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No economic sense in laying sub-sea pipelines at a cost of $5 Billion – Governor Udom

Southsouth and Southeast Governors’ Forum Interim Chairman and Akwa Ibom State Governor Udom Emmanuel has said refineries and petrochemical industries should be built where oil is explored.   “It doesn’t make economic sense to lay sub-sea pipelines from the location where oil is explored to other parts of the nation at a cost of five billion dollars (about two trillion ...

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EFCC: N40 billion diverted by major oil marketers and NNPC

N328.9 billion recovered from Oando, 7 other major oil marketers The Economic and Financial Crimes Commission, EFCC, says it has recovered a total of N328.9 billion from nine major oil marketers in one year.   The spokesperson of the commission, Wilson Uwujaren, disclosed this in a statement on Wednesday in Abuja.   Mr. Uwujaren identified the marketers as NNPC Retails, ...

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$1.2 billion loan crisis compels Etisalat to change its brand name to 9Mobile [READ]

Ninety-six hours after a three-week deadline was given to drop its brand name by Etisalat International, Etisalat Nigeria, Thursday, picked up the gauntlet, announcing it will now trade under the brand name, 9Mobile. The decision to use 9Mobile as the new brand name was taken at the end of a meeting of the telco’s management in Lagos yesterday. The network ...

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Dangote to invest $4.6 Billion in agriculture for the next 3 years

Dangote Group is planning to invest a total sum of $4.6 billion in farming in Nigeria – $3.8 billion in sugar and rice and $800 million in dairy production, over the next three years as the company seeks to expand its operations in the country.   Edwin Devakumar, Executive Director at Dangote’s Industries Unit, in an interview with Bloomberg, said ...

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Shadow Economy: How Nigeria plans to eliminate untaxed businesses by 2025

Nigeria is on course to reduce the size of its shadow economy by 2025, according to a new study by the Association of Chartered Certified Accountants (ACCA).   A shadow economy is best described as the production of and trade in legal goods and services that are deliberately and often illegally concealed from public authorities, for example, black market transactions ...

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Google fined €2.4 billion for abusing its search engine power to promote shopping results [LOOK]

Google was just served its biggest fine yet by Europe’s competition watchdog — a massive €2.4 billion (£2.1 billion) for “illegally” promoting its Google Shopping results above similar comparison results from rivals.   Google must change its behaviour within 90 days, or fork out up to 5% of its parent company Alphabet’s global daily turnover.   The European Commission has ...

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Undeclared export of $15 billion worth of crude oil amounts to $616.9 million unpaid tax in 2011 and 2014 – Investigation

The House of Representatives insisted on Monday that crude oil worth $15bn was missing in the report of the Nigerian National Petroleum Corporation for its 2011 to 2014 transactions.   An ad hoc committee of the House is investigating the alleged theft of $17bn crude oil and gas resources from the country within the period.   The committee is chaired ...

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Nigeria’s total debt hits N19.16 trillion with a domestic borrowing record at 40.71 per cent

Nigeria’s total debts -foreign and local – have risen to N19.16 trillion. According to Debt Management Office, DMO, the nation’s indebtedness to creditors – local and foreign – rose from the N17.36 trillion recorded at the end of December 2016, representing an increase of N1.8 trillion. The DMO said that at the end of March 2015, the country’s total debt ...

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Bitcoin value hits $2,000 at more than 65% value growth in a month

The value of Bitcoin has hit a new high with each individual coin now worth more than $2,100 (£1,615). The valuation caps a strong month for the virtual currency, with its value growing by more than 65% in a month. The steady rise in value is believed to be linked to policy changes in Japan and China that have made ...

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Senate stops concession of Port Harcourt refinery to Agip and Oando

The Senate has asked the Ministry of Petroleum Resources to halt its effort to concession the Port Harcourt refinery to Agip and Oando. The handover was to allow for the repairs and the operation of the facility. The Senate said on Tuesday the process should be suspended pending amid concerns over the transparency of the process. The Minister of Petroleum, ...

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