U.S. To Overtake Saudi As Oil Producer

U.S. To Overtake Saudi As Oil Producer

This year promises to be a record-setting one for the US The United States is set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. “This year promises to be a record-setting one for […]

High Court Dismisses Union Bank’s Claim To Ikoyi Flat

High Court Dismisses Union Bank’s Claim To Ikoyi Flat

The court described the bank as a busybody The Federal High Court in Lagos has dismissed the claim of Union Bank Plc to Flat 7B, Osborne Towers, Ikoyi, Lagos. The court described the bank as a busybody, just as it ordered the permanent forfeiture of the property to the Federal Government. The flat attracted public […]

Nigeria’s Crude Oil Exports To Slip In March

Nigeria’s Crude Oil Exports To Slip In March

Nigeria’s oil exports are on track to edge lower on a barrel-per-day basis in March, a survey of loading plans has revealed. Crude oil exports of 1.694 million barrels per day are scheduled for March on 62 cargoes. While several loading plans for small grades are outstanding, the March total is likely to remain below […]

FG To Borrow N385 Billion Via Local Bonds

FG To Borrow N385 Billion Via Local Bonds

The Federal Government is planning to borrow between N315bn and N385bn ($1bn-$1.26bn) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office (DMO) has said. The DMO stated on Friday that it would auction bonds maturing in 2021 and 2027 and introduce a new seven-year bond, Reuters reported. It […]

MPC To Retain Interest Rate At 14 Percent – Emefiele

MPC To Retain Interest Rate At 14 Percent – Emefiele

Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) has said he expects Monetary Policy Committee, MPC, to retain interest rate at 14 per cent at next week’s MPC meeting. The MPC meeting has been scheduled to hold January 22 to 23, 2018. The committee will announce its decision on Monetary Policy Rate, MPR, […]

Sharia-based Banking On The Rise In Germany

Sharia-based Banking On The Rise In Germany

KT Bank now had 10,000 customers in Germany Banks that conform to Islamic financial practice are on the rise among Germany’s Muslim population of around five million, a spokesman for KT Bank, a subsidiary of an Istanbul-based bank, said in Cologne on Friday. “We are on course and have attained our targets for 2017,” Ferhat […]

SEC Extends Free Registration Of e-Dividend Till Feb 28

SEC Extends Free Registration Of e-Dividend Till Feb 28

The apex regulator of the Nigerian capital market, the Securities and Exchange Commission (SEC) has announced an extension of the period for the free e-Dividend registration exercise till February 28, 2018. This move is aimed at encouraging more shareholders to mandate their bank accounts. The SEC said on Thursday that in reviewing the progress of […]

Court Orders Mobil To Pay N1.430bn To Delta Communities

Court Orders Mobil To Pay N1.430bn To Delta Communities

Oil giant, Mobil Producing Nigeria Unlimited, has been ordered by a Federal High Court sitting in Warri, Delta State, to pay the people of Odimodi Federated Communities and the Forcados Community in Burutu Council Area of the state N1.430bn over the 1998 oil spill which destroyed the communities’ means of livelihood. In a judgment delivered […]

Market Sheds 0.08 per Cent As Investors Take Profit

Market Sheds 0.08 per Cent As Investors Take Profit

The Nigerian Stock Exchange (NSE) All-Share Index shed 0.08 per cent at the close of trading on Thursday, as equity investors embarked on profit taking on counters that had recorded gains. This follows a three-day rally, causing the ASI to close at 44,848.74 basis points from 44,885.24. A total of 1.344 million shares valued at […]

AFDB To Give Nigeria $400m Budget Support Loans

AFDB To Give Nigeria $400m Budget Support Loans

Vice President Yemi Osinbajo, has said Nigeria will be getting $400m from the African Development Bank soon as sector loans. Osinbajo, who represented President Muhammadu Buhari at the inauguration of AfDB’s Nigeria Country Department Building in Abuja on Thursday, said the bank’s President, Dr. Akinwumi Adesina, had assured him that the money would be released […]

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