Nigeria Plans to Build Nuclear Power Stations…Really?
The news coming out of Nigeria last week was that the country intended to build nuclear power stations to alleviate chronic power outages in the country. Really? In a country that in over 50 years of independence, has stubbornly refused to demonstrate any arm of government with excellence or even just basic capability, nuclear power stations are the best way forward? What Fukushima...
Ghanaian-born Kweku Adoboli Loses UBS Bank $2.3 billion in Rogue Trades
Last week, it emerged that a Ghanaian-born stock trader working for the Swiss Bank UBS, Kweku Adoboli, was able to bypass system checks and cause losses via rogue trades totaling $2.3 billion. UBS is Switzerland’s biggest bank and the announcement last week by the Bank stunned the Swiss banking industry. UBS in particular, was struggling to emerge from the cloud of accusations...
Ecobank Takes Over Oceanic Bank, Ends Crisis
Nigeria’s Oceanic Bank announced on Monday that pan-African lender Ecobank Transnational Incorporated (ETI) is purchasing it lock stock and barrel. Oceanic Bank with be 100% subsumed within ETI, fulfilling the Central Bank’s mandate to capitalize before a September 2011 deadline. Oceanic is the fourth lender to reveal details of its recapitalization plans. ETI will...
Drunk Nigerian Police Kill Mourners at a Funeral in Delta State
In the latest example of policing gone wrong in Nigeria, four drunk police officers on duty at a funeral in Delta State opened fire on the mourners, killing at least three. The unprovoked shooting took place over the weekend at Akoko in Delta State after the officers reportedly were under the influene of alcohol after drinking heavily. Police spokesman Charles Muka indicated that...
Jos on the Brink of the Abyss, Again
Violence in Jos, already unthinkably high, continued yesterday as gunmen attacked and killed a family of eight, including 7 children just outside the metropolitan area.. A father, his 7 children and a neighbor were the latest casualties in Barkin Ladi, despite security forces pouring into the area in an effort to stem the violence. Nigeria and Jos in particular has had particularly...
Sanusi Goes for the Chinese Yuan as a Reserve Currency
As the United States remains embroiled in its economic malaise, Nigeria’s Central Bank has chosen to stock up on the Chinese yuan as part of its reserves. Central bankers across the world are getting more nervous about holding vast amounts of U.S. dollars due to huge U.S. deficits - currently about $14.6 trillion dollars – and the increasing likelihood of continued...
Presidency Refutes Report of Dame Patience Jonathan $13.5 Million Allegation
Following the release of Wikileaks disclosures on Nigeria and a host of other countries, the Nigerian government has hastily responded to the allegation that Dame Patience Jonathan, the President’s wife was once caught with $13.5 million at Lagos airport. The report insinuates corruption, which the government bristles at, and refutes in the strongest terms possible. Here...
Nigeria and Renewable Energy – Wishing and Hoping
Vanguard reports that the Federal Government is urging private businesses to step into the business of renewable energy, insisting it has “set up a framework” for this to happen. The minister’s senior technical assistant, Dr. Mohammed Al-Amin said, “Effective negotiations will not be achieved without push from the private sector. Direct leadership by business...
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Nigeria Plans to Build Nuclear Power Stations…Really?
The news coming out of Nigeria last week was that the country intended to build nuclear power stations to alleviate chronic power outages in the country. Really? In a country…
Ghanaian-born Kweku Adoboli Loses UBS Bank $2.3 billion in Rogue Trades
Last week, it emerged that a Ghanaian-born stock trader working for the Swiss Bank UBS, Kweku Adoboli, was able to bypass system checks and cause losses via rogue trades totaling…
Ecobank Takes Over Oceanic Bank, Ends Crisis
Nigeria’s Oceanic Bank announced on Monday that pan-African lender Ecobank Transnational Incorporated (ETI) is purchasing it lock stock and barrel. Oceanic Bank with be 100% subsumed within ETI, fulfilling the…
Drunk Nigerian Police Kill Mourners at a Funeral in Delta State
In the latest example of policing gone wrong in Nigeria, four drunk police officers on duty at a funeral in Delta State opened fire on the mourners, killing at least…
Jos on the Brink of the Abyss, Again
Violence in Jos, already unthinkably high, continued yesterday as gunmen attacked and killed a family of eight, including 7 children just outside the metropolitan area.. A father, his 7 children…
Sanusi Goes for the Chinese Yuan as a Reserve Currency
As the United States remains embroiled in its economic malaise, Nigeria’s Central Bank has chosen to stock up on the Chinese yuan as part of its reserves. Central bankers across…
Presidency Refutes Report of Dame Patience Jonathan $13.5 Million Allegation
Following the release of Wikileaks disclosures on Nigeria and a host of other countries, the Nigerian government has hastily responded to the allegation that Dame Patience Jonathan, the President’s wife…
Nigeria and Renewable Energy – Wishing and Hoping
Vanguard reports that the Federal Government is urging private businesses to step into the business of renewable energy, insisting it has “set up a framework” for this to happen. The…