• PENGASSAN serves strike notice over labour issues

    Ife Ogunfuwa
    The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.
    The strike notice was served by the senior staff trade union after its Central Working Committee meeting in Abuja.
    According to a statement by the PENGASSAN National Public Relations Officer, Fortune Obi, on Sunday, the 21-day ultimatum to stakeholders in the oil and gas industry
  • Naira depreciates further to N360.30/$ in NAFEX

    By Peter EgwuatuThe naira, Thursday, depreciated marginally to N360. 30 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
    liquidityData 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 N360.30 per dollar, yesterday, from Wednesday’s closing rate which stood at N360.27  per dollar, thus, indicating a  three  kobo depreciat
  • Osinbajo leads Dangote, others to Alaghodaro Investment Summit

    The Vice President, Professor Yemi Osinbajo, is to lead industry titans including Africa’s richest man and President of the Dangote Group, Aliko Dangote, to the maiden edition of Alaghodaro Investment Summit, to be hosted by the Edo State Government, in Benin City, beginning on November 10.
    Vice President, Yemi Osinbajo with Alhaji Aliko DangoteThe three-day summit with the theme: “Envisioning the Future,” will explore opportunities for local and foreign direct investments in E
  • We are concerned with mobilising youthS for agriculture – Ogbeh

    The Minister of Agriculture and Rural Development Chief Audu Ogbeh on Thursday called for increased collaborations between Universities of Agriculture(UAs) and relevant agencies of the government as part of efforts to boost agriculture in Nigeria.
    Ogbeh made the call in Abeokuta while delivering a lecture organised as part of activities for the 23rd, 24th and 25th combined Convocation ceremonies of the Federal University of Agriculture, Abeokuta (FUNNAB)
    “The Universities of Agriculture sh
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  • Shell lifts force majeure on Bonny Light export

    By Prince OkaforSHELL Petroleum Development Company of Nigeria, SPDC, Thursday, lifted force majeure on Bonny Light exports, thus signalling the official export of the crude oil grade from Nigeria. The force majeure was placed to protect the company against any liability from importers in different parts of the world after the destruction of its Nembe Creek Trunk pipeline.
    Pipeline carrying Nigeria’s Bonny Light crude being fixedAiteo, an indigenous oil and gas company that handled the reh
  • Africa needs to double infrastructure investment – report

    Africa must double its spending on infrastructure over the coming years, the Infrastructure Consortium for Africa (ICA) said on Thursday, warning that overall investment in transport, energy, water and IT/communications fell back last year.President Buhari attends Lunch in honor of select African Heads of State hosted by President of United States Donald Trump at the sidelines of 72nd Session of the United Nations General Assembly in New York on 20th Sept 2017
    In 2016, total investment in these
  • OPEC chief welcomes rebalancing of oil market

    OPEC secretary general Mohammed Barkindo welcomed Thursday the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month.
    Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organization of the Petroleum Exporting Countries in early November.
    “There is no doubt that the market is rebalancing at an accelerating pace — and there is far more light at the
  • Avoid external loans, BudgIT warns states

    A budget-based organisation, BudgIT, has cautioned state governments to desist from accumulating debts, especially from external loaners.
    BudgIT’s Lead Presenter, Mr Oluseun Onigbinde, who raised this concern while presenting the group’s 2017 State of States report on Thursday in Abuja, said exchange rates made it difficult to service such loans.
    Onigbinde said that BudgIT aimed at making the Nigerian budget and public data more understandable and accessible across every literacy spa
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  • Reps probe N895bn FG payment to NBET, DISCOs

    From Kemi Yesufu, Abuja 
    The House of Representatives has mandated its Committee on Power to investigate the ₦701 billion payment assurance facility and the ₦194 billion interest payment approved by the federal government to ensure funding for gas supply and generation sub-sectors of the electricity industry. 
    The committee is to report back to the House within four weeks for further legislative action.
    The mandate of the House was sequel to the adoption of a
  • Balanced oil market in sight, says Barkindo

    OPEC Secretary-General Mohammad Barkindo said on Thursday there is no doubt that in the wake of efforts by global oil producers to curb production, the crude market is rebalancing, and doing so at an accelerating pace.
    “There is no doubt that this market is rebalancing at an accelerating pace,” Barkindo said in a speech at the Oil & Money conference in London.
    “Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling d
  • Nigeria enters league of steel exporters

