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Tag Archives: business news

Oil Rises To $53 As Inventory Overhang Erodes, Saudi Cuts Exports


Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers. Brent crude futures were 52.99 dollars a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents at 49.73 dollars. Crude is down nearly seven per cent so far this year, suppressed in large part by ... Read More »

Beware Of Loan Empowerment Scam, FG Warns Entrepreneurs


The Federal Ministry of Industry, Trade and Investment on Thursday warned entrepreneurs against patronising a faceless group that goes about defrauding entrepreneurs under the guise of assisting them with loans. The Special Adviser on Media to the Permanent Secretary in the ministry, Mr. Babajide Iletogun, said the group is operating through a scheme tagged, “Federal Government 2017 empowerment loan for entrepreneur (Nation Wide),” to defraud ... Read More »

MAN Seeks Removal Of Obstacles Hindering Manufacturers


The Manufacturers Association of Nigeria (MAN) has appealed to the three tiers of government to ensure that all the impediments on the way of maunfacturers are removed. Its  Ikeja branch, Chairman, Prince Felix Oba Okojie, said there is urgent need to strengthen the real sector by removing all bottlenecks constraining its growth and competitiveness. Okojie ,who spoke at the breakfast meeting for Managing Director/Chief Executive ... Read More »

Oil Prices Dip Ahead Of OPEC Meeting


Oil fell as investors sought reassurance that the world’s largest oil producing countries are complying with their supply-cut deal. Futures slid as much as 2.1 per cent in New York. Oil in New York was unable to hold its advance above $50 a barrel last week as signs of rising global supply eroded optimism that output curbs by the Organisation of Petroleum Exporting Countries (OPEC) ... Read More »

Power Generation Crashes By 1,835.6MW In Three Days


The total quantum of electricity on the nation’s power grid crashed by 1,835.6 megawatts within a period of three days. After reaching a peak of 4,282.6MW on August 2, 2017, power generation dropped to as low as 2,447MW on August 5, according to the latest data on the performance of the grid obtained in Abuja on Sunday. Power generation has continued to fluctuate for several ... Read More »

Naira Reverses Gain, Closes At 363/dollar


The naira closed at 365 per United States dollar at the parallel market on Sunday, reversing the gain it recorded in the past week. The local unit had closed last week at 363/dollar. The naira, which initially traded at 365/dollar, recorded slight after the Central Bank of Nigeria sold $462m to players in the foreign exchange market last Monday. Specifically, the regulator sold the total ... Read More »

Board Sets 70% Local Content Target To Retain $14b


The Nigerian Content Development and Monitoring Board (NCDMB) has set an ambitious target of 70 per cent growth in local content over the next 10 years. This will enable the country to retain $14 billion from the $20 billion spent yearly in the upstream oil and gas industry. When the Nigerian Content Law was enacted in 2010, local content in the industry was only five ... Read More »

NNPC Eyes $16b From Shell, Chevron Deals


Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. The two projects are expected to generate incremental revenues of about $16billion within the assets’ ... Read More »

We’re Profiling Rich Nigerians For Tax Payment – Adeosun


The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government was currently profiling high net worth individuals to ensure that what they currently own as assets correspond with the amount they were paying as taxes. She said this via a video posted on her Facebook page where she responded to questions from Nigerians about the implementation of the Voluntary Asset and ... Read More »

26 Stocks Appreciate, Market Gains N79bn


The Nigerian Stock Exchange market capitalisation soared by N79bn on Thursday as 26 counters appreciated. The NSE  All-Share Index advanced by 0.62 per cent at the end of trading, pushing the year-to-date return to 38.18 per cent. A total of 412.122 million shares valued at N4.721bn exchanged hands in 4,207 deals. The total volume of trades increased by 64.18 per cent, while market turnover expanded ... Read More »

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