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Business and Economy

NNPC loses N241bn in 10 months

It's only fair to share...The Nigerian National Petroleum Corporation, NNPC, yesterday announced a loss of N240.987 billion in its operations for 10 months, between January and October 2015. The NNPC, in its Monthly Oil and Gas Report for October 2015, also revealed that all its total sales proceeds from the export of crude oil and gas in October, amounting to ...

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Petroleum contributes N1.94 trillion to Nigeria’s GDP

It's only fair to share...The oil and gas sector contributed N1.942 trillion to Nigeria’s Gross Domestic Product, GDP, in the third quarter, Q3 of 2015, according to a data by the National Bureau of Statistics, NBS. Giving a breakdown, the NBS in its GDP Q3 2015 report, said the Crude Petroleum and Natural Gas sub-sector accounted for N1.845 trillion, rising ...

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Fuel price soars by 50% at depots as scarcity bites

Fuel-scarcity - African Free Press/Business and Economy

It's only fair to share...Price of Premium Motor Spirit (PMS) or petrol soared by about 50 per cent at retail outlets following the hike in price of the product at the depots, it was learnt. A daily industry price survey conducted by marketers at depots in Apapa, Lagos, revealed that yesterday’s average price per litre of PMS was N112 as ...

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Abandon ‘Buharinomics’ if you want to save economy, Soludo warns Buhari

It's only fair to share...Former Governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo has called on President Muhammadu Buhari to abandon what he termed the ‘old Buharinomics’ if he must bring about the desired change in the country. Soludo made the call while delivering a lecture at the Realnews third annual lecture in Lagos on Thursday which ...

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FG Orders Transfer of 250 Million Dollars to Sovereign Account


It's only fair to share...The National Economic Council (NEC) has approved that 250 million dollars of the 400 million dollars dividend from the Nigerian Liquefied Natural Gas be invested in the Nigerian Sovereign Investment Authority (NSIA) to increase capital. The balance of 150 million dollars will be shared among the states of the federation according to the prescribed formula at ...

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Revealed: Remita was Buhari’s idea!

It's only fair to share...Officials at the Federal ministry of finance have confirmed that the decision to use SystemSpecs’ Remita software for Treasury Single Account implementation was done by the Buhari administration and not Jonathan’s.  The official said that the outrageous agreement for  the use of REMITA software as a payment platform has nothing to do former President Goodluck Jonathan, ...

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N25bln REMITA-TSA Saga: CBN Recovers N8.6bn from Emir Sanusi, Lemo’s e-Finance Firm Approved Under Jonathan

It's only fair to share...The Central Bank of Nigeria has recovered N8.6 billion deducted by a Lagos-based software firm, SystemSpecs, which provided the e-Payment/e-Collection solution used for the transfer of government funds from commercial banks to the treasury single account (TSA) domiciled with it, THISDAY investigations have revealed. The central bank, according to sources in the CBN, directed the company ...

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N1bn fine: Guinness denies using expired raw material

It's only fair to share...The director, Corporate Relations in Guinness Nigeria, Sesan Sobowale, on Friday denied that the company ever used raw materials considered to be expired by NAFDAC. He said the company had already got extension on the ‘best before date’ from the supplier of the malt extract in question. The National Agency for Drug Administration and Control, NAFDAC, ...

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Reduce Cost of Oil Production – Ibe Kachikwu

It's only fair to share...A minister-designate and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said the $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria is too high and should be reduced in view of the current low price regime. Speaking at a Luncheon organised in his honour ...

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Barclays to Cut Nigeria from Emerging Markets Local Bond Index Feb 2016

It's only fair to share...Barclays on Monday announced that it would remove Nigeria’s sovereign debt from its emerging markets local currency government bond benchmark from February 1, 2016. The announcement came a few weeks after United States investment bank, JP Morgan & Chase, removed the country from its Government Bond Index for Emerging Markets (GBI-EM). Barclays was quoted by Reuters ...

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