This is 6% over the previous year’s results, said the agency in a statement. According to the statistics, non-oil industries expanded 8.6%, while oil and gas contracted 1.2%.
Crude oil production, accounting for 80% of national revenue, dropped due to various attacks by militants, cutting Nigeria’s output by more than 28%
Showing posts with label Nigeria. Show all posts
Showing posts with label Nigeria. Show all posts
Tuesday, March 16, 2010
Thursday, February 25, 2010
Wednesday, February 17, 2010
The New Generations Telecoms buys NITEL for $2.5b
AFTER a rigorous bid which saw five consortia, jostling for the soul of Nigeria’s first National Telecommunications carrier, NITEL, the New Generations Telecommunications Consortium, yesterday, emerged winners of the new NITEL with a bid of $2.5 billion.
New Generations Telecommunications Consortium is the former Telefonica. The consortium included China Unicom (Hong Kong) Limited, Minerva Group of Dubai and local company GiCell Wireless Limited. Announcing the result of the bid, BPE’s Head, Public Communications, Mr. Chigbo Anichebe, revealed that Brymedia Consortium bided $551million for the whole of NITEL, while MTN Nigeria offered $25million for SAT-3 only.
Saturday, January 16, 2010
Standard Chartered Private Equity Invests $47.5m in Seven Energy
Standard Chartered Private Equity Limited has announced that it has invested $47.5m to acquire a minority stake in Seven Energy, a leading Nigerian gas exploration and development company. Seven Energy was formed in 2007 and is focused on the provision of gas to leading industrial firms in
Standard Chartered’s investment will aid in the development of Seven Energy’s business and toughen its competitive positioning. The use of funds will provide a much needed spur for the company to provide to
Tuesday, November 24, 2009
The Nigerian Electricity Regulatory Commission awarded a generating license to Dangote Industry Power Ltd.
Dangote plans to generate 135 megawatts of electricity at the proposed plant out of which 46 megawatts will be consumed by its Obajana Cement plant in the central Nigerian state of Kogi. The remaining 89 megawatts will be sold to the national grid.
The regulator has granted 29 licenses to companies to produce power to boost generation to 6,000 megawatts by the end of this year and 10,000 megawatts by 2011.
The regulator has granted 29 licenses to companies to produce power to boost generation to 6,000 megawatts by the end of this year and 10,000 megawatts by 2011.
Wednesday, September 30, 2009
Nigeria could sell stakes in its joint ventures with Western oil firms to China
Minister of State for Petroleum Odein Ajumogobia said China would not be given all the reserves it was seeking but that Nigerian state oil firm NNPC could sell stakes in joint ventures with existing oil partners if Beijing offered the right price.
The Chinese made a proposal which Nigeria is considering. They are asking for 6 billion barrels of oil from our reserves, but according to Ajumogobia, Nigeria is not going to give them all of that.
Western oil firms including Royal Dutch Shell (RDSa.L), Chevron (CVX.N) and ExxonMobil (XOM.N), operate in Nigeria through joint ventures with NNPC.
Asked if the state firm could sell its stakes to China, Ajumogobia said:
"It's an option we are also looking at. Why not? If the offer is very good and very attractive why not? NNPC has the right to do whatever it likes with its own share."
Some analysts say the sale of stakes to China by NNPC would likely be challenged by other partners in the ventures and that the prospect of putting a greater proportion of Nigerian oil reserves in foreign hands would face huge political opposition.
Chinese state energy firm CNOOC has identified 23 licenses in Nigeria in which it would like to buy stakes.
The Chinese made a proposal which Nigeria is considering. They are asking for 6 billion barrels of oil from our reserves, but according to Ajumogobia, Nigeria is not going to give them all of that.
Western oil firms including Royal Dutch Shell (RDSa.L), Chevron (CVX.N) and ExxonMobil (XOM.N), operate in Nigeria through joint ventures with NNPC.
Asked if the state firm could sell its stakes to China, Ajumogobia said:
"It's an option we are also looking at. Why not? If the offer is very good and very attractive why not? NNPC has the right to do whatever it likes with its own share."
Some analysts say the sale of stakes to China by NNPC would likely be challenged by other partners in the ventures and that the prospect of putting a greater proportion of Nigerian oil reserves in foreign hands would face huge political opposition.
