The boards of directors of First City Monument Bank (FCMB) and FinBank yesterday announced the signing of a Memorandum of Understanding (MoU) for the recapitalisation of FinBank and the combination of both banks. FCMB, in a statement yesterday, said the MoU execution followed a competitive process supervised and approved by the board of directors of FinBank, adding that the proposed…
The federal government yesterday said it would deliver an additional 750 mega watts of electricity to the national grid from the multi-million dollar Olorunsogo Phase 11 National Integrated Power (NIPP) by November this year. The construction cost of the Olorunsogo NIPP is pegged at about $600 million by the federal government. Other onging NIPPs are Omotosho, Ondo State; Ihovbo, Edo…
One major thing I find surprising as a professional is that our country is not data driven. There is no data bank where you can readily access information on a specific project. This clearly explains the absence of periodical research that seeks to gain brand related knowledge, attitudes and behavioural intentions of the consumers. Consumer research is one area that…
The World Bank has said it is prepared to provide support to any foreign investor interested in Nigeria's power sector. Onno Ruhl, World Bank country director for Nigeria said the Bretton Woods institution realises that the power sector is critical to the future of the economy. "We will do what we can to give comfort to investors who have the…
Chika Onuegbu, chairman of the Trade Union Congress (TUC) in Rivers State, says the N200 billion textile fund released by the federal government to revive textile industries will not solve the sector's problems. Mr Onuegbu told the News Agency of Nigeria (NAN) on Wednesday in Port Harcourt that there were many problems confronting the industry that had not been resolved.…
The Nigerian oil sector must be one of the sectors that tolerates blatant disregard for transparency in the land. Being a mono-product economy and depending so much on foreign expertise, technology and dictates opens the sector to peculiar challenges than should be the case. A reading of the 2005 Nigerian Extractive Industries Transparency Initiative's (NEITI) audit report reveals three interesting…
Vice president Namadi Sambo has expressed optimism that the country will soon be self-sufficient in the provision of electricity to every Nigerian. Speaking yesterday at the Gurara Dam project in Kaduna State, where he inspected facilities, Mr Sambo said, with the successful completion of the dam with three turbines, each capable of generating 10 megawatts of electricity, or a total…
The number of unemployed people in South Africa increased in the first quarter of this year, mainly due to seasonal changes, official data showed on Tuesday. Statistics South Africa said the official jobless rate went up to 25.0 percent of the labour force in the first quarter of 2011 from 24.0 percent in the fourth quarter. This pushed the number…
Kenya’s energy regulatory body lowered the price of diesel and kerosene slightly on Tuesday after the finance ministry cut excise tax on the two products last month, but the regulator left petrol prices unchanged. The Energy Regulatory Commission said the new prices would come into effect on May 4. Fuel prices can have a significant impact on the rate of…
Heineken NV, the world’s third-largest brewer, has won a bid to purchase two state-run breweries in Ethiopia for $163.3 million, an Ethiopian official said on Tuesday. “Heineken’s bid was successful. They will receive an official letter of confirmation either today or tomorrow,” Wondafrash Asefa, spokesman for the Privatisation and Public Enterprise Supervising Agency, told Reuters. The giant brewer said on…
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Bank lending should rise significantly in the second quarter of the financial year once the April 2011 elections, which have prompted a slowdown, are over, according to Bisi Onasanya, group managing director and chief executive officer of First Bank Nigeria. Mr Onasanya told Oxford Business Group (OBG), a consultancy firm, that financial risk exercises undertaken last year by the Central…
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