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Thursday 18th January 2018,
Hope for Nigeria

‘Value of IOCs’ divested assets to hit $11.5b’

divested assets to hit $11.5b – With the increasing divestment of assets by the International Oil Companies (IOCs), including Shell, Chevron and Total from onshore plafforms, shallow water and offshore terrains, about $11.5 billion worth of such assets would have [...]

May 8, 2014 Business
Chibok Girls

#BringBackOurGirls | Boko Haram Leader Shekau Video On Abduction Of Chibok Girls

#BringBackOurGirls – The leader of Boko Haram sect, Imam Abubakar Shekau, released a video in which he claimed responsibility for abducting the Nigerian school girls, and said he will soak all Nigerian soil with Christian blood, and Muslims opposing them, [...]

May 7, 2014 General

Techno Oil receives ‘most innovative’ award in Nigeria

Techno Oil receives – The Lagos Chamber of Commerce and Industry (LCCI) has presented Nigerian oil and gas company Techno Oil with an award for ‘most innovative and impactful company in the downstream sector' at its recent 2014 Industry Awards. [...]

May 7, 2014 Economy

Adebajo: As Nigeria overtakes South Africa’s economy

AS Nigeria hosts the “World Economic Forum on Africa” this week (7-9 May), many South Africans have reacted to the news that the country has overtaken South Africa as Africa’s largest economy with a mix of disbelief, disdain, and disappointment. [...]

May 7, 2014 Economy

FBN Insurance, Etisalat launch ‘Sure4Life’ to boost access to affordable insurance

FBN Insurance Limited, a member of FBN Holdings plc and Etisalat, one of Nigeria’s most innovative telecoms company weekend announced the launch of ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via [...]

May 7, 2014 Economy

Group wants crude oil lifters to work with indigenous ship-owners

The Nigerian Ship-owners Association (NISA) has made case for the government to ensure that those granted the rights to lift crude oil work with the Nigerian ship-owners in order  to boost the nation's shipping industry and create employment for the [...]

May 7, 2014 Business, Oil & Gas

Dangote Cement reports 1Q14 results

Dangote Cement reports – Dangote Cement achieved pre-tax profit of N53.01 billion in 1Q14 and gross earnings of N103.56 billion. Pre-tax profit was down 1.25% y/y, while earnings were up from N95.42 billion in 1Q13. Dangote Cement reports – The [...]

May 7, 2014 Economy

Money supply declines on 8.3% banking system foreign assets net fall

Growth in money supply (M2) decelerated on month-on-month basis at the end of February 2014, the Central Bank of Nigeria (CBN) has disclosed. The Economic Report for the month of February released by the CBN last week shows that broad [...]

May 7, 2014 Business

Nigerian firm Seplat inks deal to supply gas to power plant

Nigerian oil producer Seplat Petroleum has signed an agreement to supply 16,000 Mcf/d of natural gas to an independent power plant in the south of the country, the company said Tuesday, as more oil companies seek to cash in on [...]

May 7, 2014 Power

Nigeria’s top five FDI sources record $55m

This was contained in a special report titled : “Africa by numbers- a Focus on Nigeria,” issued for World Economic Forum on Africa 2014, by EY. A breakdown of the investment revealed that Canada invested 31 percent; United States and [...]

May 7, 2014 Economy

Investors stake N4.6bn on equities

A total of 511.322 million shares worth N4.634bn were traded on the floor of the Nigerian Stock Exchange on Tuesday in 5,209 deals with major market indicators appreciating marginally. The NSE All-Share Index rose by 0.08 per cent or 32.18 [...]

May 7, 2014 Economy

Pension operators building confidence in Nigerian workers

As Nigerian workers joined the rest of the world to mark the 2014 ‘Workers’ Day’ on May 1, a significant point of the event was the reassurance that workers already enlisted in the nation’s Contributory Pension Scheme(CPS) through their Retirement [...]

May 7, 2014 Economy

N10bn chartered jets: Reps summon PPMC MD

The last may not have been heard on the controversy surrounding the chartered private jet by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, at the cost of over N10 bilion on the accounts of the Nigerian National Petroleum Corporation [...]

May 7, 2014 Business

Custodian and Allied announces 90.7% rise in profit

Custodian and Allied Plc has said its profit before tax for the first quarter of 2014 is N1.1bn, representing a 90.7 per cent increase on the N587m it declared in the corresponding period of 2013. The company said in a [...]

May 7, 2014 Business

Nigerian Gas Master Plan slows as PIB gets stuck

The much-talked about Petroleum Industry Bill (PIB) – which is expected to overhaul the beleaguered Nigerian oil and gas sector, but has been in the works for the past six years – is putting the brakes on the Nigerian Gas [...]