Chinese state energy firm CNOOC has identified 23 licenses in Nigeria in which it would like to buy stakes.
Friday, September 18, 2009
Virgin Nigeria dropping the U.K. company's brand, Virgin Atlantic and seek fresh funding
The carrier new brand will be known as Nigerian Eagle Airlines and plans a private placement.
Virgin Atlantic, which has a 49% stake in the Nigerian carrier, has been reassessing its ties in recent months. Nigerian institutional investors hold majority control.
Virgin Nigeria dropped all its international flights in January to focus on what it called its "profitable domestic and regional operations."
Virgin Nigeria was part of an array of international affiliates launched by entrepreneur Sir Richard Branson, including airlines in Belgium, Australia and the U.S.
Sunday, September 13, 2009
Nigeria - Central Bank (CBN) is considering three options to recapitalise the country’s five troubled banks
The banks are: Intercontinetal Bank; Oceanic Bank; Union Bank; Finbank and Afribank.
The Central Bank is considering three local options aimed at acquisitions of the five troubled banks following the seeming collapse of its offshore investment mission.
The three options which the apex bank is considering are:
Option 1: Rights Issue
In which the apex bank hopes to execute a rights issue, converting the tier two capital (the amount injected) to 80 per cent stake in the affected banks’ shareholding, leaving the other shareholders with 20 per cent.
The Central Bank is considering three local options aimed at acquisitions of the five troubled banks following the seeming collapse of its offshore investment mission.
The three options which the apex bank is considering are:
Option 1: Rights Issue
In which the apex bank hopes to execute a rights issue, converting the tier two capital (the amount injected) to 80 per cent stake in the affected banks’ shareholding, leaving the other shareholders with 20 per cent.
Option 2: Scheme of Arrangement
The CBN management is said to be considering the alternative of getting the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange NSE, to do a “Scheme of Arrangement”. The thinking in the CBN is that this option is the most viable now and if applied, it will involve a legal means of bringing shareholders of these banks to an extra-ordinary General Meeting to agree to a merger or acquisition arrangement.
Option 3: Acquisition
If the first two options fail, the apex bank would then go for the third option which is acquisition.
This involves nominating a bank in the country to acquire any of the five banks and then backing the action with statutory powers.
Friday, August 14, 2009
Breaking News: CBN Appoints new CEO’s for 5 banks, reveals N2.4trn debt
Source: Proshare LimitedThe CBN, this morning, at the Emergency Bankers’ Committee convened by the CBN in Lagos confirmed the rumour that has been making the rounds all week that the CEO and Executive Directors of the following five banks have been removed:
- Erastus Akingbola (Intercontinental Bank);
- Okey Nwosu (Finbank);
- Sebastian Adigwe (Afribank Plc);
- Mrs Cecelia Ibru (Oceanic Bank Plc); and
- Bartholomew Ebong (Union Bank Plc).
The CBN Governor says that the CBN today injected N400bn tier 2 capital into the 5 banks. This is to be repaid soon from their offer proceeds.
The CBN Governor ANNOUNCES the following appointments:
- Mr. John Aboh to take over as CEO of OCEANIC BANK Plc
- Mr. Lai Alabi to take over as CEO at INTERCONTINENTAL BANK Plc
- Mr. Arah NEBOLISA to take over as CEO at AFRIBANK Plc
- Susan Iroche to take over as CEO at FINBANK Plc
- Mrs. Funke Osibodu to take over as CEO at UNION BANK Plc
Thursday, August 6, 2009
Breaking News....
BREAKING NEWS: Dangote is the NSE PRESIDENT. A formal announcement to follow by the DG and new President within the hour.
Saturday, July 18, 2009
Breaking News
ALHAJI ALIKO DANGOTE stepped down from the Council of Nigerian Stock Exchange.
Further updates will be provided next week.
Further updates will be provided next week.
Monday, July 6, 2009
CDC Group commits $50m to African Capital Alliance’s PE Fund III (CAPE III)
CDC Group, the UK government-backed, emerging-markets fund of funds, has committed $50m to African Capital Alliance’s Private Equity Fund III (CAPE III) as part of its new focus on investing in the world’s poorest countries.
CAPE III targets to make minority and majority investments between $30m and $50m in mid-sized Nigerian companies with growth potential. About 25 per cent of investments will also be in other West African countries and the Gulf of Guinea region.
