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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…
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…
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…