May 7, 2014 General

Ogba bags City People Excellence award

President of the Athletics Federation of Nigeria (AFN), Evangelist Solomon Ogba has been given a ‘Special Recognition Award’ for his outstanding contribution towards the growth of sports in Nigeria’ at the 17th edition of City People Awards for Excellence 2014, [...]

May 6, 2014 Economy

Our N4trn assets not under threat –PenCom

The National Pension Commission (PenCom) has refuted a recent story that its N4 trillion assets were under threat as not only baseless but unfounded. A statement from the commission signed by Emeka Onuora, Head of Communications Unit noted that a [...]

May 6, 2014 General

e-Payment Fraudsters Revealed

Most e-payment frauds are perpetrated by ‘insiders'. Present and former I.T staff of financial institutions are the ones most likely to defraud you through e-payment. Watch Out! Ignorance of e-payment can make you an easy victim. So also is carelessness [...]

May 6, 2014 Economy

Standard Chartered structuring bank and global mandated lead arranger in Azura-Edo

Standard Chartered structuring bank and global mandated lead arranger in Azura-Edo – The financing of the Azura-Edo IPP involves $220 million of equity and $530 million of debt from a consortium of local and international financiers. The announcement was made [...]

May 6, 2014 Economy

CBN recovers N13bn unauthorised charges by commercial banks

CBN recovers N13bn unauthorised charges by commercial banks – The Central Bank of Nigeria (CBN) said yesterday in Enugu that it has recovered in the last two years N13 billion being unauthorised charges by commercial banks to customers. The apex [...]

May 6, 2014 Economy

Nigeria’s foreign debt now $9.16bn

Nigeria’s foreign debt now $9.16bn  – Nigeria’s rising debt profile was the major concern of the National Conference Committee on Public Finance as members sought to know the level of control the Debt Management Office (DMO) has on state governments [...]

May 6, 2014 Economy

More Nigerian Companies Plan London Stock Exchange Listing

The recent successful capital raising exercise by Seplat Petroleum Development Company Plc with its dual listing on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE) is encouraging more Nigerian companies  to the LSE, THISDAY was told on Monday. [...]

May 6, 2014 Economy

Access Bank’s FY13 profit declines on surging operating expenses

Access Bank plc is a full-service commercial bank operating through a network of over 310 branches and service outlets located in major cities across Nigeria, sub-Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the [...]

May 5, 2014 Economy

Off with the kerosene subsidy, it’s a rip-off

To think that Nigeria, Africa’s top crude oil producer, imports a big chunk of its refined petroleum products such as petrol and kerosene is bad enough. But worse still is that despite the fact that the country’s spending on ‘subsidised’ [...]

May 5, 2014 Oil & Gas

Akwa Ibom Govt Partners Fidelity Bank In Development

Akwa Ibom Government has reiterated its readiness to partner  Fidelity Bank Plc in the areas of  education, health, infrastructure and entertainment.Governor Godswill Akpabio, who stated this Friday when the Chairman, Board of Directors, Fidelity Bank Plc, Chief (Dr.) Christopher Ezeh paid him [...]

May 5, 2014 Economy

Credit bureau operators, NASME move to improve SME financing

For several years in Nigeria, lending institutions, especially commercial banks, have been apathetic to lending to Small and Medium Enterprises (SMEs). One of the reasons given is that the rate of loan repayment default by SMEs is very high. As [...]

May 5, 2014 Finance

Transcorp, NNPC sign production sharing contract on OPL 281

Transnational Cor­poration of Nigeria (Transcorp) Plc, the national conglomer­ate with 300,000 Nigerian shareholders, and the Ni­gerian National Petroleum Corporation (NNPC), Fri­day signed a production sharing contract for the ex­ploration and production of OPL 281, under which Transcorp committed to a [...]

May 5, 2014 Economy

Eko Disco secures $150m for network expansion

Eko Electricity Distribution Company (EKEDC) has secured a $150 million facility to expand its network. Its  Managing Director, Oladele Amoda, disclosed this to the House Committee on Commercialisation and Privatisation,  when the committee visited him. The company, he said, plans [...]

May 5, 2014 Economy

NDIC, CBN bar new loans to debtors of closed banks

Indications have emerged that all debtors of closed banks with non-performing loans of a maximum of N250 million had been barred by the Central Bank of Nigeria from getting new loans from existing Deposit Money Banks. Some of these non-performing [...]

May 5, 2014 Economy

Smes Key To Development Of Niger Delta, Says SEC Boss

The Director-General of Securities and Exchange Commission (SEC), Ms Arunma Oteh, says Small and Medium Enterprises (SMEs) are essential to the development of the Niger Delta region. Oteh, who made the assertion in an interview with News Agency of Nigeria [...]

May 5, 2014 Business