NGX market reverses gains, loses N1.17trn on sell-offs
The Nigerian Exchange Ltd. (NGX) equities market on Tuesday reversed its four-session bullish run, losing N1.166 trillion in market capitalisation amid sell-offs in key stocks.
Insurance PHB makes N375 million profit
Insurance PHB Limited has announced gross revenues of N2.687 billion for the company as against N2.148 billion in 2008 inspite the hostile operative business environment in 2009.
Project Aquila: e-loading for petroleum products begins January
The Petroleum Equalisation Fund (Management) Board, PEFMB, said it would commence the electronic monitoring of petroleum products distribution from the first week in January 2011.
Market capitalisation dips N247m
A fluctuating trend was recorded on the Nigerian Stock Exchange (NSE), last week, as profit-taking forced down the value of listed equities, represented by the market capitalisation, by N247.20 million.
Union Bank’s shareholders support banking reforms, applaud management
Shareholders of Union Bank Nigeria Plc have commended the Central Bank of Nigeria (CBN) for the ongoing reforms in the banking sector which has started yielding results in the bank.
NEITI begins recovery of over $2.3bn
The Nigeria Extractive Industries Transparency Initiative, NEITI, has disclosed that it has begun the recovery of more than $2.3 billion in crude sales, royalties, taxes and other payments, which were not remitted to the Federation Account by operators in the nation’s oil and gas industry.
Diamond Bank set to create employment via entrepreneurship
Diamond Bank Plc, a company quoted on the Nigerian Stock Exchange (NSE) has stated its readiness to create employment through empowering the entrepreneurs with capital to boost their businesses.
UACN shareholders okay restructuring, partners Tiger Brands
Shareholders of UAC of Nigeria PLC (UACN) have unanimously endorsed the Board of Directors proposal to restructure the company and as well as partner Tiger Brands Limited, a company in South Africa.
World Bank backs NEITI’s validation
The World Bank has said it is backing the bid by the Nigeria Extractive Industries Transparency Initiative, NEITI, to achieve compliance by the global Extractive Industries Transparency Initiative, EITI.
NSE tasks oil majors on renewable energy
The Nigerian Society of Engineers, NSE, has charged international oil companies, IOCs, operating in the country to invest in renewable energy development, as one of the ways of mitigating the impact of climate change.
Power sector reform is endangered NSE President
The President of the Nigeria Society of Engineers, NSE, Mr. Olumuyiwa Ajibola, has warned that the nation may not reap the benefits of the ongoing reforms in the power sector due to the absence of the “right professionals” in its conception and implementation.
