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Tag Archives: business news

NNPC Moves To Secure Downstream Assets


As part of efforts to consolidate on the successes recorded in the steady supply and distribution of petroleum products across the country, the Nigerian National Petroleum Corporation (NNPC) has mapped out strategies to boost security around its depots and pump stations to ensure they remain functional. Managing Director of the Nigerian Pipeline and Storage Company (NPSC), Mr. Luke Anele, stated this Wednesday during a bid ... Read More »

Naira Closes At 363/Dollar, CBN Sells Forex To Manufacturers, Airlines


The Central Bank of Nigeria has injected $285.7m into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy. This came just the naira closed at 363 per United States dollar on Friday, the same rate it had closed in the past one week. Details obtained from the CBN indicated that firms in the agricultural, airline, petroleum and raw materials space ... Read More »

CBN Rules Out Naira Fall As External Reserves Hit $34bn


The nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated. The reserves have been appreciating very fast after hitting $32bn on September 18. The Deputy Governor, Financial System Stability, CBN, Dr. Joseph Nnanna, who disclosed the latest figure in Lagos on Saturday, said the exchange rate stability achieved so far by the apex bank had ... Read More »

Crude Oil Price Rises Towards $59 Per Barrel


NNPC restates commitment to stop petrol importation Ejiofor Alike with agency reports Crude oil price rose towards $59 per barrel wednesday to sustain Tuesday’s rallies where it gained one per cent after the Saudi Energy Minister, Khalid al-Falih, said the focus remained on reducing oil stocks in industrialised countries to their five-year average. The minister’s statement had raised the prospect of prolonged output restraint once ... Read More »

Senate Renews War with Executive Over Magu, Suspends Confirmation of CBN D/Gov


Recommends scrapping of overlapping agencies Threatens to publish MDAs withholding audited account The lingering dispute between the Senate and the Executive arm over the retention of Mr. Ibrahim Magu as the acting chairman of the Economic and Financial Crimes Commission (EFCC), made a rude re-entry into the front burner of public discourse wednesday as the Red Chamber threatened to filibuster the confirmation of the nomination ... Read More »

Adeosun: FG Not Borrowing but Refinancing Existing Debts


Reiterates debt-to-GDP within approved limit Ndubuisi Francis and Udora Orizu in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has explained that the federal government is not desirous of borrowing fresh loans, but seeking to refinance what is known as legacy or inherited debts. Her explanation was sequel to reactions trailing the request by the executive arm of government to the National Assembly seeking approval ... Read More »

PPMC Sells 950m Litres Of Petroleum Products In One Month


The Nigerian National Petroleum Corporation (NNPC), Wednesday, said its subsidiary, the Petroleum Products Marketing Company, PPMC, distributed and sold 950.67 million litres of white products, comprising petrol, kerosene and diesel, in the month of August 2017. Fuel tanker Manace The NNPC, in a statement on its Monthly Financial and Operational Report for August 2017, stated that although the products sold in August were lower than ... Read More »

Senate Probes $1.2bn Loan Obtained By Etisalat From 13 Banks


THE Senate has begun investigation into the management and utilisation of the $1.2 billion loan facility obtained by Etisalat (now 9mobile) Nigeria from 13 banks. NASS According to the Senate, the telecommunication company has in recent times been in the public eye over its $1.2 billion loan crisis. It also said the syndicated loan was obtained in 2013 as a medium-term, seven-year facility to fund ... Read More »

NSE Trading Remains Upbeat, Index Increases Further By 0.25%


Activities on the Nigerian Stock Exchange (NSE) on Wednesday sustained positive growth with the All-Share Index improved further by 0.25 per cent. The floor of Stock exchange The index rose by 91.23 points or 0.25 per cent to close at 36,622.85 compared with 36,531.62 achieved on Tuesday. In the same vein, the market capitalisation which opened at N12.574 trillion inched N101 billion to close at ... Read More »

FG Raises N6.69bn Through Savings Bond


In pursuit of the federal government’s objective of financial inclusion by attracting retail investors into the bond market, the government on Monday disclosed that it has raised a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since March this year. The amount raised since inception, according to a report, grew to N6.69 billion following the conclusion ... Read More »

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