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Saturday, December 15, 2007

EFCC arrests Ex-Governor James Ibori

The EFCC has arrested the ex-governor of delta state, james ibori for money laundering, credit card fraud and other offences.
He was picked up at the kwara state lodge and is to be arraigned in court on monday.
This goes to show thw world that Nigeria will not tolerate corruption any longer

What's ur take?
Pls comment

Wednesday, December 12, 2007

Senate Says 2008 budget may not be passed till next year

The senate has said that the 2008 budget will not be passed this year due to uncoopertion of some government agencies and some technical glitches. this was made known by iyiola omisore, chairman committee on appropiation

Saturday, December 8, 2007

Naira hits new high against dollar

The Nigerian naira rose to a new high of 117.95 to the dollar on the interbank market on Thursday from 118.40 on Tuesday on the central bank’s support and huge dollar inflows from oil majors, traders said. The naira has gained 6.62 percent against the dollar since Aug. 30 bouyed by steady forex inflows from foreign portfolio investors and weakness of the dolla against major currencies.

Oil multinationals have sold over $260 million to retail banks since Monday, raising the dollar liquidity in the market.

Traders said the naira was also helped by the central bank’s revaluation of the currency to 116.96 per dollar at its forex window on Wednesday versus 117.68 previously.

“Though the central bank did not sell dollars at its auction on Wednesday, it revalued the naira by 0.72 naira and this was reflected at the interbank market,” one dealer said.

Dealers said the naira should maintain its gains in the weeks ahead as the government has pegged the exchange rate at 117 naira to the dollar in its 2008 budget.

Source: Vanguard Newspaper

Thursday, December 6, 2007

FG blacklists Siemens

following the latest bribery scandal that rocked siemens AG, the federal government revoked a 128.4 million naira bid for supply of electrical equipments, which was won by the german company.

The government also blacklisted siemens from future contract bids.

its all sad stories for Siemens...

What do you think?