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Business and Economy

OIL WORTH 13.7 BILLION DOLLARS STOLEN UNDER NNPC – NEITI

It's only fair to share...The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said between 2009 and 2012, about 160 million barrels of oil valued at $13.7bn was stolen under the watch of the national oil giant, Nigerian National Petroleum Corporation. She also said that subsidy payment from 2005 to 2012 indicated that $11.63bn ...

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NIGERIA DISPLACED IN OIL MARKET BY ANGOLA AND SUDAN

It's only fair to share...A number of African countries, including Angola and South Sudan, are fast becoming preferred exporters of crude oil to Asian countries, especially China. Before now, Nigeria was a dominant exporter of oil to this market. Weakness in global oil benchmark Brent has prompted China to buy more crude from Africa, and the country’s imports from Africa ...

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FG to Reduce Fuel imports as Warri, Kaduna Refineries Begin Production

It's only fair to share...The Federal Government said it would soon reduce its import of refined petroleum products as two of its key refineries in Warri and Kaduna are set to bridge the demand gap in local consump-tion. The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was the person who dropped the hint at a briefing ...

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CBN ADJUSTS RATE AS NAIRA FALLS TO 244

It's only fair to share...The Central Bank of Nigeria on Thursday adjusted its exchange rate peg to N197 against the United States’ dollar from the N196.95 it set last week, data on the bank’s website showed. This came on the heels of a further decline in naira to 243 against the dollar at the parallel market on Thursday. The persistent ...

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Boko Haram Attacks Hit PZ Global Profits

It's only fair to share...PZ Cussons says its global pre-tax profit fell by 30% in 2014 because of Boko Haram attacks in Nigeria, the devaluation of the naira and the Ebola outbreak in Africa. According to reports, Nigeria is the biggest market for Imperial Leather, which is made by the British company. Therefore, falling oil prices led to the devaluation ...

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Buhari’s Dissolution of Federal Boards Threatens Nigeria’s EITI Membership

It's only fair to share...Nigeria would be due for the compliant country re-validation process in January next year. And this recent dissolution of all federal boards including that of the Nigeria Extractive Industries Transparency Initiative (NEITI) has left the country’s fate hanging in the balance. According to reports, the global Extractive Industries Transparency Initiative (EITI) does not permit government interventions ...

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PRESIDENT BUHARI BORROWS $2.1 BILLION FROM WORLD BANK, PLANS UNDERWAY TO BORROW MORE TO FUND AMNESTY

It's only fair to share...The Federal Government has obtained a $2.1 billion credit from the World Bank to rebuild the North-East zone devastated by the jihadist group, Boko Haram. President Muhammadu Buhari announced this in Washington DC, United States, Wednesday. Mr. Buhari is currently in the U.S. on a four-day official visit where he has discussed bilateral issues with President ...

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Buhari blacklists 113 vessels from lifting Nigeria’s crude

It's only fair to share...President Muhammadu Buhari has authorised the Nigerian National Petroleum Corporation (NNPC) to blacklist 113 vessels from lifting crude oil from 27 designated terminals in Nigeria. In a memo sent to all terminal operators, the NNPC said the blacklisting order emanated from Buhari and urged compliance immediately. The memo signed by Engr. G.O. Komolafe, NNPC’s Group General ...

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SOUTH AFRICA RETURNS $15 MILLIONS TO NIGERIA

It's only fair to share...The South African government has reportedly returned $15 million to the Nigerian government. The South African border authorities had on September 5, 2014 seized $9.3 million meant for the procurement of arms for the Nigerian military, from two Nigerians and an Israeli who arrived the country in a private jet. PR Nigeria, the consulting firm issuing ...

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SUBSIDY DOES NOT BENEFIT THE SOUTH EAST, SOUTH SOUTH, NWUCHE TELLS BUHARI

It's only fair to share...Removing subsidy on petroleum products is the only way to tackle corruption. This view was expressed by Honourable Chibudom Nwuche, former Speaker of the House of Representatives who also urged President Buhari immediately put process in motion to effect the removal. Nwuche called for the removal insisting that continued subsidizing of petroleum products will benefit only ...

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