Banks Documents Indicted Ogbulafor, Others-ICPC – Tribune, Page 1
Bank documents allegedly detailing the deposits made for the embattled National Chairman of the Peoples Democratic Party (PDP), Prince Vincent Ogbulafor and four others are now reportedly in the hands of the prosecuting Independent Corrupt Practices and Other Related Offences Commission (ICPC), which it said would be used as evidence in the N238 million corruption trial starting on Monday next week. In the proof of evidence filed by the commission, unnamed managers of Zenith, Wema, Bank PHB and Ecobank were listed as witness against the accused by the commission.

Eminent Businessman, Akin-George Passes On, Ibru, Others Mourn – Guardian, Page 1
Prominent entrepreneur and finance sector guru, Chief John Akin-George (OFR, FCIB), has passed on. Chief Akin-George, one the indigenous pioneers in Nigeria’s insurance industry, passed on peacefully at his Lagos home on Tuesday. His death came as a shock to his family, friends and associates as he never showed any sign of ill-health. Infact, he was said to be in a joyous mood and high spirit in preparation for his wife’s 60th birthday celebration just a week away.

Finbank Records N125.851bn Negative Shareholders’ Funds, N149.77bn Net Loss – Daly Independent, Page 21
Ahead of the Friday, April 30, 2010 deadline given by the Securities and Exchange Commission (SEC) for quoted companies to submit their results, the management of Finbank Plc, at the mid-week, told investors that although earnings income for the year ended December 31, 2009, rose by three digits, all its other measurement indictors were negative. Balance sheet information provided by the Nigerian Stock Exchange showed for example that net assets, which according to an analyst, also represents a company’s shareholders’ funds took a 559.19 per cent plunge from N27.407 billion to a negative N125.851 billion.

CSR: Access Bank Donates To School – Thisday, Page 62
Access Bank Plc has donated a refurbished block of class rooms to the pupils and staff of Herbert Macaulay Girls Senior High School, Yaba, in Lagos. The bank said in a statement that the donation is in furtherance of its commitment to environmental and societal wellbeing of Nigerians.

Skye Bank Stages Walk Against HIV/AIDS – Punch, Page 20
Skye Bank Plc has concluded plans to stage a charity walk to draw home the threat of the HIV/AIDS epidemic to the economic development of the country and the Health of the Nigerian populace. A statement issued by the bank said the charity walk, tagged “Walk for Life” would take place on Workers’ Day.

Standard Chartered Bank Acquires African Custody Business – Punch, Page 19
Standard Chartered Bank Plc and Barclays Plc have entered into an agreement to acquire the African Custody Business from Barclays Plc. The planned acquisition, according to a statement from Standard Chartered Bank on Wednesday, will provide the bank with custody capabilities in its markets across Africa. The acquisition, the statement explained, is subject to certain regulatory and other approvals, and is expected to be completed this year.

Virgin Nigeria Rebrands, Acquires 7 New Aircraft – Sun, Page 7
Chairman of Virgin Nigeria Airways, Jimoh Ibrahim has said airline would soon undergo a rebranding process that will see it adopt a new name. “Name change is imminent. We’ll change the name to reflect the integrity of the country,” Ibrahim said. The airline will also acquire an additional seven aircraft for its operations. Speaking with aviation correspondents in Lagos on Wednesday, the chairman described the company as one facing financial challenges but technically sound. He stressed that funds will be pumped into the place to make it the toast of air travelers. The businessman disclosed the deal which saw him emerged the new chairman has been in the works since 2009 but was wrapped up last week.

Nestle’s Sagamu Factory To Provide 250 Jobs – Sun, Page 49
Nestle Nigeria Plc, the nation’s leading nutrition, health and wellness company, will be offering additional 250 jobs to able bodied Nigerians as its ultramodern manufacturing complex in Sagamu Ogun State comes on streams soon to boost production of seasoning and other products meant for Nigeria and West Coast markets. Chairman of the company, Chief Olusegun Osunkeye disclosed this while addressing shareholders at the 41st Annual General Meeting of the company held in Lagos Tuesday, stated that the factory will also be providing scores of indirect employment for many citizens, as part of its contribution towards complementing the Federal and State governments job creation initiative.

SEC New Rule Stipulates Underwriting Commitment For Equity Offerings – Business Day, Page 1
The Securities and Exchange Commission (SEC) Wednesday in Abuja unveiled a new set of rules, part of which contains an amendment to the requirements of underwriting commitments for share offerings. Specifically, the SEC has created 23 new rules and eight amendments to existing ones covering a wide range of issues on the capital market. Arunma Oteh, Director General, SEC, at the media presentation of the rules, said: “The requirement to make underwriting of issues the discretion of the issuers has made underwriting of issues in the market no longer mandatory. However, where an issue is underwritten, the underwriting commitment by a single underwriter shall not be more than three times its shareholders fund for equity offering and not more than four times for fixed income securities.”

