• Respite, as OPEC ratifies Nigeria’s continued exemption from oil output cut

    By Michael EbohThe Organisation of the Petroleum Exporting Countries, OPEC, yesterday, ratified Nigeria’s continued exemption from crude oil production cap.
    Ibe KachikwuThe Ministry of Petroleum Resources, in a statement signed by its Director of Press, Mr. Idang Alibi, said the meeting of the Joint Ministerial Monitoring Committee of OPEC and Non-OPEC countries, which ended in Vienna, endorsed Nigeria’s position that the exemption granted it at the November 2016 Ministerial Conferen
  • FG, WAPP construct power line to Benin Republic

    Okechukwu Nnodim, Abuja
    The Federal Government and the West African Power Pool have commenced the process for the construction of a second 330 kilovolt transmission line that will further boost electricity supply to the Republic of Benin.
    Nigeria supplies electricity to the Community Electric du Benin, the power firm of the Republic of Benin, and the neighbouring country is owing Nigeria several billions of naira as electricity debt.
    The new 330KV transmission line being constructed by the Feder
  • Rainoil boss wants deregulation to increase fuel quality

    ’Femi Asu with agency report
    The Managing Director, Rainoil Limited, Mr. Gabriel Ogbechie, has said the Federal Government should deregulate fuel prices to enable it to increase quality without shouldering the cost.
    Ogbechie was quoted by Reuters to have said at the Platts refining conference in Brussels that the nation’s efforts to cut sulphur levels in its fuel imports were unlikely to succeed this year.
    The Federal Government has postponed its target to slash allowed sulphur on fu
  • OPEC endorses Nigeria’s oil production cut exemption request

    Okechukwu Nnodim, Abuja
    The meeting of the Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting Countries and non-OPEC members ended in Vienna on Friday with an endorsement of Nigeria’s position that the exemption granted it at the November 2016 ministerial conference and extended in May this year should be sustained until it stabilised its crude oil production.
    Nigeria had argued that although its production recovery efforts had made some appreciable progress
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  • N’Assembly wants local content policy in construction sector

    Anna Okon
    Lawmakers are pushing for the local content policy currently existing in the oil and gas sector to be extended to the building and construction industry.
    This, they said, would not only generate employment opportunities for Nigerians, but would also save the country huge foreign exchange being spent on goods and services already available in the country.
    The Chairperson, House of Representatives Committee on the Nigerian Building and Road Research Institute, Beni Lar, said that her com
  • Airport concession: Aviation unions threaten to down tools

    Maureen Ihua-Maduenyi
    Aviation unions in the country have threatened to down tools following the Federal Government’s decision to give all international airports in the country as concession to private operators.
    The Federal Government had said this week that the planned concession of major airports across the country would go ahead as planned despite protests by aviation unions, including the National Union of Air Transport Employees, National Union of Pensioners and Air Transport Service
  • ‘Govt can fight corruption with proper corporate governance’

    Maureen Ihua–Maduenyi
    The Society for Corporate Governance Nigeria has recommended adherence to corporate governance as one of the means to curb corruption in the country.
    The Director of the society, Prof. Fabian Ajogwu, who stated this on Friday ahead of a conference expected to hold on Wednesday in Lagos, explained that corporate governance would ensure accountability.
    According to him, corporate governance aids the growth of businesses and protects the interests of stakeholders.
    He sai
  • The Entrepreneur Mind-set – A mentoring session with Ibukun Awosika

    For the average undergraduate, getting a well-paying 9 to 5 job after graduation is the dream. However, this is one dream that is fast eluding a number of graduates today given the prevailing socio-economic conditions in the country. Working for someone else can be a great idea, however nothing beats working for and chasing your […]
    The Entrepreneur Mind-set – A mentoring session with Ibukun Awosika
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  • Firm unveils smartphone that makes it impossible for security agents to track calls

