Tag: Firms
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China vows to retaliate against U.S. delisting of own firms
China on Saturday slammed the U.S. following New York Stock Exchange’s (NYSE) decision to delist three Chinese telecom companies and vowed to take necessary measures to protect Chinese “enterprises’ legitimate rights.” The NYSE had on Friday said it would delist three Chinese companies to comply with a U.S. executive order that imposed restrictions on companies…
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NSE suspends trading in shares of six firms
The management of the Nigerian Stock Exchange (NSE) has suspended trading in the shares of six companies listed on its trading platform. As a result of this action, shareholders of the affected firms will not be able to trade the stocks of the companies at the exchange until the embargo is lifted by the NSE.…
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SON shuts 13 firms over standards infractions
Thirteen steel factories were on Monday shut by the Standards Organisation of Nigeria (SON), over failure to adhere to standards. The factories, which are located in Lagos, Ogun, Osun, Abia and Edo states, were shut following nationwide market surveillance carried out by the organisation’s task force between last November and last month. The Chairman, SON…
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NAICOM approves recapitalisation plans of 44 firms
The National Insurance Commission ( NAICOM) on Tuesday in Lagos granted no objection to 44 insurance companies to proceed with their recapitalisation plan. Its Acting Commissioner, Mr. Olorundare Thomas who spoke during an interactive session with shareholders said two companies have concluded plans to merge. Represented by the Director, Policy and Regulation Directorate, Mr.Pius Agboola,…
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Why most private Nigerian firms are failing – BPE
…Says we’ve privatised 142 enterprises since inception The Bureau for Public Enterprises (BPE) on Tuesday explained why most Nigerian firms are not performing and yielding the desired Return On Investment (ROI) for investors. The agency said it has privatised 142 enterprises since inception in 2004 with 37 per cent of them (52) not performing. The…
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N30trn revenue scam: Senate notifies EFCC, to hand erring firms over
The Senate Wednesday said that arrangements have been made to hand over companies found culpable in its investigation of alleged N30 trillion revenue scam in the import and export value chain to Economic and Financial Crimes Commission, EFCC for prosecution. Chairman of the Senate Joint Committee on Customs, Excise and Tariff and Marine Transport, Senator…
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Alleged N30trn Revenue Scam: Senate orders arrest of 30 firms’ executives
The Senate has directed the Police to arrest chief executives of 30 firms, including Crown Flour Mills and Glo Mobile, for failing to appear before its committee probing national revenue loss. TheNewsGuru.com reports that the companies are alleged to have been involved in the N30 trillion-revenue believed to have been lost by the country in…
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Full list: 56 inactive firms faces expulsion from NSE
The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market. A breakdown of the status of dealing-member firms at the Exchange showed that there were 197 active firms and 56 inactive. Already, a total of 163 firms have been…
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Nigeria, U.S. firms partner to power 25 communities
In a bid to seek alternative source of power supply in the country, a Nigerian firm, Community Energy Social Enterprises Limited (CESEL) has signed a 767, 512 dollars (about N241.6 million) Memorandum of Understanding (MoU) with Renewvia Energy Corporation, a U.S. firm. Dr Patrick Tolani, Managing Director of CESEL, a Nigerian privately owned firm signed…