The fund will back companies that operate in industries which will benefit from regulatory changes in Nigeria, such as electric power. Around half of Nigeria’s population does not have access to electricity, but recent reform in the sector is said to be providing an opening for new entrants to the market.
CAPE III targets to make minority and majority investments between $30m and $50m in mid-sized Nigerian companies with growth potential. About 25 per cent of investments will also be in other West African countries and the Gulf of Guinea region.
The fund will back companies that operate in industries which will benefit from regulatory changes in Nigeria, such as electric power. Around half of Nigeria’s population does not have access to electricity, but recent reform in the sector is said to be providing an opening for new entrants to the market.
Tuesday, June 23, 2009
Merger and Acquisition Interest on Nigerian Banks by Foreign Banks Likely to Happen
Plans by Nigeria’s central bank to lift the cap on foreign ownership of banks and to encourage mergers and acquisitions will spur interest in the banking system, UBA Capital Research said.
“Speculating on which individual banks could be targets for foreign banks is of limited value, but we do believe that it is likely that banks in the mid-tier segment will attract attention,” said UBA Capital, the brokerage unit of Lagos-based United Bank for Africa Plc. It reiterated its buy recommendations on Access Bank Nigeria Plc, Diamond Bank Plc, First City Monument Bank Plc and GTBank.
Central bank Governor Lamido Sanusi, in his first interview since his appointment on June 3, told the Financial Times of London that he expected a further consolidation in the Nigerian banking industry to bring down the number of banks to about 15 from 24.
“Speculating on which individual banks could be targets for foreign banks is of limited value, but we do believe that it is likely that banks in the mid-tier segment will attract attention,” said UBA Capital, the brokerage unit of Lagos-based United Bank for Africa Plc. It reiterated its buy recommendations on Access Bank Nigeria Plc, Diamond Bank Plc, First City Monument Bank Plc and GTBank.
Central bank Governor Lamido Sanusi, in his first interview since his appointment on June 3, told the Financial Times of London that he expected a further consolidation in the Nigerian banking industry to bring down the number of banks to about 15 from 24.
Thursday, March 5, 2009
Nigerian economy best for investment in Africa
ABUJA—In spite of the hype on the effect of the global economic meltdown on the nation’s economy, the Minister of Works, Housing and Urban Development, Dr. Hassan Muhammad Lawal has said the country’s economy was strong and offered the best investment opportunity in Africa.
Dr. Lawal who stated this while welcoming the proposal by the Turkish Construction Giant TASYAPI Construction Undertaking to participate in the construction industry in Nigeria, said the fact the country is enjoying stable polity glitters its fortune as investment hobnob in the continent.
Led by the General Manager and member of the Board of TASYAPI Construction Undertaking, Mr. Goksel Bodur, the Minister assured the Turkish Firm that Nigerian economy was strong and the polity stable and offered the best investment opportunity in Africa.
He recalled that Nigeria and Turkey have a very cordial bilateral relationship and told the Turkish delegation that they had nothing to fear.
He said the coming of the Turkish company into the Nigerian construction industry would strengthen the existing cordial bilateral ties between Nigeria and Turkey.
He urged the company to comply with legal stipulations for business operations in Nigeria, and explore their areas of interest with relevant officials in the Ministry.
The Minister also called on them to participate in joint venture schemes with the Ministry to provide beautiful and affordable housing schemes for Nigerians, noting that the sector was very viable and lucrative.
He said the Federal Government will welcome the injection of international capital and investment in the housing sector to ease the problem of affordable and decent housing in the country.
Addressing the Minister earlier, leader of the Turkish delegation Mr. Goksel Bodur said they were the third largest construction company in Turkey and were currently involved in construction projects in Europe, Asia and the Middle East.
Written by Chris Ochayi
Tuesday, 03 March 2009
Dr. Lawal who stated this while welcoming the proposal by the Turkish Construction Giant TASYAPI Construction Undertaking to participate in the construction industry in Nigeria, said the fact the country is enjoying stable polity glitters its fortune as investment hobnob in the continent.
Led by the General Manager and member of the Board of TASYAPI Construction Undertaking, Mr. Goksel Bodur, the Minister assured the Turkish Firm that Nigerian economy was strong and the polity stable and offered the best investment opportunity in Africa.