    For those who fear that someone may be eavesdropping on their phone conversations, leading IT entrepreneur Natalya Kaspersky says she has a solution.
    At a business forum in Moscow on Friday, she presented the “TaigaPhone,” a brand new smartphone created by InfoWatch Group, her software development company, costing around $260.
    The TaigaPhone is entirely green to represent the Russian northern forest after which it is named and has a five-inch touch screen.
    “We have created it f
  • Aiteo declares force majeure on NCTL over oil leak

    Lagos – Aiteo Eastern Exploration and Production Company on Friday said that it had shut the Nembe Creek Trunk Line (NCTL) for emergency repairs following the detection of oil leakage.Aiteo workers
    Mr Ndiana-Abasi Matthew, thecompany’s Senior Manager, Corporate Communications, made this known in a statement issued in Lagos,sayingthat the shut down was done on September 15
    According to him, “our Emergency Pipeline and Response teams are on site.”
    “Joint Investigation
  • Russia keen on more OPEC cooperation

    Russia’s energy minister said Friday that he was in favour of continuing cooperation with the OPEC oil cartel as their joint accord to cap output bears fruit in boosting the price of crude.OPEC
    However Alexander Novak said that it was too early to discuss extending or altering the landmark 2016 deal by 24 countries — including Russia and members of OPEC — that expires on March 31.
    “We should keep the pace and definitely moreover follow through on the concerted action,&rdq
  • By year’s end, we’ll have DNA fingerprints of crude oil to track criminals –Onu

    Simon Utebor, Yenagoa
    The Federal Government has promised that by the end of this year, it will start conducting deoxyribonucleic acid finger-printing of the country’s crude oil in order to identify theft and apprehend criminals.
    The Minister for Science and Technology, Dr. Ogbonnaya Onu, made this known during the inauguration of an ultra-modern Bio-Resources Laboratory and Feeding Mill Complex in Odi, Kolokuma/Opokuma Local Government Area of Bayelsa State.
    Onu assured Nigerians that wit
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  • Economy staved of N534bn power sector inefficiency in 2016- Avuru

    ..says GENCOs indebtedness to banks average N356bn
    … Experts identify weak regulation,  others threats to economy Devt
    By Ediri EjohMORE turbulence may continue to linger in the country’s economy, as it losses over N534 billion revenue a year to the inefficiency of the power sector, Managing Director, Seplat Petroleum Development Company, Dr. Austin Avuru, said yesterday.This was even as he identified a huge deficit of about N356bn incurred from debts owed banks by the Generati
  • Naira depreciates further to N360.33/$ in NAFEX

    The naira, yesterday, depreciated further to N360.33 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.Data from the Financial Market Dealers Quote, FMDQ showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX declined to N360.33 per dollar, yesterday, from N360.25 per dollar on Wednesday. Hence the naira has depreciated marginally by 8 kobo per dollar.
    Meanwhile, in the parallel market, the naira, yes
  • Caught in the status trap

    Author of Practical Steps to Financial Independence and personal finance coach, USIERE UKO, writes about raising your standard of living beyond your ability to sustain with your passive income.
    Anytime your earned income goes up, you have two options – raise your standard of living or increase your savings and investment. You can also do a bit of both. The challenge with raising your standard of living beyond what you can sustain with your passive income is that when your earned income com
  • How to live solely on unemployment benefits

    Paying for your expenses was likely a struggle before you got laid off or fired. Now that you are out of a job, affording even the bare necessities is something you are not sure you can do. It is the uncertainty of not having a regular income that is the most stressful for those who become unemployed.
    Though you may be eligible to receive unemployment benefits, the fact that it may not be as much as you once made might scare you into believing living on unemployment is impossible. In fact, it&rs
  • Nigeria’s real estate set for global investment standard

    By Naomi UzorTHE quest for diversification of the Nigerian economy and attraction of foreign investment is set for a boost with promoters of ‘The Oceanna’ unveiling investment options for part-ownership.
    A real estate development… FM experts charged to sustain the growth of such investmentsAdeyinka Adesope, the Group Managing Director, Palton Morgan Holdings, revealed that the hotel segment of the iconic project is open to part-ownership with flexible payment options, secure a
  • FG considers tax credit for export expansion, infrastructure financing

