Volume 2, Issue 16

This week on your Fortune&Class Magazine;
FIRS SEALS ADENUGA’S OIL COMPANIES OVER N89 BILLION TAX EVASION
It would sound rather ironical that the totality of the Nigerian state has been compelled to reconsider the structure of its national budget which has a built-in 500 million dollar deficit financing plan, about 30 per cent of the national budget, [...]

STANBIC-IBTC YEAR END ACCOUNT UNDER INVESTIGATION

The year end financial result of Stanbic-IBTC Bank is reported to have come under the serious scrutiny of officials of the National Accounting Standard Board. Sources at the Alausa, Ikeja office of the body responsible for setting the accounting reporting template of the nation’s corporate and other economic active sectors, said a number of…
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Vice President frustrates Transcorp’s plan to sell off NITEL’s Backbone

The nation’s Vice-President, Goodluck Jonathan has, according to sources, stopped moves by the board of directors of Trans National Corporation (Transcorp) to reduce the net worth of Nigeria Telecommunications (NITEL), the national telecommunication carrier in which Transcorp 51 per cent holdings have remained an unending hassle in the Federal Government privatization of former national assets [...]

We are the future of television in Nigeria

FOCUS CABLE CHANNEL WILL BE TRANSFORMING TO TERRESTRIAL TELEVISION, BUT WE ARE ALSO LOOKING AT THE POSSIBILITY OF KICKING OFF WITH OUR OWN PRIVATE OWNED RADIO STATION AND OUR AREA OF COVERAGE IS LAGOS ZONE

Investor Beware! A Preview of the Nigerian Capital Market in 2009

Capital market drivers. The prosperity of the capital market depends on the prosperity of the economy. Thus the capacity of the market to successfully provide long-term funds and a good platform to trade in the accompanying securities will depend on the strength of macroeconomic productivity. A productive economy is invariably one in which economic agents [...]

Heavy Debt Burden: Banks suspend funding for Dangote’s cement project

A heavy debt burden and the anticipation of high profile competition for the share of the Nigerian cement supply side from Femi Otedola may have compelled Alhaji Aliko Dangote to call off investments with intent to expand production lines in his many cement manufacturing plants and to build new ones. Sources in the banking [...]

NIGERIAN ENTERPRENEURS SCARE: GOVERNMENT POLICIES THAT DESTROYED BIG-TIME BUSINESSES

Only the naïve entrepreneur in Nigeria is excited with the contemplation of floating a manufacturing concern. The wise ones, schooled in the experiences they have had to contend with in the ever changing dynamics of manufacturing and other investments tasks in the production lines have fled the scene to the shelter of trading and merchandising. [...]

OCEANIC BANK, BANK PHB AND STERLING BANK GET CBN LIFELINE

Nigeria’s version of the global credit crunch might have crystalised into a reality that may not be easily wished away. Reports from sources inside the Central Bank of Nigeria asserted that three banks in Nigeria have been given lifelines to shore up their liquidity standing. These banks according to the source are; Oceanic Bank [...]

FINALLY, OTEDOLA BREAKS MONOPOLY WITH 2MILLION TONNES OF CEMENT

The persistent rise in the price of cement, an essential building material, may be heading for a reverse with the Federal Government approval granted Femi Otedola to import 2million tonnes of cement into the country.
The cement which a source close to the CEO of Zenon Oil and Gas said will soon land in Nigeria, [...]

FORENSIC ACCOUNTANT CASTIGATES FEDERAL INLAND REVENUE SERVICES FOR PROTECTING OIL COMPANIES

Issues in appropriate auditing process and accountability have, over the years become a constant source of worries and had, often led to cases of finger pointing by Federal Government agencies responsible for regulating the oil and gas sector and the mostly multinational oil producing companies in the country.
The contentious issue had always revolved around the [...]