He recalled that Nigeria and Turkey have a very cordial bilateral relationship and told the Turkish delegation that they had nothing to fear.
He said the coming of the Turkish company into the Nigerian construction industry would strengthen the existing cordial bilateral ties between Nigeria and Turkey.
He urged the company to comply with legal stipulations for business operations in Nigeria, and explore their areas of interest with relevant officials in the Ministry.
The Minister also called on them to participate in joint venture schemes with the Ministry to provide beautiful and affordable housing schemes for Nigerians, noting that the sector was very viable and lucrative.
He said the Federal Government will welcome the injection of international capital and investment in the housing sector to ease the problem of affordable and decent housing in the country.
Addressing the Minister earlier, leader of the Turkish delegation Mr. Goksel Bodur said they were the third largest construction company in Turkey and were currently involved in construction projects in Europe, Asia and the Middle East.
Written by Chris Ochayi
Tuesday, 03 March 2009
Tuesday, February 17, 2009
Nigeria will stabilize the naira following tumble, Soludo says
Nigeria will stabilize the naira without squandering its more than $50 billion of foreign reserves after the currency fell about 20 percent against the dollar, said central bank Governor Chukwuma Soludo.
Policy makers have a “flexible” exchange-rate policy, Soludo said in a Bloomberg Television interview. Currency-trading restrictions imposed last week are “temporary,” designed to prevent the central bank from running down international reserves as Russia has done to support the ruble.
The naira began tumbling as oil, which accounts for 90 percent of Nigeria’s export earnings, started its 74 percent drop from a record in July. The central bank banned interbank trading in the currency last week, spurring the resurgence of an unregulated market where the naira’s exchange rate is about 6.5 percent weaker than the central bank’s target rate.
Africa’s biggest oil producer and the fifth-largest supplier of crude to the U.S. has enough reserves to meet all its foreign- debt obligations “even for years,” Soludo said.
Foreign-currency reserves fell 5.7 percent to $58.4 billion from $61.9 billion a month earlier, the central bank said on Nov. 7. As of Jan. 22, reserves dropped to $50.9 billion as the central bank stepped in to buy naira after it reached a record low of 161.2 per dollar in interbank trading on Jan. 13.
Monday, February 2, 2009
World Bank Grants Nigeria $150 million Agricultural Loan
The Board of the World Bank last week in Abuja, Nigeria’s capital, approved an International Development Association (IDA) credit of $150 million (N21 billion) for Commercial Agriculture Development Project (CADP) in Nigeria. The IDA credit, which is payable in 40 years with a moratorium of 10 years, has a service charge of 0.75 per cent and it is interest-free.
The CADP is designed to strengthen agricultural production systems as well as facilitate access to markets for targeted value chains among small and medium scale commercial farmers in the five participating states in the country. The beneficiary states are Cross River, Enugu, Lagos, Kaduna , and Kano.
The CADP, which will be implemented over a five-year period, starting from April 16, 2009 and closing December 31, 2014, has two components: Agricultural Production and Commercialisation and Rural Infrastructure.
The CADP is designed to strengthen agricultural production systems as well as facilitate access to markets for targeted value chains among small and medium scale commercial farmers in the five participating states in the country. The beneficiary states are Cross River, Enugu, Lagos, Kaduna , and Kano.
The CADP, which will be implemented over a five-year period, starting from April 16, 2009 and closing December 31, 2014, has two components: Agricultural Production and Commercialisation and Rural Infrastructure.
N500m private equity fund to be float by BGL
BGL Plc has planned to float a N500m private equity fund, which will be used to improve activities and take advantage of the various opportunities in the markets where the company operates.
In the coming months, the company would introduce three funds into the financial market. The funds, which included the BGL Infrastructure Fund, BGL Mutual Fund, Real Estate Fund.
Thursday, January 22, 2009
South Africa Telkom bought 25 percent of Nigeria Multi-Links for $130 million
South Africa's biggest fixed-line phone operator Telkom had bought the 25 percent of Nigerian firm Multi-Links it does not own for $130 million, the company said on Thusrday.
Telkom said it bought the private telecommunications operator from Kenston Investment Ltd. The deal was effective from January 21.
Telkom acquired 75 percent of Multi-Links in May 2007.
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