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in BUSINESS NEWS - 22 Nov, 2014
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Nigeria’s overnight lending rate fell to 9.75 percent on Friday, from 18 percent at the previous close, after government monthly budget disbursals flowed into the banking system, dealers said. Liquidity had dried up after pension funds snapped up bonds before an expected central bank ruling on naira cash reserve ratios on Tuesday that it hopes […]

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in BUSINESS NEWS - 21 Nov, 2014
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Bloomberg reportd Ecobank Transnational Inc. is considering selling a stake in its Nigerian subsidiary as part of a plan to raise about $500 million of equity for the unit. 1. It quoted the Chief Executive Officer as saying  “It’s possible that could happen,” …. “There’s a board policy that we could, if we wanted, sell […]

in COMPANIES - 21 Nov, 2014
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Oando Nigeria Plc announced plans to raise $300 million (N48,779,834,048) via a rights issue, starting from Nov. 24 and closing December 19 2014.  Shareholders who held shares in the company as at June 25, 2014 will be able to subscribe to one new share for every four already held. Oando submitted its filing for the […]

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in ANALYSIS - 21 Nov, 2014
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MRS Oil Nigeria Plc. (9 months ended September 2014)   MRS Oil Nigeria Plc (MRS) released 9M 14 unaudited results, wherein revenue was flat (+0.4%) YoY at N69.2 billion. However, largely reflecting softer input costs, PBT and PAT increased 9 and 6 folds to N1.2 million and N577 million, respectively. Revenue contracts on lower gasoline throughput […]

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in AGRICULTURE - 21 Nov, 2014
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Okomu Oil Plc is a leading Oil Palm company and has been in operations in Nigeria since December 1979. The company is owned 62.69% by Socfinaf SA (incorporated in Luxembourg) and 9.96% by Stanbic Nominees. Other Nigerians own the balance. The company’s recent 9 months results showed pre-tax profits rose 28% to N2.7billion with earnings per […]

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in BUSINESS NEWS - 20 Nov, 2014
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Royal Dutch Shell says it has completed the sale of its 30 percent stake in Nigeria’s onshore Oil Mining Lease (OML) 24 in the Eastern Niger Delta to Newcross Exploration and Production for $600 million. French partner Total and Italy’s Eni also sold their respective 10 percent and 5 percent stakes in OML 24 to […]

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in BUSINESS NEWS - 20 Nov, 2014
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The federal government yesterday re-submitted the 2015-2017 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate with a new proposal of N4.661 trillion as its budget estimate for the 2015 fiscal year. Here are the key highlights. – read more >>

in BUSINESS NEWS - 20 Nov, 2014
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1. The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Wednesday disclosed that 50 biggest bank debtors accounted for 32.02 per cent of lenders’ total loans to the private sector as of May 2014. 2. Emefiele said, “The reform policies of the central bank have gained grip and resulted in a sound financial system. […]

in BUSINESS NEWS - 19 Nov, 2014
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1. Tiger Brands took another write down at its money-losing Nigerian unit, Dangote Flour Mills Plc. Tiger Brands Acquired Dangote Flour Mills in 2012 and increased the stake to 100% earlier this year. 2. Tiger Brands, which makes pasta, energy drinks and breakfast cereal, wrote off $9.5 million of factory assets at Dangote Flour Mills following a […]

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in 2014 Fy results - 19 Nov, 2014
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DANGOTE FLOUR MILLS 2014 FULL YEAR AUDITED FINANCIAL STATEMENTS   Revenue (Millions) 2014 N41,269 2013 N29,960 %age Change (+37.7%) Loss After Tax 2014 (N6,109) 2013 (N7,217) %age Change (+15.3%) Loss Per Share 2014 (124.4 Kobo) – read more >>

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in CORPORATE DEALS - 19 Nov, 2014
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1. Nigerian Cement Holdings B.V. (NCH), a 50% affiliate of Lafarge Africa Plc is the SPV that has entered into an agreement with Flour Mills of Nigeria (FMN), for the purchase of Flour Mills of Nigeria’s 30% investment in United Cement Company of Nigeria Ltd (UNICEM). 2. The transaction, comprising the sale of shares and […]

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in BUSINESS NEWS - 19 Nov, 2014
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1. Chairman of Transcorp Plc, Tony Elumelu disclosed plans to upgrade the generation capacity of the Transcorp Ughelli power plant to about 3,000 megawatts (MW) within a three-year phased project plan. 2. Speaking on the ambitious expansion plan which will see Transcorp Ughelli power plant generate about 3,000MW of electricity within the next three years, […]

in BUSINESS NEWS - 19 Nov, 2014
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1. The Nigerian Stock Exchange and London Stock Exchange Group on Tuesday signed a capital market agreement to strengthen cooperation and promote mutual development between the two exchanges. 2. The agreement, which supports African companies seeking dual listings in London and Lagos, was signed at a United Kingdom Trade and Investment and the Emerging Capital […]

in BUSINESS NEWS - 18 Nov, 2014
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1. The naira slid to a new low on Tuesday, as investors worried about the impact of falling oil prices on Nigeria’s fragile finances shrugged off increasingly interventionist efforts by the central bank to prop up the currency. – read more >>

in BUSINESS NEWS - 18 Nov, 2014
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1. Nigeria’s long-awaited Petroleum Industry Bill (PIB) is not expected to be voted on by parliament before a planned general election in February 2015, the finance minister said on Tuesday. 2. Ngozi Okonjo-Iweala told a conference call with investors that foreign direct investments in the country has grown but for the oil sector because of […]

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