THE Bureau of Public Enterprises (BPE) has flagged of the process of the full deregulation of the nation’s electricity sub sector of the economy. BusinessWorld Intelligence can disclose that the privatization agency has registered a company for the sole purpose of purchasing electricity in bulk from electricity power generating companies.

SEVEN months after First Bank of Nigeria Plc moved to acquire Equatorial Trust Bank Limited (ETB), the bank has backed out of the deal. BusinessWorld gathered that the sudden withdrawal of First Bank may not be unconnected with the failure of the two parties to agree on all the fine details of the deal.

NIGERIA is to begin the implementation of International Financial Reporting Standards (IFRS) with effect from January, 2012. To this effect, Senator Jubril Martins-Kuye, minister of commerce and industry, has directed the Nigerian Accounting Standards Board (NASB) to ensure efficient action plan and framework for compliance by all stakeholders with effect from January 1t, 2012.

FOR failure to effectively drive development in the Federal Capital Territory (FCT) Abuja as expected, the federal government may soon tinker with the present structure of the six area councils and replace them with new structures that will enhance speedy development of the territory.