bad loans, including loans emanating from margin activities, in its 2009 financial year.

The ‘Hot Corper’ programme , a collaborative talent development programme for youth corps members initiated by Orange Academy and sponsored by Skye Bank Plc, has developed a web site for the community of participants.

Investors in the British stock market, which hit a 10-month high this week, will this week look forward to the Group of 20 finance ministers’ meeting in London amid a dearth of company results.

European equities rallied Friday, boosted by some better-than-expected company news and data showing that the British recession was not as deep as expected in the second quarter, analysts said.

Afribank’s boss lists debt recovery, others as key priority areas

Oil prices edged higher Friday amid resurgent demand in Asia and positive economic data in the United States and Europe that supported hopes the global economy is pulling out of recession.