About 166 non-oil indigenous companies have finalized plans to invest 1.5 trillion naira (about US$ 10 billion) in the Nigerian economy within the next 12 months, as a way of turning around the economic fortunes of the country, according to local media reports. “During our meeting with the organized private sector, we asked them to fill a survey form to indicate the sectors they want to invest in, and more importantly, the expected

The emergence of S&P as a political watchdog may weaken trust and confidence in the global market. There was a manifestation  as Standard & Poor's downgrade US credit rating to ‘AA+’ from ‘AAA'  . The revelation is that the mandate of Standard & Poor's is beyond financial observation and evaluation but also political. Among the numerous reasons given by S&P on the downgrading of the world largest economy is its cumbersome political

(Bloomberg) Nigeria’s naira depreciated the most since March after the central bank lifted curbs on dollar sales to foreign-exchange bureaus. The currency of sub-Saharan Africa’s second biggest economy weakened 1.4 percent against the dollar to 155.95, the biggest decline since March 10 on a closing basis, at 5:45 p.m. in Lagos. Foreign-exchange bureaus increased dollar purchases after Nigeria’s central bank said on Aug. 19 it removed a $1

A good and encouraging record trickled from National Bureau of Statistics that inflation rate receded to 9.4%  in July, the lowest so far in three years. This is a significant improvement from persistent inflation that was surging upward that compelled the Central bank of Nigeria (CBN) to aggressively tighten monetary policy. As of June the inflation rate stood at 10.2% and this made the Sanusi's CBN to raise the interest rate

(Bloomberg) Nigeria’s naira depreciated to a seven-week low against the dollar at a foreign-currency sale today, after the central bank failed to meet lenders’ demand for the U.S. currency for a 12th straight auction. The currency of sub-Saharan Africa’s second-biggest economy declined 0.2 percent to 151.35 naira per dollar at the auction, its weakest since the June 29 sale. It retreated 0.1 percent to 153.90 naira per dollar in interbank trading by 

Image sensors designed in the UK by e2v were launched into space on an Earth observation satellite which has been developed for Nigeria’s National Space Research and Development Agency. Surrey Satellite Technology Ltd (SSTL) integrated the e2v imaging sensors into a focal plane array for the NigeriaSat-2 satellite. The NigeriaSat-2 satellite will be used by Nigeria to map the country and to help in water resource management and disaster

(Bloomberg) Nigeria’s annual inflation rate declined to 9.4 percent in July as the naira strengthened against the dollar, curbing the cost of imported food in Africa’s most-populous nation. Inflation slowed from 10.2 percent in June, the National Bureau of Statistics said in a statement distributed in the capital, Abuja, today. The Central Bank of Nigeria targets an inflation rate of less than 10 percent. The naira climbed 2.5 percent against the dollar

(Reuters) - Nigeria's state-oil company NNPC said on Monday it will reduce its stake in the long-delayed Brass Liquefied Natural Gas (LNG) project to 30 percent, from its current 49 percent, to secure much-needed investment. The state-owned company has offered 4 percent of its stake to LNG Japan, which is jointly owned by trading firms Sumitomo and Sojitz and 3 percent to Itochu . A further 2 percent was offered to a joint venture between

A lone rig in the Niger Delta, home to one SacOil's hottest prospects

Growth Equities & Company Research today initiated coverage of Africa-focused SacOil with a buy recommendation and 28 pence a share price target. The punchy valuation (the current price is 5.74 pence) reflects the production potential 

South Africa’s biggest clothing company, Pepkor Ltd., plans to expand into Nigeria as retailers including Wal-Mart Stores Inc. (WMT) fight for a share of some of the world’s fastest growing retail markets. “Africa is awakening,” Pepkor Chairman Christo Wiese said in an interview in Cape Town on Aug. 10. “It’s a huge market of almost a billion people with huge resources and a young population. People spend when they’re young.” Pepkor,

