The Senate President, Senator David Mark, has said no amount of blackmail can deter the National Assembly from carrying out its oversight functions of exposing corruption and poor administration in all areas of the nation’s life.
Updated 8 Years ago

Nigeria’s foreign reserves continued its downswing as it reduced further by $220 million in four days, to close at $37.242 billion, data from the Central Bank of Nigeria (CBN) showed Wednesday. The reserves stood at $37.462 billion as at last Friday. Price of crude oil in the international market also fell by $1.63 to close at $82.40 per barrel. The development affected the naira as it fell against the dollar by N1.15 to close at N162.40/$1 Wednesdayy, from N161.25/$1 on Tuesday.
Updated 8 Years ago

The country will be faced with another round of banking sector crisis if the banks will continue to lend to the Small and Medium Scale Enterprises (SMEs) with the present state of infrastructures and power, says Mr. Mustafa Chike-Obi, Managing Director, Asset Management Corporation of Nigeria (AMCON).
Updated 8 Years ago

Associated Discount House Limited has recorded a Profit After Tax of N768.5 million in its 2011 financial year, representing a decline of 64.4 per cent, compared to N2.16 billion it recorded in the previous year.
Updated 8 Years ago

Barely two weeks after the Dana airplane crashed in Lagos killing everyone on board and some people on ground, reports say that another tragedy was averted at the Nnamdi Azikiwe International Airport, Abuja when a British Airways aircraft overshot the taxiway of the runway. This was attributed to the failure of the airfield lighting on the runway, which made it impossible for planes to either take off or land.
Updated 8 Years ago

Ecobank Group said it has integrated all its existing subsidiaries into a single point of contact with the intent on delivering a seamless customer brand experience across the network. This is just as the bank has reported a N32.27 billion ($207 million) profit for its 2011 financial year, representing a 57 per cent increase recorded in previous year.
Updated 8 Years ago

The Immediate Past National President of the Nigerian Association of Chambers of Commerce, industry, Mines and Agriculture (NACCIMA), Dr. Simon Chukwuemeka Okolo has called on the federal government to have a thorough re-assessment of Nigeria’s monetary policy regime with a view to coming up with a fiscal policy that will best address the nation’s current economic woes.
Updated 8 Years ago

Stockbrokers have called on the federal government to provide a stimulus package worth about N500 billion for the Nigerian capital market if it is serious about reviving the fortunes of the market.
Updated 8 Years ago

The Nigerian economy is under threat from deteriorating global market conditions, typified by dwindling fortunes in the international oil market and uncertainty in the eurozone. Also, poor sentiments in the economy are inducing most importers to bring forward their dollar obligations to hedge against the weakening naira, while dollar flows from offshore investors into the local debt have ceased, piling up pressure on the naira.
Updated 8 Years ago

The Central Bank of Nigeria’s (CBN) May 18 directive stopping deployment of capital from parent banks to strength or recapitalise their foreign subsidiaries has put banks under pressure to meet up with requirements from the host countries, BusinessDay investigations have revealed.
Updated 8 Years ago