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Scarcity: NNPC Expecting 250 Million Litres Of Petrol


The Nigerian National Petroleum Corporation announced on Wednesday that it was expecting up to five ships, each filled with 50 million litres of Premium Motor Spirit, popularly known as petrol, in the country in the next three days. It said the move was to bridge the shortage in the volume of PMS available for supply and distribution and make the queues by motorists in many ... Read More »

FG To Issue N10.69bn Green Bonds To Finance Budget


The Debt Management Office on Wednesday said it was set to issue Green Bonds worth N10.69bn to finance some aspects of the 2017 budget. According to the DMO, the Green Bond is being issued following Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016. The agreement aims to strengthen the global response to the threat of climate change. Since its signing, ... Read More »

Senate Summons DMO, GE Over $27.9m Power Project Spending


The joint Senate Committee on Public Accounts and Power, Steel and Metallurgy, on Wednesday criticised the Federal Ministry of Power, Works and Housing over the terms of agreement with General Electric for the construction of the Afam 3 Fast Power Project. The committee condemned the release of $27.9m to General Electric at zero interest rate, out of the $350m domiciled with the Nigeria Sovereign Investment ... Read More »

World Bank To Stop Financing Oil, Gas Projects From 2019


The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to cleaner energy. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from ... Read More »

Oil Price Rises Above $65 Per Barrel


Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Brent crude futures on Tuesday, the international benchmark for oil prices, were at $65.07 dollars a barrel at 0211 GMT. U.S. West Texas Intermediate (WTI) crude futures were at 58.21 dollars ... Read More »

FG To Release Additional N750bn For Capital Projects


The Federal Government on Monday said the sum of N750bn would be released this week to its Ministries, Departments and Agencies for the execution of some capital projects contained in the 2017 budget. The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France. The delegation is made up of 30 companies from France ... Read More »

Banks Urged to Enhance Private Sector Credit


The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has advised commercial banks in the country to increase credit to the private sector to grow the economy. Ajibola said this at an inaugural lecture he delivered at Caleb University, Imota, Lagos, a copy of which was made available to THISDAY. The paper was titled: ‘Rhythms and Riddles of Bank Credit: ... Read More »

Neconde Lawyers Urge PENGASSAN Not to Disobey Court Order


A Senior Advocate of Nigeria (SAN) and counsel to Neconde Energy Limited, Mr. Uchechukwu Val Obi, has written to the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), faulting the seven-day ultimatum given by the oil workers to the federal government to direct the company to recall its sacked staff or risk industrial action. The learned counsel argued that PENGASAN’s ultimatum to the ... Read More »

CBN Mulls Reducing CRR for SME-friendly Banks


As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks. This formed part of the deliberations at the ninth Bankers’ Committee retreat titled: “Improving Financial Access, Job Creation and Inclusive Growth in Nigeria,” whic took place in ... Read More »

US Import Of Nigerian Crude Hits Four-Year High


For the first time in more than four years, the United States’ monthly import of Nigerian crude oil rose to 12.29 million barrels in August, the latest report from the US Energy Information Administration has revealed. The US imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of this year, up from 18.88 million barrels in the same ... Read More »

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