nigerian news

Skye Bank’s Profit Drops by 92.53% in 2009 – Punch, Page 19
The board of directors of Skye Bank Plc, on Thursday presented the bank’s audited results for the financial year ended December 31, 2010 to the Nigerian Stock Exchange and stockbrokers on the trading floor. By the results, the bank’s after tax profit fell by 92.53 percent, from N15.14bn in 2008, to N1.13bn in the review period, over a gross earnings which rose by 69.76 percent, from N74.6bn in 2008, to N126.7bn in 2009. Profit before tax also fell by 89.48 percent, from N20.43bn in 2008 to N2.15bn in the review period.

Global Trade: IFC, StanChart Seal $1bn Deal – Thisday, Page 1
In a bid to help increase the availability of trade finance in emerging markets, the International Finance Corporation (IFC), a member of the World Bank Group, and Standard Chartered have signed a $1 billion unfunded risk participation deal. According to the arrangement, Standard Chartered will originate a portfolio of up to $1 billion in trade finance transactions from banks in emerging markets, with a special focus on the world’s poorest countries. These local banks, in turn, will extend trade financing to their importer and exporter clients. IFC, according to a statement, will guarantee a mezzanine tranche of this portfolio providing credit protection and capital relief on the portfolio over three and a half years.

MTN Seeks $5bn To Acquire Orascom Telecoms – Punch, Page 19
MTN Group Limited, Africa’s mobile-phone operator, is said to have approached banks for $5bn to help fund the possible acquisition of at least four units of Egypt’s Orascom Telecom Holding SAE, according to reports by Bloomberg on Thursday. The companies may include units in Egypt, Algeria, Zimbabwe and Tunisia and the total transaction may be worth as much as $10bn, according to Bloomberg which quoted two people familiar with the deal.

Nigeria’s Inflation To Stay Above 10% In 2010, 2011-Analyst – Punch, Page 17
Nigeria’s economy is set to grow by 6.3 percent this year and consumer inflation should stay in double digits through 2011 as the government slashes fuel subsidies and increases budgetary spending, a Reuters poll showed on Thursday. A poll of 11 analyst forecast Nigerian inflation to average 12.6 percent in 2010 and 11.5 percent next year. This marks an acceleration since a previous poll in January, which forecasts 11.4 percent inflation this year but did not forecast inflation next year.

FG Plans To Issue $500m Eurobond By August – Business Day, Page 3
Earlier this week (April 20), Finance Minister, Olusegun Aganga, said the country would complete its $500million Eurobond issuance by August, adding that the authorities had yet to appoint investment banks ahead of the offer. Indications emerged in early 2010 that Nigeria (S&P:B+;Fitch:BB-) may resume its international bond programme, which was suspended during the global financial crisis. The proceeds will help finance this year’s countercyclical budget and are included in the 2010 appropriation bill.

US Unveils New $100 Note – Thisday, Page 62
The United States Consulate has unveiled the redesigned $100 note to Nigerian users of the foreign currency at a ceremony in Lagos yesterday. The US Consul General, Public Affairs Section in Lagos, Ms Dunna Blair said the unveiling of the currency is part of the public sensitization programme on the new note as executed all over the world, adding that the essence is to get people familiar with the features of the note before it is put to circulation on February 10, 2011.


Jonathan Signs 2010 Budget, Warns Ministers – Punch, Page 2
Acting President Goodluck Jonathan on Thursday signed the 2010 budget with a warning to Ministers to ensure its faithful implementation. He signed the budget alongside the Nigerian Oil and Gas Content Development Bill 2010, in spite of the non-resolution of the disagreement between the Executive and the Legislature over perceived discrepancies in the Appropriation Act.

Nigerian Firms Now To Get Priority In Oil Sector – Thisday, Page 1
As the Nigerian Oil and Gas Industry Content Development Bill finally got presidential assent, there are positive indications that Nigerian indigenous service companies that demonstrate ownership of equipment, Nigerian personnel and capacity to execute jobs in the country’s oil and gas sector would henceforth get exclusive considerations. Acting President Goodluck Jonathan said yesterday while assenting the bill that the new law would “address the compelling need for us as a nation to have indigenous participation in the oil industry”, emphasizing that it shall “apply to all matters pertaining to Nigerian content in respect of all operations or transactions carried out or connected with the Nigerian oil and gas industry.”

