CBN unveils new FX guidelines, approves cash movement of $50,000
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]
Petroleum Minister seeks greater control of PTDF
ABUJA—The Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke has charged the Petroleum Technology Development Fund (PTDF) management to ensure that adequate approvals are obtained from her office by the Fund before any major activity is carried out.
Express Scripts takes $14 billion bridge loan
Express Scripts is syndicating a $14 billion bridge loan that will help finance its $29.1 billion acquisition of rival Medco Health Solutions, banking sources said weekend.
Shell records high crude oil theft in Niger delta region
Shell Production Development Company (SPDC) has estimated that about 100,000 barrels of crude oil are being stolen from its operations in the Niger Delta region of Nigeria, this is coming just as Transocean pipes announced its decision to provide eight out of its ten ultra – deepwater and deepwater rigs in Brazil and Africa.
UN boss commends SPDC for educational development in Nigeria
The United Nations Secretary General, Ban Ki–moon, has commended Shell Petroleum Development Company (SPDC) for its contribution to educational development in the Niger Delta region and Nigeria in general.
UBA records 67% growth in first half profit
United Bank for Africa, UBA, Plc has recorded a 67.42 per cent growth in profit after tax for its half year 2011 financial performance.
I save I win promo: 2 star winners emerge
Two star prize winners have emerged in the on-going Intercontinental Bank’s I-Save, I-Win promo at the end of the bank’s zonal draws of the promo and customers’ forum for the Federal Capital Territory and North Central Regions.
NSE to commence short selling, securities lending
The Nigerian Stock Exchange, NSE, has announced plans to commence securities lending and short selling.
CBN economic czarism and its consequences – 8
Why must a banking system with Islamic background be forced on the throat of a country that is plural in religion? It should not be accepted or else Nigeria is heading towards disintegration.” Reverend Peter Akinola, immediate past Primate of the Church of Nigeria (Anglican Communion) in Vanguard, Monday July 11, 2011, p 8.
N18,000 minimum wage, an assault on human dignity – Prof. Utomi
A major industrial crisis that would have crippled economic activities in the country was averted last week as leaders of the nation’s labour movement called off a three-day warning strike declared to compel the federal, states and local governments to ensure the implementation of the N18, 000 minimum wage.
ISO certificate for oil firm
Natony, a major contractor of the Shell Petroleum Development Company (SPDC), has been issued a certificate of conformity to the requirements of NIS ISO 9001:2008 Quality Management System Standards.
