NaijaWire

Archive for August, 2008

Abuja - The controversy over the fate of ex-Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, at the National Institute for Policy and Strategic Studies (NIPSS) may have been laid to rest.

It has now been gathered that Ribadu will now be allowed to complete his Senior Officers’ Course at the Institute even though he is no longer qualified for the course following his demotion from the rank of Assistant Inspector General of Police (AIG) to Deputy Commissioner of Police (DCP) by the Police Service Commission.

Accra (Ghana) - Ecobank Transnational currently operating in 25 countries, including Nigeria, Ghana, and Cote d’Ivoire, will today begin the sale to sell $2.5 billion of shares, in what it said is the biggest stock offering in Africa, to help fund new branches on the continent and expand in countries where it has no presence.

According to a statement by the bank on Saturday, the capital raising exercise, which is the first trans-border initial public offering and Rights Issue in Africa, is expected to be sold simultaneously on three stock exchanges.

Lagos - The Nigerian Communications Commission has said that broadband services are at the doorsteps of the country as some operators have begun offering such services on wireless platforms ahead of the State Accelerated Broadband Initiative.

SABI is a scheme designed by NCC to take broadband infrastructure to all the 36 state capitals of the country as well as urban and semi-urban centers.

Lagos - Shareholders of Zenith Bank Plc stocks may soon be smiling to the bank, if the forthcoming Zenith bank’s dividend payout of as much as N1.70 per share for the current financial year, is carried out.

Zenith Bank Plc has officially announced a change in its financial year end from June 30 to September 30, starting from this year, in what the bank described as a bid to further enhance shareholder value. The bank which normally operated a July to June financial year, recently released its twelve-month result showing “remarkable improvements” on all parameters.

Abuja - The much awaited African Petroleum Plc public offer (IPO), was yesterday opened to the investing public. The offer, which closes on September 29, 2008, followed the approval by  Securities and Exchange Commission (SEC), for the company to raise N110 billion in a hybrid offer of 199, 070, 021 ordinary shares at N250 per share, and rights issue of 262, 929, 279 units at N230 per share. The Nigerian Stock Exchange had earlier granted its approval.