Four Firms Get FG’s License To Drill For Gas – Business Day, Page 1
For the first time since Nigeria struck crude oil at Oloibiri in 1956, the Federal Government has awarded licenses for exclusive drilling of gas. This is a departure from what previously obtained when most of the gas utilized is extraction from crude oil. The beneficiaries of the license are Shell Petroleum Development Company (SPDC), Total Fina Elf, Niger Delta Resources and Nigeria Agip Oil Company (NAOC). Long classified as a country sitting on huge gas reserves with sprinkling of oil, the gas master plan is expected to open up the gas sector so that more companies can directly engage in gas exploration and processing.

PDP Suspends Masari, Nnamani, Odili, Others – Thisday, Page 1
The Peoples Democratic Party (PDP) National Working Committee (NWC) yesterday came down hard on 19 senior members of the party who are chieftains of the Reform Forum, suspending them for alleged anti-party activities. In a move that may further deepen the leadership row within the party ahead of the 2011 polls; the party said their case had been referred to the National Disciplinary Committee for further action. But the Chairman of the Steering Committee of the Reform Group and former Senate President, Chief Ken Nnamani, said the suspension was part of the impunity of the Prince Vincent Ogbulafor-led PDP which the group is fighting to correct.

SSS Joins EFCC, Police In Manhunt For Ibori – Punch, Page 2
The Presidency has directed the State Security Service to join forces with the Economic and Financial Crimes Commission and the Nigerian Police Force to arrest the embattled former governor of Delta State, Chief James Ibori. Findings by our correspondent on Thursday showed that a special team from the SSS headquarters in Abuja and police detectives have already been deployed to Delta State in compliance with the order. A combined team of policemen and the EFCC operatives had on Tuesday stormed Oghara, Delta State to arrest Ibori, but were resisted by armed youths most of whom were believed to be militants.

Gunmen Abduct Ezeife’s Wife, Kill Four Policemen – Nation, Page 7
The wife of former Anambra State Governor Chukwuemeka Ezeife has been kidnapped. She was snatched on Wednesday by unknown gunmen who also shot dead four policemen. The gunmen riding in two sport utility vehicles (SUVs) began their operation from Umenze in Orumba South Local Government Area. It was learnt they killed two policemen at a check point in a gun battle at Orumba. The robbers were said to be escaping from Imo State. According to sources, the gunmen proceeded to Uga in Aguata Local Government Area and killed a police officer.


US De-Lists Nigeria, 13 Others From Terror Watch List – Punch, Page 15
The United States has de-listed Nigeria and 13 other nations from its list of terrorist countries, which it came up with earlier this year, following a botched attempt by a Nigerian, Farouk Abdulmutallab, to blow up an American airliner over Detroit last Christmas Day. The US had come up with a list of 14 countries whose citizens must compulsorily pass through enhanced screening at American boarders before being allowed entry. Among the countries were Algeria, Syria, Afghanistan, Libya, Nigeria, Yemen and Pakistan.

Lagos To Issue Electronic Certificate Of Occupancy – Tribune, Page 40
Issuance of Certificate of Occupancy (C of O) in Lagos State would soon go electronic to ensure the genuineness of those in circulation. This was disclosed by the Permanent Secretary of the State Lands Bureau, Mr. Gbenga Ashafa, while briefing the media on the third anniversary of the present administration in the state. He stated that the state had settled for the e-C of O as a means of ensuring that the Certificates of Occupancy in circulation were not only genuine but verifiable.

Court Reads Gani’s Will In Camera – Guardian, Page 3
Exactly at his 72nd post humous birthday anniversary, the Will of the human right activist and lawyer, Chief Oyesola Ganiyu Fawehinmi (SAN), was read yesterday at the probate court of the Ikeja Division of the Lagos Judiciary. The reading of the Will, which was done by the registrar in the probate court was however in camera as only family members and representatives of the trustee banks were allowed in. journalists who had thronged the courtroom were politely ordered out by a staff of the court, who said that the event was strictly a private affair