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News
Headlines
- Feb 2,1998: CBN redeems $5.1m through debt conversion.
- Feb 2,1998: Nigeria offers discount on oil to lift market.
- Feb 1,1998: PTF Boosts Companies' Performance.
- Jan 30,1998: Coal awaits N40 million tools.
- Jan 30,1998: International Beverage buys Benue Brewery.
- Jan 29,1998: Nigeria's Big Firms Fail Global Test.
- Jan 29,1998: Multi-Million Citrus Plant Commences Production.
- Jan 28,1998: NSE Probes Lever Brothers accounts, suspends stock.
- Jan 28,1998: Nigeria, South African sign gold mining pact.
News Digest
PTF Boosts Companies' Performance.
An insight into what magic public confidence and capital adequacy can do to
the fortunes of business concerns has been given by the performance of 10
companies, beneficiaries of contracts from the Petroleum (special) Trust
Fund (PTF).
The companies, quoted in the construction and healthcare subsectors of the
Nigerian Stock Exchange (NSE), recorded substantial increases ranging from
seven per cent to 805 per cent in their turnover between 1995 and last year,
according to a study of the Nigerian Stock Exchange.
Top
Coal awaits N40 million tools.
Solid minerals development and exploitation will get a boost next week when
the Nigerian Coal Corporation (NCC), Enugu takes delivery of mining equipment
worth N40 million.
In Taraba State, the Solid Minerals Development Company is planning to source
funds for the exploitation of the state's vast soild minerals deposits.
Top
International Beverage buys Benue Brewery.
In continuation of the privatisation of its ailing industries, the Benue State
Government has sold 85 per cent of its equity share holdings in the Benue Brewery
Nigerian Limited to the International Beer and Beverage Industries Nigeria
Limited.
Top
Nigeria's Big Firms Fail Global Test.
Nigeria's biggest companies are marks below the top 500 companies in the world,
reports Financial Times of London.
In its recent Global 500 ranking, Africa did not make the top 500. However,
four Nigerian companies, West Africa Cement, PZ Industries, Lever Brothers and
Nigerian Breweries are ranked among the top 40 in sub-saharan region which
excludes South Africa.
Top
Multi-Million Citrus Plant Commences Production.
A multi-million Tomato and Citrus Processing Complex and model farm has been
commissioned in Jigawa State by the Chief of Defence Intelligence, Air Vice
Marshal Idi Musa.
Top
NSE Probes Lever Brothers accounts, suspends stock.
The Nigerian Stock Exchange yesterday began investigation into alledge
manipulation of the last financial statement submitted in Lever Brothers
Nigeria Plc (LBN).
The company stock has only 30 days to remain on the daily official list of
the Exchange if the anomalies in the result are found to be true and cannot
be corrected.
Top
Nigeria, South African sign gold mining pact.
Nigeria and South African have formally endorsed a joint venture agreement to
encourage collaboration with Kebbi State in gold exploration.
The hint of the bilateral agreement was given by Nigeria's solid mineral
Development Minister, Alhaji Koloma Ali while hosting the Kebbi State
Administrator, Col. John Ubah in Abuja.
Top
Nigeria offers discount on oil to lift market.
Nigeria may have resorted to giving generous discount on the official selling
price (OSP) of its crude oil to retain its share of the depressed market
where suppliers have secured some reprieve from the four-and-half-month-old
slide in prices.
OSP is the formularised rate agreed with term buyers of Nigeria's 11 crude
grades. It could, according to officials, be higher or lower than the budgeted
selling price-depending on market forces-and is usually payable one month after
lifting the product. It rose to $19.2 per barrel last year, fetching $10.89
billion (N239.58 billion) for the government against the budgeted sum of $9.26
billion (202.4 billion).
Top
CBN redeems $5.1m through debt conversion.
The Central Bank at the weekend redeemed $5.1 million or N406.2 million from
the total auction amount of N1 billion through the Debt Conversion Programme
(DCP) the first this year.
According to the result released by the bank, three of the five investors
which put up bids worth N493.8 million were successful as the Central Bank
redeemed N406.2 million at 17.7300 discount rate.
Top
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