Chairman King

Port Harcourt Business News

Nigerian Stocks May Rise 43% This Year, CSL Stockbrokers Says

Jan 12

Posted by Staff Writer in News | Post Comment

Nigeria’s benchmark stock index may rise 43% this year as bank shares gain, CSL Stockbrokers Ltd. said in today.

The brokerage is “overweight” Nigerian equities and high- yielding bank deposits while it is “underweight” on government bonds and Treasury bills, it said.

Nigeria’s economy may expand 6.5% this year and 7% in 2011, CSL forecast.

About CSL Stockbrokers
CSL Stockbrokers Limited was officially licensed on November 4, 1977 by the Nigerian Stock Exchange (NSE) to operate as a stockbrokerage business. CSLS is regarded as a pioneer in the stock broking industry in Nigerian and has a client base of over 300,000 investors spread among various tiers of government, corporate organizations, and individuals.

CSLS is the leading securities trading company in transaction amount and value for a significant proportion of all trades in the Nigerian stock market. The company is one of the most capitalized stockbroking firm in the country with a paid-up share capital of N75 million, which is well in excess of the SEC minimum capital requirements for broker/dealer firms. The company also has four offices in Lagos, Abuja, Port-Harcourt and Kano

Read more on the Nigerian Stock Exchange (NSE)

Source(s): Bloomberg News

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USA-Nigeria Direct Flight: Arik Air Launches Services between Lagos and New York JFK

Nov 23

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Arik AirArik Air has announced that it would commence flights between Lagos and New York (JFK) beginning on Sunday, 29 November 2009.

The new route will be Arik Air’s third international service outside of the West Africa region, following the commencement of daily flights to London Heathrow in December 2008 and to Johannesburg, South Africa, in June 2009.

The new Lagos – New York (JFK) service will operate three times a week with outbound flights departing Murtala Muhammed International Airport, Lagos, on Tuesday, Thursday, and Sunday, while inbound flights will depart New York’s John F. Kennedy International Airport (Terminal 4) on Monday, Wednesday, and Friday.

In announcing the new international service, Arik Air’s Managing Director, Mr. Jason Holt said: “Arik Air’s new non-stop flights between Lagos and New York will be the airline’s first transatlantic service. They will also be the first direct flights between Nigeria and the United States to be operated by a Nigerian airline in the last decade. This is of great historical significance for Nigeria and a source of great pride for Arik Air.” Read the rest of this entry »

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Nigeria: Leading Niger Delta Militants Disarm

Oct 6

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Niger Delta Surrender

Niger Delta Surrender

The last prominent militant in Nigeria’s oil-rich Delta region has given up his weapons after agreeing to a government amnesty deal.

Government Tompolo, who heads the main rebel faction in the western Delta, disarmed in return for promises of cash and education for his fighters.

On Saturday, two other commanders from the eastern Delta laid down weapons.

The amnesty is part of government efforts to end years of rebel attacks on the Nigerian oil industry.

Mr Tompolo is considered one of the most important rebels figures in the oil-rich Delta. Read the rest of this entry »

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The Isolation of Oil and Gas Industry Expatriates in Nigeria

Oct 2

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Golf Course in Bonny Island, Nigeria

Golf Course in Bonny Island, Nigeria

At the GQ Club by the waterfront on Lagos’ Ikoyi Island, the beer comes with popcorn. Behind the bar, bedecked with miniature stars and stripes, is a faded photograph of a US navy vessel. Most people in this club are either American or friends with one.

The club is the focal point of US expatriate life in Nigeria’s commercial capital, a serene piece of home away from the uproar of Africa’s megacity. Yet even as they enjoy the club’s comforts, the members are conscious of the claustrophobia in which most westerners in Nigeria live.

Nowhere is that isolation more acute than in the country’s dominant industry: oil. The upsurge in violence in the oil-producing Niger Delta this decade has led energy groups to impose draconian security regimes on their personnel. The unease is understandable, particularly in light of a booming kidnapping industry. Yakubu Lame, Nigeria’s Minister of Police Affairs, said in July that 512 kidnappings have been reported in the first half of this year, compared with 353 for the whole of last year. Read the rest of this entry »

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