18 Years After: RMAFC moves to review president, governors, lawmakers’ pay
By Babajide Komolafe, Economy Editor The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has completed the review of the remuneration of political office holders, 18 years after their salaries were last reviewed by law, saying the proposed new remuneration and revenue allocation Bills will reach the National Assembly before the end of the year. Chairman […]
Investment ministry to create Diaspora fund, targets $18.6bn
The Ministry of Trade and Investment is planning to float a Diaspora Fund as part of strategies aimed at unlocking available capital for investment in critical sectors of the economy.
Union Bank to embrace International Financial Reporting Standards
The Union Bank Plc has disclosed its preparedness for the International Financial Reporting Standards (IFRS) ahead of the 2012 deadline set by the Central Bank of Nigeria (CBN).
ETI set to acquire Ghanaian bank…Zenith Bank records N31bn half year profit
Ecobank Transnational Incorporated has said that it has commenced moves to acquire The Trust Bank, TTB, Ghana.
Oil prices fall on U.S., Europe debt fears
Crude oil prices fell on Monday on growing fears of a sovereign debt default on either side of the Atlantic and on the possibility of another emergency stock release from the International Energy Agency (IEA). Brent crude futures fell 96 cents to 116.30 dollars a barrel, after touching a low of 116.12 dollars earlier in the session. U.S. crude meanwhile fell 1.24 dollars to 96.00 dollars a barrel.
Nigerian capital market unattractive, expensive – Report
The Nigeria equity market, represented by the Nigerian Stock Exchange, NSE, has been rated as unattractive and very expensive among its peers in Africa, South America, Eastern Europe and Southern Asia, ASEESA, according to a report by Dunn Loren Merrifield.
IPMAN begins sale of kerosene in Lagos
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo depot, said it has started the sale of kerosene in Lagos. The product sold at N50 per litre, was the first by IPMAN in more than two years. The sale followed the allocation of 10,000 litres of the product to each of 500 independent marketers.
APM Terminal announces N1.3 bln waiver for importers
The APM Terminals, Apapa, has offered importers N1.3 billion waivers on accumulated storage charges as part of efforts to decongest the port.
China’s PICC plans $6 billion offering
State-owned People’s Insurance Company of China Group (PICC), one of the country’s largest insurers, plans to raise $5 billion to $6 billion in an initial public offering in Hong Kong and Shanghai, IFR reported citing two sources with knowledge of the plans.
Nigeria spent N1.314tn on foods importation in 3 years – Adeshina
The Nigeria imported foods worth N1.3trillions between 2007 and 2010. This fact was disclosed by Dr Akinwunmi Adesina, the new Minister of Agriculture in Abuja. Adesina, disclosed this when he assumed duty in Abuja.
Japaul Oil to invest N40bn in subsidiaries
JAPAUL Oil and Maritime Services Plc said it will invest over N40 billion in new projects in its division and subsidiaries in the Nigeria’s mining, dredging and offshore sectors.
