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Nigeria Saves N102bn From Direct Crude Sale

Nigeria Saves N102bn From Direct Crude Sale

Nigeria was able to save N102.6bn between April and July this year as the crude-for-products exchange arrangement, popularly known as crude swap was stopped. In February, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced the replacement of the crude swap arrangement with what he described as the Direct-Sale Direct-Purchase framework, which commenced in April. […]

NNPC Embarks On Rigorous Oil Exploration

NNPC Embarks On Rigorous Oil Exploration

In Abuja on Saturday, the Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, said that NNPC has embarked on a more rigorous exploration for oil in the Gongola and other inland basin using the latest seismic data gathering technology. The NNPC Group Managing Director, Dr Maikanti Baru, in the […]

Port-berth Rate Down To 25% On Tumbling Business

The persistent scarcity of foreign exchange and the economic downturn are taking a toll on capacity utilisation of the nation’s seaports, leading to the sharp decline in the number of vessels which come calling, as well as low berth utilisation by ships. This development has led to a sharp fall in import volumes and to […]

Recession Will End 2018, Expert Predicts

Recession Will End 2018, Expert Predicts

on Friday, Mr. Bismarck Rewane, a Lagos-based financial expert, expressed optimism that Nigeria would get out of recession by 2018 with the right economic policies. Rewane, also the Chief Executive Officer, Financial Derivatives Ltd., said this at the 2016 Independent Shareholders Association of Nigeria Triennial Delegates Conference/Gala Night in Lagos. The financial expert said that […]

Nigeria: Inflation Rises 11th Consecutive Month In September

Nigerian inflation accelerated for the 11th consecutive month in September as food prices rose, strengthening the case for the central bank to maintain a tight monetary stance even as the economy is contracting. The inflation rate in Africa’s most populous country increased to 17.9 percent from 17.6 percent in August, the Abuja-based National Bureau of […]

Stock Market loses N59bn As CBN Stops Forex Sales

Stock Market loses N59bn As CBN Stops Forex Sales

The stock market (equities) dipped by N59bn on Thursday following the Central Bank of Nigeria’s directive to Deposit Money Banks (excluding First Bank of Nigeria Limited) to restrict the sale of foreign exchange to Bureau De Change operators. Generally, the banking sector made the biggest loss. ETranzact Internal Plc, BOC Gases Plc, Forte Oil Plc, […]

Pound Hits Its Weakest Level in History Against Currency Basket

Pound Hits Its Weakest Level in History Against Currency Basket

Trade-weighted BOE index shows sterling has dropped more than 15% since Brexit vote   The pound touched a historic low against a basket of global currencies, meaning it has likely never been weaker when measured against those of Britain’s trading partners. While the pound recently traded at a 31-year low against the dollar, and a […]

$13.9bn Illegal Transfer: Senate Summons CBN, MTN And Others

$13.9bn Illegal Transfer: Senate Summons CBN, MTN And Others

The Central Bank of Nigeria, MTN Nigeria, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen was on Thursday summoned by the senate over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act. The upper chamber of the National Assembly had instituted a probe into what it called the illegal transfer […]

$1.1bn Malabu Oil Deal Is complex, Malami tells Reps

$1.1bn Malabu Oil Deal Is complex, Malami tells Reps

The Federal Government said on Thursday that it had no conclusive position on the controversial $1.1bn award of Oil Prospecting Licence 245, better known as ‘Malabu Oil Deal.’ It said it had launched an ongoing investigation into the deal and would not take a position until all the “complexities” in the deal had been resolved. […]

Navy Seizes 120,000 Litres Of Stolen Crude Oil

Navy Seizes 120,000 Litres Of Stolen Crude Oil

A barge carrying 120,000 litres of crude oil, believed to have been stolen from facilities in Rivers State has been seized by the Nigerian Navy. The Flag Officer Commanding Eastern Naval Command, Rear Admiral James Oluwole, said on Thursday that the barge was intercepted in the early hours of Wednesday in Elem Kalabari in Okrika Local […]

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