    The Federal Government has hinted that it is considering tax credit as a way of driving a revised model  for export expansion as well attract investment in infrastructure. The Minister of Budget and National,  Senator Udoma Udo Udoma, disclosed this at the media briefing in Lagos,  ahead of the 23th Nigeria Economic Summit in Abuja, […]
    FG considers tax credit for export expansion, infrastructure financing
  • DMO extends N100bn Sukuk offer by 2 days

    The offer for subscription of the Federal government N100 billion Sukuk which ended today, September 20th, has been extended by 2 more days, according to a circular from the Debt Management Office (DMO) today. DMO said apart from serving as alternative source of funding for the Government, the Sukuk will also serve to diversify the investor […]
    DMO extends N100bn Sukuk offer by 2 days
  • Power generating firms owe banks N356bn

    Okechukwu Nnodim, Abuja
    Electricity generation companies currently owe Deposit Money Banks a total of N356bn, while the power sector lost over N500bn revenue in 2016 alone.
    Also, 50 per cent of the total quantum of electricity being generated across the country is lost as a result of poor distribution network in the system, and power consumers owe operators in the sector about N500bn.
    The power generation companies operating in the country have an installed capacity of 12,000 megawatts but gener
  • Getting your digital banking right

    Oyetunji Abioye
    Personalbanking@punchng.com
    Almost everyone now is big fan of digital banking. Banking digitally is a positive change from the way banking and banking transactions were carried out in the past.
    Most bank customers like the way it has changed their life for the better.
    They like the way it has given them new freedom to do their banking when they want to, where they want to, and to a large, degree how they want to.
    There is something empowering in being able to attend to virtually
  • Verify debts owed Discos, Fashola tells state govts

    ’Femi Asu
    The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has urged state governments to set up small teams with audit capacities to verify debts allegedly owed by them and their local governments, and develop a payment plan that can be budgeted for.
    Fashola, who gave the advice on Thursday in Jos, Plateau State, at a meeting of the National Council on Power, said this would help to reduce the liquidity issues and contribute to the reforms in the power sector.
    He said out
  • Venture capital needed to grow entrepreneurship –Experts

    Anna Okon
    Experts and stakeholders have proposed the deployment of venture capital funding to groom more entrepreneurs in Nigeria.
    Venture capital is financing that investors provide to start-up companies and small businesses that are believed to have long-term growth potential. Venture capital generally comes from well-off investors, investment banks and other financial institutions.A former President of Tanzania, William Mkapa, while delivering a presentation at the 2017 Annual General Meeting
  • Union Bank unveils 14 upgraded branches

    Union Bank of Nigeria Plc says it has unveiled 14 newly upgraded branches across the country.
    The upgraded branches, which are spread across seven states of the nation including Enugu, Oyo, Kaduna, Kogi, Delta, Benue, Lagos and Abuja, were unveiled at ceremonies attended by the bank’s customers, stakeholders and local community leaders.
    The recent development was greeted with excitement from customers of the bank who expressed satisfaction with its ongoing transformation into simpler and s
  • Stakeholders seek to promote Nigeria’s image through brand conference

    Anna Okon
    A better way of positioning Nigeria for global perception will form part of the deliberations during the 2017 national brand conference organised by Brandzone in collaboration with Prof. Pat Utomi’s Centre for Values in Leadership.
    The two-day conference with the theme, ‘Branding: A Catalyst for Development and Growth’ is scheduled to hold in Lagos in the second week of October.
    The conference was designed to create a distinct image that would position the nation posi
  • SON awards Aquadana ISO certification

    Food and beverage company, Ashmina Limited, manufacturer of Aquadana bottled water, has said that it has been presented with the NIS ISO 9001:2015 certificate by the Standards Organisation of Nigeria in recognition of its quality management standards.
    According to the firm, it is the first food and beverage company to get certified with the highest level of the quality management system, adding that the Nigerian Industrial Standards certificate is usually presented to companies that have continu
  • Senate, W’Bank seek end to states’ mismanagement of loans

