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Tag Archives: Business

Nigeria’s rig count rises by one, as OPEC’s declines by four

By Sebastine OBASINIGERIA’S rig count for the month of November, 2017, increased by one, as the country recorded 29 as against 28 recorded in the month of October of the same year. This was contained in the latest data of the Organisation of Petroleum Exporting Countries, OPEC. This is a bit …

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NIPS will attract new oil, gas investors to Nigeria – Project Director

By Udeme AKPAN WITH about 37 billion barrels of oil reserves and 192 trillion standard cubic feet of gas reserves, there is no doubt that Nigeria remains a major petroleum producing and exporting destination in the Gulf of Guinea.  Investigations showed that a bulk of these endowments has not been developed …

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FG still subsiding petroleum products, Baru

By Johnbosco Agbakwuru Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr Maikanti Baru yesterday said that the landing cost of petroleum products that should be sold in the pump without under-recovery should be N171.40, but that President Muhammadu Buhari has directed that the corporation should maintain all …

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Digital TV will generate N100bn for Nollywood – Lai Mohammed

Minister of Information and Culture, Alhaji Lai Mohammed says that Digital Television will generate N100bn annually for Nollywood through FreeTV distribution network. The minister made this known on Wednesday at the launch of digital switch over at the premises of the Nigeria Television Authority (NTA), Ilorin. He said that Nigerians …

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Operators lament local printing paper quality

By Princewill EkwujuruOperators in the printing industry have bemoaned the quality of printing papers, while calling on government and local printing paper producers to ensure that the quality of the printing papers measure up to imported printing paper standard. The Operators made the call at a three day printing machine …

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NNPC selling fuel at N133.28, denies hiking prices

By Michael EbohThe Nigerian National Petroleum Corporation, NNPC, denied hiking the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, stating that the commodity is currently selling at N133.28 per litre. Group Managing Director of the NNPC, Dr Maikanti Baru In a statement by its Group General Manager, …

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Nigeria should refine petrol for Africa – Mahama

By Emma Ujah, Abuja Bureau Chief & Emmanuel ElebekeFormer Ghanaian President, Mr. John Mahama, yesterday, said African leaders must be bold and take the destiny of the region into the hands of Africans. PRESIDENT BUHARI host FMR GHANA PRESIDENT MAHAMA to a Dinner He spoke on “Challenges of Governance and …

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Buhari Appoints Ex-CBN Deputy Governor As FERMA Chairman

Mr Tunde Lemo President Muhammadu Buhari has approved the appointment of a former Deputy Governor of the Central Bank of Nigeria, Mr Tunde Lemo, as the Chairman of the Federal Roads Maintenance Agency. The Assistant Director of Press in the Office of the Secretary to the Government of the Federation, …

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FG Supported States With N1.6tn In Three Years, Says Buhari

This file photo shows President Buhari during a meeting with state governors on August 25, 2017 In order to stabilise the polity, the Federal Government supported states with N1.641tn between 2015 and 2017. President Muhammadu Buhari said this in his Independence Day broadcast on Sunday morning. The amount was provided …

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Senate Must Find Permanent Solution To Apapa Gridlock – Saraki

Senate President Bukola Saraki Amid growing concern about the negative impact of the gridlock in Apapa on the nation’s economy, Senate President Bukola Saraki has called for a permanent solution. Years of complaint by motorists, importers, and private sector players about the gridlock in Apapa, where the country’s biggest and …

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Kenyan Stock Exchange Halts Trading After Supreme Court Ruling

File photo: Kenyan President, Uhuru Kenyatta The Kenyan stock market fell sharply on Friday as investors reacted to the Supreme Court decision to annul the presidential election won by the incumbent, Uhuru Kenyatta. The Nairobi all-share index finished a whopping 3.69 per cent in the red, starting the new month …

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Insurance malpractices deprive government of long term savings — Standard Alliance CEO

By Rosemary Onuoha GOVERNMENT will continue to be deprived of long term fund for infrastructure development, if the rate of malpractices involved in selling compulsory insurance policies is not checked, Managing Director of Standard Alliance Plc, Mr. Bode Akinboye, has said. According to Akinboye, “in the quest to get business …

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ECOWAS assesses Nigerian port facilities on security code

By Godwin Oritse THE Economic Communities of West African States (ECOWAS) recently carried out an assessment of port facilities in Nigeria with a view to ascertaining the country’s level of compliance to the International Ship and Port Security, ISPS Code. Confirming the development at the just concluded monthly meeting of …

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FinTechs won’t usurp banks’ traditional roles —CBN

By Babajide Komolafe THE Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services to customers. Central Bank of Nigeria Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos, …

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PHOTOS: EFCC Assures AMCON Of Support On Asset Recovery

The Economic and Financial Crimes Commission (EFCC) has assured the Asset Management Corporation of Nigeria (AMCON) of its support in its drive to recover toxic assets. The Acting Chairman of the EFCC, Mr Ibrahim Magu, gave the assurance on Thursday when he received the Managing Director of AMCON, Mr Ahmed …

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High Cost May Force Nigeria To Stop Oil Production – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe kachikwu, says Nigeria will be forced to stop the production of crude oil if the cost of doing that remains high. Dr kachikwu made the statement today at the opening ceremony of the Nigeria Annual International Conference and exhibition organised by …

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EFCC Recovers N328.9bn From Nine Oil Marketers

File photo The Economic and Financial Crimes Commission (EFCC) says it has recovered the sum of N328.9bn from nine major oil marketers across the country. The recovery is reported to be in response to a petition against the leadership of the Nigeria National Petroleum Corporation (NNPC) and its subsidiary, Pipelines …

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Ogun Govt Targets N3.1bn Revenue From Informal Sector

File Photo The Ogun State Government says it is targeting over N3bn additional revenue from the informal sector of the state economy as it enlists about one million residents from the sector into the tax net. The Chairman of the State Internal Revenue Service, Mr Kunle Adeosun, made this disclosure …

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NEC Approves New Disbursement Criteria For Ecological Fund

The National Economic Council has approved new criteria for the disbursement of the ecological fund to cut down on discriminatory spending and sanitise the management of the fund. The new guidelines are contained in a final report by an ad-hoc committee of the council on ecological fund headed by the …

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FG To Stop Fuel Importation In 2019 With New Oil Policy

The Federal Government is set to stop the importation of fuel by 2019 with the approval of a new National Oil Policy by the Federal Exective Council. The Minister of State for Petroleum, Mr Ibe Kachikwu told journalists that the policy is geared towards re-organising the NNPC for greater efficiency …

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