SEC Tasks NSE On Transparent Succession Plan – Guardian, Page 16
The Securities and Exchange Commission (SEC), yesterday, advised the Director-General (D-G) of Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, to ensure due process and transparency are adequately followed in the selection of a new D-G for NSE. According to SEC, a “proper and fit” candidate who is expected to take over from Okereke-Onyiuke when she retires in November, this year can only be achieved through international best practice.

CBN May Manage Bailed Out Banks For 10 Years – Business Day, Page 5
There are indications that the Central bank of Nigeria (CBN) may be forced to continue to manage the eight ‘troubled’ banks for up to ten years with new discovery of skeletons in their cabinets by auditing firms privately hired by local banks desiring to hire some of the ‘troubled’ banks. BUSINESSDAY investigations revealed that foreign banks that were initially interested in acquiring the CBN-managed banks had to back off as a result of findings which their hired auditing firms unearthed.

Robbery Scare: Banks Forced To Close Down In Nsukka – Sun, Page 6
Over 12 commercial banks and four microfinance banks in Nsukka urban including those located within the campus of the University of Nigerian (UNN) shut their gates against their customers on Wednesday following report that one of the commercial banks received an expect-us-soon letter from armed robbers. The report could not be confirmed by any of the commercial bank branch managers. However, Daily Sun gathered that one of the first generation commercial banks in the University town received a letter from armed robbers threatening to storm Nsukka on a robbery expedition. On Wednesday morning some residents of the university town had discovered that their chagrin that they could not gain access to the banks because they failed to open for business.


Iwu Sacked, Passport Seized – Punch, Page 2
Acting President Goodluck Jonathan on Wednesday directed the Chairman of the Independent National Commission, Prof. Maurice Iwu, to proceed on a pre-disengagement leave. The directive to Iwu, whose passport is believed to have been seized by the State Security Service, takes immediate effect. A statement by the Senior Special Assistant to Jonathan on Media and Publicity, Mr. Ima Niboro, explained that the Acting President acted in line with section 155 (1) (c) of the 1999 constitution. The section stipulates that the chairman and members of INEC should hold office for a period of five years. Iwu is due for retirement in June.

Court Refuses To Stop Ibori’s Arrest – Punch, Page 2
A Federal High Court in Asaba, Delta State on Wednesday rejected an oral application by former Governor James Ibori to stop the Economic and Financial Crimes Commission, the police and the State Security Service from arresting him. The EFCC had on April 14 declared Ibori wanted over alleged fraud involving the sale of shares belonging to the Delta State Government. But Ibori, through his counsel, Mr. Augustine Alegeh (SAN), approached Justice Ibrahim Buba, with an application asking for an order of interim injunction restraining the EFCC from arresting him.

New Constitution May Be Ready Next Month-Reps – Punch, Page 6
Nigeria may have a new constitution by the end of May, the Deputy Speaker of the House of Representatives, Alhaji Usman Nafada, has said. The House had on Tuesday amended 40 clauses in the 1999 Constitution, thereby completing the first phase of the constitution amendment process. The senate earlier amended 38 clauses of the same document.

Nigerian Firms To Benefit From $18bn Oil Business – Thisday, Page 1
Federal Government yesterday set the ball rolling for the commencement of the implementation of the Nigerian Content Act for the oil and gas industry by appointing an executive secretary to drive the activities of the body. The kick-start of operations of the Nigerian Content Regulatory Board came on the heels of a major concern expressed by the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke regarding the spending of the over $18 billion annual budget on imported goods and services used in the oil and gas industry.

Sino-Africa Trade Hits $27.8 Billion Euro Crisis Escalates – Guardian, Page 1
China has continued to maintain the edge over Africa in its trade with states in the continent. In the first quarter of this year alone, the trade between the two parties grossed at $27.8billion. The figure for the whole of 2009 was $91billion still in favour of China. The country’s Commercial Counsellor in the Department of West Asian and African Affairs in the Ministry of Commerce, Xie Yanjing disclosed this to a delegation of African journalists now in China for the 2010 Shanghai International Expo taking off on Saturday. As he spoke yesterday on the trade ties between the two partners, markets in Europe tumbled over fears that Greece’s debt crisis would spread like wildfire through the bloc.

Two Policemen To Die By Hanging For Killing UNIPORT Student – Compass, Page 1
A High Court in Port Harcourt, the Rivers State capital yesterday sentenced two policemen to death by hanging for unlawfully killing a final year student of the University of Port Harcourt (UNIPORT). The policemen, Corporals Wafal Aminu and Victor Fabiyi, were found guilty of shooting to death 20-year-old Nnamdi Ajikere on Tombia Street, GRA Phase II, Port Harcourt, on the night of September 17, 2006.

Workplace Hazards Kill 2.3m Workers Yearly, Says ILO – Guardian, Page 25
Latest report from the International Labour Organisation (ILO) reveals that workplace hazards in various forms leave about 2.3million workers dead yearly. A statement made available on Tuesday to The Guardian from its Geneva, Switzerland headquarters quoted the report as indicating that the 2.3 million deaths yearly translate to about 6,300 workers dying on daily basis and that about 337 million workplace accidents occur resulting in extended absences from work