    Leke Baiyewu, Abuja
    Leadership of the Senate on Thursday met with officials of the World Bank on how to ensure proper utilisation of loans obtained by state government from the global lender.
    The Majority Leader of the Senate, Senator Ahmad Lawan, after emerging from the closed-door meeting, told journalists that the World Bank was interested in the judicious use of loans granted by it to the states.
    Lawan was accompanied by the Chairman, Senate Committee on Local and Foreign Debts, Senator Sheh
  • Naira to take cue from MPC decision next Tuesday

    Oyetunji Abioye
    The naira is expected to trade little change against the United States dollar next week as investors await the Central Bank of Nigeria’s Monetary Policy Committee decision on interest rate on Tuesday.
    After its two-day bi-monthly meeting held on Monday and Tuesday, the CBN Governor, Mr. Godwin Emefiele, said the committee would announce its policy decisions on September 26.
    Although Bloomberg survey showed that the policymakers would leave all the key monetary policy instru
  • NAICOM suspends licence issuance, preaches consolidation

    Nike Popoola
    The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the National Insurance Commission has refused to issue new operational licences to insurance firms because it is better for the industry to embrace consolidation than to start new companies.
    Kari spoke during the Annual Insurance Professional Forum of the Chartered Insurance Institute of Nigeria with the theme: ‘Solvency, stability and growth-exploring possibilities’, in Abeokuta, Ogun State on Thursday.
  • NAFDAC nabs local firm with fake registration certificate

    Anna Okon
    The National Agency for Food and Drug Administration and Control said it arrested a local manufacturing firm operating with a fake version of its registration documents.
    The Acting Director General, NAFDAC, Mrs. Yetunde Oni, announced this on Thursday in Lagos while briefing journalists about the enforcement activities of the agency in the last one week.
    She said that an intelligence report by the agency’s Pharmacovigilance and Post Marketing Surveillance Directorate had uncovere
  • Keystone Bank launches new service number for customers

    Keystone Bank Limited has introduced a new number for customer support.
    The lender said in a statement on Thursday that the new service number, which was launched earlier this month, was in line with its goal to provide quality service to all its customers.
    According to the lender, the number, tagged SMART number, eliminates the need for customers to remember multiple numbers while removing the uncertainty as to which of the lines are actively engaged.
    Speaking on the development, the Group Mana
  • Honeywell donates relief materials to Benue flood victims

    Anna Okon
    Honeywell Flour Mills Plc has donated products and other relief materials to flood victims in Benue State.
    The Managing Director, Honeywell Plc, Mr. Lanre Jaiyeola, said that the gesture was in line with the company’s corporate social responsibility philosophy.
    Jaiyeola, who was represented by the company’s North-Central Zonal Sales Manager, Mr. Fredrick Nwanti, was quoted in a statement as saying that Honeywell would continue to extend its CSR to communities in need and su
  • Google to buy part of HTC’s smartphone operations

    Google has announced a deal to acquire part of Taiwanese firm HTC Corp’s smartphone operations for about $1bn.
    According to The Guardian, the deal will not involve the purchase of a direct stake and HTC will continue to run its remaining Smartphone business.
    Google has sought to beef up its hardware capability with deals and product launches, and last year hired Rick Osterloh, a former Motorola executive, to run its hardware division.
    “For Google, this agreement further reinforces it
  • First Bank customer wins Western Union grand prize

    First Bank of Nigeria Limited has announced that its customer has won the grand prize of the just concluded Western Union Mega Promo.
    The promo took place between July 24 and August 31, 2017, the lender said in a statement on Thursday.
    The customer, Gabriel Osikoya, was presented with one of the brand new Hyundai cars offered as grand prize by Western Union on Friday.
    The lender said the second phase of the promo commenced on Monday.
    The promo is for customers who send money from Nigeria to over
  • Firms complain of naira shortage to buy dollars

