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NNPC Justifies Preference for FOB Nigeria’s Crude Exports

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The Nigerian National Petroleum Corporation (NNPC) has given reasons why it prefers to use the Free-on-Board (FOB) system to export Nigeria’s crude oil to their respective destinations and not the Cost, Insurance and Freight (CIF) system. The NNPC, according to a statement it sent out yesterday in Abuja, explained that despite the value erosion inherent in the FOB sale arrangement, prevailing security situations and the ... Read More »

Inflation Slows Down to 15.37% Amid Pressure on Food Prices

National-Bureau-of-Statistics-NBS

For the 11th consecutive month, the Consumer Price Index (CPI), which measures inflation, ended 2017 at 15.37 per cent (year-on-year) in the month of December. This was 0.53 percentage points lower than the 15.90 per cent recorded in November – the 11th consecutive slowdown in the inflation rate since January 2017. However, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions ... Read More »

NEITI: NNPC Illegally Withholding $16bn NLNG Dividends

neiti

The Nigerian National Petroleum Corporation (NNPC) has yet to provide documentary evidence to show that the presidency actually authorised it to withhold and disburse funds paid to it as dividends by the Nigeria Liquefied Natural Gas (NLNG) Limited, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. NEITI stated in its 2015 oil and gas audit report released in December 2017 that the NNPC has ... Read More »

NSE Promotes Awe as Executive Director, Regulation

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The Nigerian Stock Exchange (NSE) on Tuesday announced the promotion of Ms. Tinuade Awe to the position of executive director (ED), Regulation with effect from January, 2018. The NSE said in a statement that as ED, Regulation in its revised organisational structure, Awe has oversight functions for the following teams: Broker dealer regulation; Listings regulation; Market surveillance & investigations, and Regulatory technology, while the Rules ... Read More »

CBN Injects Fresh $210m into Forex Market

CBN

The Central Bank of Nigeria (CBN) on Tuesday injected another sum of $210 million into the interbank foreign exchange market, to meet customers’ requests in various segments of the market. Figures obtained from the Bank indicated that the CBN offered $100million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $55 ... Read More »

Crude oIl prices now $70

Crude-Oil

The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at 70 dollars per barrel at 0558 GMT, up 13 cents ... Read More »

Oil Marketers Canvass for Total Deregulation of Petroleum Downstream Sub-sector

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry. The marketers under the aegis of IPMAN and DAPPMA told journalists yesterday in Lagos that this was against the backdrop of fuel hike and frequent scarcity in the country. They said the ... Read More »

With 12% Rise in Fourteen Days Nigerian Stocks Are World’s Best

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The world-beating rally in Nigerian stocks may not be over yet. The main equity index in Africa’s biggest economy has surged 12 per cent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the bourse, has climbed to a ... Read More »

Nigeria Earns N284bn From Cashew Exports In Three Years

Between 2015 and 2017, Nigeria earned $813.05m (N284.5bn) in foreign exchange from the exportation of cashew. The President, National Cashew Association of Nigeria, Mr. Tola Fasheru, gave the figure in Abuja shortly after he led a delegation of the association to meet with the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar. The NCAN president disclosed that the contribution of cashew to ... Read More »

PFAS Invest N224.7bn In Real Estate

The Pension Fund Administrators have invested a total of N224.7bn of the increasing funds under the Contributory Pension Scheme in real estate. Latest figures obtained from the National Pension Commission indicate that this amount represents 3.03 per cent of the total N7.4tn assets under the management of the pension operators. The commission also stated that substantial funds had been invested in domestic and foreign ordinary ... Read More »

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