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NNPC Prioritises Security of Onshore, Shallow Waters Assets to Keep up Oil Production

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The Nigerian National Petroleum Corporation (NNPC) wednesday disclosed that it has prioritised security over oil assets located in Nigeria’s onshore and shallow waters, to ensure stability in the country’s oil production. It said usually, the federal government gets more returns from oil production from the onshore and shallow waters than it did from deep offshore assets, hence, its decision to secure them. The corporation stated ... Read More »

CBN Aligns with NCC, to Resist ‘Hostile’ Takeover of Etisalat

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Just like the Nigerian Communications Commission (NCC), the leadership of the Central Bank of Nigeria (CBN) has informed the 13 banks that extended a $1.2 billion facility to Etisalat Nigeria that it would resist the move by the lenders to take over the network operator without its express approval. This was the fallout of a meeting held between CBN officials and the CEOs of the ... Read More »

Naira Stable At N364/$

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The naira Tuesday remained stable at N364 per dollar in the parallel market. Newsmen survey revealed that the parallel market exchange rate closed at N364 per dollar yesterday, same level as on Monday. The stability was attributed to weak demand for dollar and increased supply due to dollar sale to bureaux de change by the Central Bank of Nigeria (CBN). Also the Nigerian stock market ... Read More »

Crude Oil Price Falls to Seven-month Low on Global Oversupply

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Despite the global cuts in crude oil supply to the international market by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members, crude oil prices yesterday dropped to seven-week low as production increases from key producers undermined the efforts of the cartel to reduce the glut in the oil market. Crude prices have also fallen by about 15 per cent since May 25, when ... Read More »

NCC Steps in, Says Etisalat’s Licence Not Transferable

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Citing the Nigerian Communications Act (NCA), the Nigerian Communications Commission (NCC) Tuesday stepped into the crisis that has enveloped the country’s fourth largest network operator, Etisalat, reminding the consortium of banks that the telecoms firm is indebted to, to the tune of $1.2 million that it cannot take over Etisalat’s operating licence without its approval. A consortium of 13 Nigerian lenders led by Access Bank ... Read More »

United Capital Lists Two Mutual Funds on Stock Exchange

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United Capital Asset Management, a subsidiary of United Capital Plc, yesterday listed two billion units of the United Capital Wealth for Women Fund and 100,000 units of United Capital Nigerian Eurobond Fund on the Nigerian Stock Exchange (NSE). The two new funds were officially opened to the public on January 25, 2017 as a means to addressing the needs of the diversified client base and ... Read More »

Oil Market Fundamentals Heading in Right Direction, Says Saudi Arabia

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Saudi Arabia’s Minister of Energy, Khalid al-Falih on Monday said the oil market was heading in the right direction but still needed time to rebalance. A London-based newspaper, Asharq al-Awsat, had quoted Falih as saying that there was a relatively big draw of around 50 million barrels from floating storage and a drop in industrialised nations’ onshore storage of 65 million barrels compared to July last ... Read More »

CBN Injects $195m into Forex Market

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The Central Bank of Nigeria (CBN) on Monday injected a total sum of $195 million into the interbank foreign (forex) market to meet the requests of customers in the various segments of the market. This followed its intervention in the interbank forex market, last week, to the tune of over $800 million. A breakdown of the intervention revealed that the bank offered the sum of $100 ... Read More »

Diesel Price Has Fallen By 42%, Says NNPC

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The Nigerian National Petroleum Corporation on Sunday said it had successfully crashed the pump price of Automotive Gas Oil, also known as diesel, by about 42 per cent nationwide. It described this as a huge reduction over the past six months, linking it to series of interventions by the national oil firm in the downstream oil sector.  Explaining how this was achieved, the Group General ... Read More »

NBC Names Six States as Model for Digital Switch Over

national bradcasting commission (NBC)

The Director General of the National Broadcasting Commission, Mallam Is’haq Modibbo Kawu, has said that Nigeria will adopt phased implementation of switch over from analogue to digital broadcasting (Digital Switch Over) (DSO), beginning with six states. The confirmation came few days after the Minister of Information, Mr. Lai Muhammed, dropped the hint, while playing host to the Niger’s Minister of Communication, Koubra Abdoulaye  that Nigeria ... Read More »

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