    Oyetunji Abioye with agency report
    A Central Bank of Nigeria requirement that companies back forward dollar purchases with naira is drying up supplies of the local currency.
    The development has helped to underpin a 2.1 per cent gain since the naira fell to a record low against the greenback on August 9.
    Also, an increase in the Federal Government’s borrowing is spurring commercial banks to invest in sovereign debts rather than lending to businesses or consumers, a situation that has also b
  • Dangote Cement drags market into N6bn loss

    Stanley Opara
    The Nigerian Stock Exchange market capitalisation declined by N6bn on Thursday following a major decline in the performance of Dangote Cement Plc stocks.
     The NSE capitalisation fell to N12.130tn from N12.136tn as the All-Share Index closed at 35,188.97 basis points from 35,207.89 basis points.
    A total of 429.224 million shares valued at N8.68bn exchanged hands in 3,271 deals.
    The Nigerian equities market closed negative, after shedding 0.05 per cent, thereby settling the year
  • Buhari urges N’Assembly to expedite action on Audit Bill

    Ifeanyi Onuba, Abuja
    President Muhammadu Buhari has called on the National Assembly to speedily pass the Audit Bill into law to enhance transparency and accountability across all the Ministries, Departments and Agencies of the Federal Government.
    He made the called in Abuja on Thursday during the launch of the 2017-2022 strategic development plan of the Office of the Auditor-General for the Federation.
    Buhari, who was represented at the event by the Minister of Finance, Mrs. Kemi Adeosun, said i
  • BoI loan disbursements to Kaduna MSMEs hit N47bn

    Ifeanyi Onuba, Abuja
    the Bank of Industry has disbursed loans in excess of N47bn to support the Micro, Small and Medium-scale Enterprises in Kaduna State.
    The Managing Director of the bank, Mr. Olukayode Pitan, said this on Tuesday at a meeting with the Kaduna State Governor, Mallam Nasir el-Rufai.
    He added that the loan facility had enabled the bank to create over 84,500 direct and indirect jobs.
    He said the funds spanned across various sectors of the state’s economy such as agro-business
  • ‘70% of frozen chicken consumed in Nigeria is smuggled’

    Anna Okon
    The Data Analyst and Farmer Satisfaction Representative, Amo Group of Companies, Mr. Alaba Yunusa, has said that 70 per cent of the chicken consumed in Nigeria is imported.
    He made the statement while guiding journalists round some facilities belonging to Amo Byng, Amo Farm Sieberer Hatchery Limited and natnudO Foods in Oyo State.
    Yunusa pointed out that there was a huge market for chicken production and supply in the country with smuggled chicken taking a huge deficit of 70 per cent w
  • StarTimes to assemble decoders/TV in Nigeria

    Anna Okon
    Digital terrestrial television and satellite television service provider, StarTimes, is set to commence local assembling of decoders and television sets.
    The firm disclosed this on Thursday when its management team paid a courtesy call on the Punch Place.
    The Chief Executive Officer, StarTimes, Justin Zhang, said that the firm would assemble locally, smart two-in-one television sets that would come with inbuilt decoders from October.
    The Acting Brand and Marketing Manager, StarTimes, Q
  • NSE set for AGM as Aig-Imokhuede’s tenure ends

    Stanley Opara
    There are strong indications that the Nigerian Stock Exchange’s upcoming 56th Annual General Meeting will be a pivotal meeting given that its current President of Council, Mr. Aigboje Aig-Imokhuede, will be rounding off his tenure.
    In the published notice of the AGM, the bourse listed under special business to elect nine members into the National Council. From this list, it is expected that the Exchange would be electing for the first time two female council members – M
  • LASG seeks policies to grow mining, other sectors

    Anna Okon
    The Lagos State Government has emphasised the need to develop policies that will further encourage the growth of non-oil sector.
    The Lagos State Governor, Mr. Akinwumi Ambode, stated this at a recent stakeholders’ forum.
    He noted that Nigeria’s exit from recession should encourage policies that would ensure steady and sustainable growth.
    The governor, who spoke through the Lagos State Commissioner for Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye, said, “Th
  • FMDQ okays Wema Bank’s N50bn CP

