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AllAfrica News: West Africa Business
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Bank Treasurers Demand Lower Liquidity Ratio (Aug 15 2003 23:39 GMT) - IN a bid to stem the frquent occurrence of liquidity crisis, being experienced by some banks in recent times, bank treasurers under the aegis of Money Market Association of Nigeria (MMAN) is set to meet with the Central Bank of Nigeria , with specific request for a reduction in the liquidity ratio of banks. |
AllAfrica News: West Africa Business
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Price Stability Blunts Aluminum Collusion Inquiry (Aug 15 2003 23:39 GMT) - The London Metal Exchange's rare public probe into aluminum trading has not rattled prices as some thought it would, with cash prices holding a healthy premium to benchmark three-month prices all week. The continued premium has led to the belief that the LME investigation into "possible collusion between market participants" may come up empty. Traders said the LME system of daily delivery pricing has enabled a buyer to tie up metal for a specific delivery period, leaving little or none available for the open market during that time. Neil Banks, director of operations at the LME, said the same situation could occur for monthly delivery contracts, and that the exchange's daily pricing system helped transparency. Spot aluminum prices are about $40 above the key three-month LME price of $1,435, a margin that has held for most of the week, but down from the $70 gap reached last week. |
AllAfrica News: West Africa Business
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Credit: Finance Minister Admonishes Banks (Aug 15 2003 23:39 GMT) - THE Minister of Finance, Dr. Ngozi Okonjo-Iweala, has told commercial banks in the country to be more open and flexible in their credit administration with a view to serving as catalists for a healthy economy. She said it was odd for the banks to be posting high profits in an economy which has been known to be doing badly and that the banks should be more innovative and prepared to take more risks. Addressing the top echelon of bankers at the Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, yesterday, Dr. Okonjo-Iweala, who came in from the World Bank as Vice President, insisted that Nigerian banks were not doing enough for the economy in which they operate. |
AllAfrica News: West Africa Business
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ANCLA Chief Renews Call for Dredging of Escravos Estuaries (Aug 15 2003 23:39 GMT) - NEW Chairman of the Association of Nigeria Customs Licensed Agents (ANCLA) in Delta Ports, Mr. Sylvester Odjevwedje, yesterday, renewed the call for the dredging of Escravos Estuaries of Warri river to pave way for bigger vessels to berth in the ports. Odjevwedje made the plea in his acceptance speech after being sworn in, along with six others, to run the affairs of ANCLA in Delta Ports of Warri, Burutu, Sapele and Koko, for three years. |
AllAfrica News: West Africa Business
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Banks Accumulate N18.6b for SMEIS (Aug 15 2003 23:39 GMT) - GOVERNOR of the Central Bank of Nigeria (CBN), Chief Joseph Sanusi, yesterday, announced that a total of N18.6 billion has been accumulated by commercial banks in the country for their equity participation, under the Small and Medium Industries Equity Investment Scheme (SMIEIS).Addressing members of the Chartered Institute of Bankers of Nigeria (CIBN) at their 9th annual conference in Abuja, he lamented the slow pace of the utilization of the funds, disclosing that only N4.5 billion has been utilized, even with the Small and Medium Enterprises (SMEs)."It is gratifying to note that this initiative has successfully taken-off. |
AllAfrica News: West Africa Business
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Obaseki Vows to Punish Saboteurs in NNPC (Aug 15 2003 23:39 GMT) - GROUP Managing Director of the Nigeria National Petroleum Corporation, (NNPC), Dr. Jackson Gaius-Obaseki, yesterday vowed to deal ruthlessly with any staff of the corporation found sabotaging the efforts to make petroleum products available to the people. Dr. Obaseki who was in Enugu to lay the foundation stone of the NNPC mega retail outlet station, said he was prepared to sacrifice his position if the president discovered that he was responsible for the corporation's problem. |
AllAfrica News: West Africa Business
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AP to Pay Off Five Banks (Aug 15 2003 23:39 GMT) - FIVE banks cleared by government over the African Petroleum debt saga are to be paid off by AP following government's white paper. As a result, the management of Africa Petroleum Plc has been directed to refund various sums of money to the affected banks which had dealings with the past management that concealed over N22billion debt during the privatisation of the company. This followed the acceptance by government of the recommendation of the panel that investigated the AP saga. According to the government white paper on AP, the government accepted the tribunal's recommendation that the management of AP be directed to repay the sum of N1 billion to Manny Bank. The Tribunal, it was gathered, had recommended that the federal government direct the management of AP Plc to repay the said one billion, as a matter of top priority to Manny Bank Plc. |
AllAfrica News: West Africa Business
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Northern Govs Resolve to Recapitalise Bank (Aug 15 2003 23:39 GMT) - GOVERNORS of the 19 Northern States yesterday resolved to recapitalise the Bank of the North (BON) which was said to be facing financial crisis. Chairman of the Northern Governors' Forum (NGF), Senator Ali Modusheriff who made this known in Kaduna said each of the governors will contribute towards the recapitalisation. Sheriff said that apart from financial contribution, each of the 19 state governments would also operate one of their major accounts in the bank. |
AllAfrica News: West Africa Business
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Years of Neglect, Cause of High GSM Tariffs (Aug 15 2003 23:39 GMT) - The high airtime tariff of GSM service in the country has been attributed to eight years of neglect of infrastructures by government and other stakeholders in the telecommunications sector. This was the conclusion of the Chief executive Officer of MTN Nigeria Communications Limited, Mr. Adrian Wood yesterday at the launch of a new product, Flexi in Lagos. |
AllAfrica News: West Africa Business
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Warri Refinery Md, 2 Others Abducted, Released (Aug 15 2003 23:39 GMT) - Three principal officials of the Warri Refining and Petrochemicals Company (WRPC) including its Managing Director, Engineer Wilfred Ayangbile, were yesterday abducted and held hostage while the company's petroleum product jetty was forcibly shut down by angry residents of Ijalla Village in the Warri area of Delta State security operatives later secured their release. |
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The SARS Report (Aug 15 2003 23:35 GMT) - Aug. 15 - The World Health Organization feels it is just a matter of time before SARS cases begin to appear, but is the U.S. prepared to handle the disease? |
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Power blackout fingerpointing highlights feuds between US and ... (Aug 15 2003 23:35 GMT) - (Canada) The fast round of finger-pointing over what caused the great power blackout was the latest flare-up in a string of quarrels, snubs, insults and disagreements over everything from the U.S.-led war in Iraq to Canada's moves to legalize same-sex marriage and small amounts of marijuana. [$drug_related(100%), $drugwar_propaganda(70%), $propaganda_theme1(55%), $propaganda_theme2(70%), $propaganda_theme3(50%), $illegal_drugs(100%), $cannabis(100%)] |
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