Business News

* SEC queries 35 stockbrokers THE Minister of State for Finance, Mr Remi Babalola, yesterday, described the circumstances, which led to the dwindling state of the Nigerian capital market as preventable. Already, the Securities and Exchange Commission (SEC) has issued queries to 35 stockbroking firms, over alleged infractions. Babalola, in his keynote address at the…

TO check the spate of attacks on bullion vans conveying cash for banks in the country, security agencies might have advised financial institutions to acquire special aircraft for such operation.Top security source disclosed to The Guardian that many banks across the country are currently rushing to acquire the special aircraft to avert losing large amount…

The Power Holding Company of Nigeria Plc (PHCN) has distanced itself from the power outage that crippled activities for several hours at the Murtala Mohammed International Airport, Lagos, on Sunday.The airport was thrown into darkness from 4.30pm to 7.33pm due to suspected sparks from old and faulty cables.A statement signed by the Principal Manager, Public…

OIL prices rallied more than $3 per barrel to above $78 yesterday after policymakers agreed a $1 trillion rescue package to stabilise world financial markets and try to resolve the euro zone debt crisis.The size of the package surprised dealers and boosted confidence that oil demand will recover this year.The package consists of 440 billion…

THE World Bank, in conjunction with the Imo State government, has set up a new rural development project, tagged "Rural Access and Mobility Project (RAMP)".The project is expected to improve access to the rural communities in the state, through new construction and rehabilitation of roads.The national coordinator of the project, Lambert Chukwuemeka Nwaeze, an engineer,…

THE Jos branch of the Central Bank of Nigeria (CBN) has said that it would provide efficient and effective central banking services to its stakeholders in Plateau and Nasarawa states.This commitment was disclosed at the weekend by the Acting Controller, CBN Jos Branch, Hajiya Khadijat Kassim, during the 2009 Jos Bankers' Clearing House Award held…

THE Federal High Court in Benin at the weekend, granted an interim injunction restraining the Niger Delta Development Commission (NDDC) and the Attorney General of the Federation from continuing with the over N350 million Obe-Umoghun road construction project in Orhionmwon Local Government Area of Edo State.Others restrained include the Director General of the Bureau of…

AGAINST the backdrop of the harsh operating environment characterised by the protacted power supply challenge, which became the albatross for most manufacturers, Fan Milk Plc, producers of frozen dairy products, invested about N600 million in its operations during the 2009 financial year.The investment, which formed part of the strategies for the strengthening of the market…

Various calls were made at a research review jplanning workshop for the advancement of agricultural research in the country with the Executive Director jChief Executive Officer of National Root Crops Research Institute (NRCRI) Umudike Umuahia in Abia state, Dr Kenneth Nwosu canvassing allocation of an intervention fund he said will quickly transform his NRCRI into…

TO curtail cost and ensure uninterrupted operations, the management of Benue Cement Company Plc (BCC) has concluded plans to install coal as an alternative to fuel for the firing of its kilns.Already, according to BCC, letter of credit have been set up for the purchase of coal mills, adding that installation will be completed during…

ARIT of Africa Limitde, exclusive distributor in Nigeria and Ghana for the multiple award-winning ESET NOD32 Antivirus & Smart Security solutions, is launching its latest version 4.2 at the CTO exhibition holding at the MUSON centre from May 11-14, 2010.Last year's exhibition saw the introduction of the 4.0 version. The 4.2 version promises to be…

A bleak future may be the lot of Nigeria's power sector, going by a new report released by an international agency which predicted a slow growth in the troubled industry, which it said, may continue to suffer losses in the transmission and distribution network in the nearest future.The Companies and Market report, which evaluated the…