    Stanley Opara
    The FMDQ OTC Securities Exchange has welcomed the N50bn commercial paper programme registration of Wema Bank Plc to its platform.
    The CP programme registration strategically positions Wema Bank to quickly raise short-term finance from the debt market at a time in the future it determines suitable, through the CP issues, within the CP programme limit.
    FMDQ said it had continued to maintain its support for the development of the Nigerian debt capital markets by steadfastly availing i
  • Firm unveils made-in-Nigeria road marking paint

    Anna Okon
    A Nigerian company, 7T Microns Powder Limited, has recorded a breakthrough with the production of made-in-Nigeria thermoplastic road marking paint.
    The company’s Managing Director, Manny Igbenoba, stated at a media briefing on Wednesday that his company commenced a research into the project of thermoplastic materials with emphasis on road marking paints in 2014 and eventually concluded it in 2016.
    He said, “The first products of the thermoplastic materials were produced and
  • FG sets up committee on airport charges, others

    Ifeanyi Onuba, Abuja
    The Federal Government on Thursday inaugurated an 11-man committee to address the regulatory issues raised by the Airlines Operators of Nigeria.
    The Minister of State for Aviation, Hadi Sirika, inaugurated the committee in Abuja.
    He said the committee headed by him, with membership from aviation agencies, had three mandates.
    According to him, the committee is set up to address the payment of multiple charges by operators, state of infrastructure at the airports and also look
  • Ecobank unveils Xpress Cash

    Ecobank Transnational Incorporated Plc has unveiled Xpress Cash service to address the needs of the unbanked and the general populace.
    The lender said it was aiming to transform a mobile phone into an all-in-one bank account and payment/cash withdrawal tool.
    The Xpress Cash functionality, it said in a statement on Thursday, had been introduced as part of its upgraded mobile banking app.
     It explained, “Xpress Cash allows customers to withdraw cash from any Ecobank ATM using e-Tokens g
  • Cocoa farm is your oil well, Ayade tells youths

    Anna Okon
    The Cross River State Governor, Prof. Ben Ayade, has promised to turn young people in the state into green millionaires through the revolutionary cocoa policy of his administration.
    The governor made the pledge in Ikom while inspecting the construction of a 30,000 metric tonnes ultra-modern cocoa processing plant being undertaken by his government.
    Ayade who was accompanied by his deputy, Prof. Ivara Esu, the Executive Director of Nigerian Export-Import Bank, Stella Okotete, and key st
  • Best Western Hotel faults AMCON’s takeover bid

    Maureen Ihua-Maduenyi
    Suru Worldwide Ventures Limited, operators of Best Western Hotel in Ikeja, Lagos, has said that the Asset Management Corporation of Nigeria has no court order to take over its assets.
    The Group Managing Director, Suru Worldwide Ventures, Edward Akinlade, told journalists on Thursday that AMCON’s attempt to seal off the facility over alleged N24bn indebtedness was illegal as the case was still before a court and expected to be heard on October 3.
    Akinlade also alleged
  • Zenera Consulting marks anniversary with branding campaign

    Anna Okon
    Zenera Consulting has launched a new service line tagged ‘Ethica360R’ to mark the fourth anniversary of its operation in Nigeria’s brand management industry.
    The firm said that Ethica360R was a collaborative service line being driven by Zenera Consulting and CSR-in-Action that underscored the role of sustainability in branding.
    “It is a unique addition to Zenera’s service mix targeted at high-value brands seeking alignment with ethical business and corpora
  • Royal Exchange promises dividend this year, reports profit

    Stanley Opara
    Royal Exchange Plc says all things being equal, it will be declaring dividend to its shareholders this year.
    The insurer assured stakeholders that it was overhauling its structure to put the company on a geometric growth pedestal, adding that the intended result would be a huge improvement from its part stance.
    This assurance was given by the company’s Chairman, Mr. Kenny Odogwu, at Royal Exchange Facts Behind the Figure ceremony held at the Nigerian Stock Exchange in Lagos o