(Chris Kay - Bloomberg) Nigeria’s “positive” 2009 bailout of lenders and reduction of nonperforming loans in the banking industry is being outweighed by its dependence on oil and continuing social unrest, according to Standard & Poor’s. “The banking sector has undergone a significant transformation in the last two years,” Christian Esters, a Frankfurt-based credit analyst at S&P, said in a phone interview yesterday. “What holds the

(Reuters) - Ngozi Okonjo-Iweala departs the World Bank as managing director on Friday and said her biggest challenge as Nigeria's new economic chief will be to develop an economy that is less dependent on oil and gas. Okonjo-Iweala, who will take up the role of Nigeria's Coordinating Minister for the Economy and Minister of Finance next week, has been a steady hand at the world's largest development institution since 2007, where she

Interswitch Ltd., a Nigerian company that processes payments for banks in the West African nation, took a 60 percent stake in Uganda’s only company of the kind amid plans for more African acquisitions. Lagos-based Interswitch will use the 26 billion naira ($170 million) injected into it by Helios Investment Partners LLC in December for expansion on the continent, Chief Executive Officer Mitchell Elegbe wrote in an e-mailed response to

(Reuters) Nigeria's recently nationalised Mainstreet Bank, formerly Afribank (AFRIBAN.LG), said on Tuesday it had paid the central bank back the 50 billion naira ($327 million) in intervention funding given in a 2009 bailout and the lender was now fully recapitalised. The Nigerian central bank revoked the licences of Afribank, Spring Bank (SPRINGB.LG) and Bank PHB (PLATINU.LG) on Friday because it said they did not show the necessary capacity to

Polish public debt revaluation : Poland’s public debt, but also the citizens’ has been growing like an avalanche in the most recent period. Poles’ debt increased to 500 billion zloty, but the most important is the dynamics of the increase of the debt. Due to mortgage credits the private debt of the Poles grew from 34.5 billion PLN in March 2005 to the amount of 286 billion PLN in May 2011, so within 6 years, the mortgage debt of the Poles grew

Nigeria will inject 679 billion naira ($4.5 billion) through bond sales today into three banks nationalized by the government this weekend, a further step in restoring stability in the banking system of Africa’s biggest oil producer. The Asset Management Corp. of Nigeria, or Amcon, took over Afribank Plc, Bank PHB Plc (PLATINUM) and Spring Bank Plc (SPRINGBK) on Aug. 6 after the central bank revoked their licenses the day before because they were

(Reuters) * Afribank, Spring Bank, Bank PHB shares suspended- * Finbank, Intercon, Oceanic, Union technical suspension- * AMCON appoints board members for newly formed banks (Adds board announcements) - Nigeria's Securities and Exchange Commission (SEC) said on Sunday it had suspended trading on the shares of Afribank , Spring Bank and Bank PHB , following the nationalization of the three lenders. The SEC also approved a technical

Nigerian government nationalizes 3 banks as industry is embroiled in corruption allegations - By Associated Press, 

Nigerian financial regulators nationalized three banks Friday night in the course of an ever-widening probe of corruption allegations and mismanagement of fiscal institutions in the oil-rich nation. Authorities took over Afribank PLC, Bank PHB and Spring Bank PLC after markets closed in Africa’s most

(Reuters) - Nigeria plans to restart the sale of its former state telecoms monopoly Nitel following a failed privatisation process, the bureau of public enterprises (BPE) said on Friday. Sub-Saharan Africa's number two economy pulled its latest efforts to privatise the struggling fixed-line and mobile phone firm after bidders failed to stump up cash. BPE's Director General, Bolanle Onagoruwa, said in June that should reserve bidder Omen International

The Naira, Wednesday, depreciated again by 15 kobo at the official foreign exchange market as the Central Bank of Nigeria, CBN, cuts foreign exchange supply by 38 per cent even as Nigeria’s foreign exchange reserves dropped to $32.55 billion by August 1 from $33.54 billion on July 22. The naira, however, continued its appreciation at the interbank segment yesterday, gaining eight kobo. The Wholesale Dutch Auction, WDAS, session conducted