    By Franklin Alli
    THERE is strong indication that after cement, Nigeria’s steel industry is the next sector to watch as African Industries Group, the largest steel manufacturer in the country, has started exporting the product to Morocco, Egypt and Ghana.
    Steel is made from iron ore, limestone and natural gas, and its usage cut across tools and machinery, energy, automotive, building industries.
    Raj Gupta, Chairman, African Industries Group, while speaking ahead of the unveiling of the comp
  • Credit availability rises in Q3’17 — CBN

    By Adaeze Okechukwu
    THE Central Bank of Nigeria, CBN, has disclosed that the availability of credit to the corporate and households sectors increased during the third quarter (Q3) of 2017, while projecting further increase in the last quarter of the year (Q4).
    Governor, Central Bank of Nigeria (CBN), Mr Godwin EmefieleThough the apex bank did not give figures on bank credits during the period in a survey report titled, “Credit Conditions Survey Report”, it said that the Q3‘17 c
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  • Over regulation of tobacco industry harmful to society — Expert

    By Osa Amadi
    Over regulation of tobacco industry will deprive manufacturers of their social responsibilities to society, such as funding cancer research in health institutions, smoking cessation programmes and others.
    This was disclosed, Tuesday, in Lagos by Dr. Damilola Olajide, health economist in the United Kingdom and Senior Fellow of Initiative for Public Policy Analysis, IPPA, during a breakfast policy dialogue entitled: Moving from Regulation to Policy Action: The Challenge.
    Olajide, maki
  • Emirates Airlines says Nigerian market exciting, adds new route

    By Jacob Ajom
    NEW Emirates Regional Manager, Afzal Parambil, has described Nigerian aviation market as exciting even as the airlines has opened new routes.
    Specifically, after a stormy operational regime, occasioned by the harsh economic realities in Nigeria, Emirates Airlines, which has operated for a decade in the country, has added another route, Guangzhou, China, to its schedule with a view to increasing its customer base in Nigeria.
    Speaking during a media chat, Parambil described the Niger
  • House probes TCN’s $1.5bn, $500m foreign loans

    John Ameh, Abuja
    The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria.
    This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank.
    The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken without applying due process of the law.
    The motion calling for the probe was moved by
  • We’re on the same page with FG on borrowing – W’Bank

    Everest Amaefule, AbujaThe World Bank says it is not in disagreement with the Federal Government on the need to borrow to finance infrastructure.
    In a letter to the Minister of Finance, Mrs. Kemi Adeosun, in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, said the bank had commended the Federal Government for efforts to rebalance the nation’s debt portfolio, according to a statement issued by the Special Adviser to the Minister on Media, Mr. Oluyink
  • Seven ex-Nigeria Airways workers die in one week

    Maureen Ihua-Maduenyi
    Former workers of the defunct Nigeria Airways on Wednesday said that about seven of their colleagues died in the last one week while awaiting their severance package from the Federal Government.
    They spoke with journalists in Lagos through the Chairman, Elders Forum of the defunct Nigeria Airways, Mr. Godwin Jibodu, adding that the pensioners died in abject poverty despite having served the nation well.
    He gave names of the deceased persons as Capt. Asuquo, Capt. Akintaju,
  • 1,200 rural homes benefit from BoI’s solar energy

    Okechukwu Nnodim, Abuja
    The Bank of Industry on Wednesday announced that it had provided electricity to about 1,200 rural households and businesses using solar energy.
    The BoI’s Managing Director, Olukayode Pitan, said the households and businesses were currently benefiting from its off-grid rural electrification project.
    He said the deployment of solar power solutions by the firm had boosted the operation of various small and medium businesses across the geo-polical zones of the country.
  • NAFDAC intercepts N50m fake insecticides

    Anna Okon
    The National Agency for Food and Drug Administration and Control said it had arrested Mr. Obumneme Okpala, a man suspected to be behind a syndicate specialising in the importation, distribution, warehousing and sale of counterfeit insecticides.
    According to the agency, the market value of goods recovered from Okpala is N50m, adding that the product was imported from China.
    The Acting Director-General, NAFDAC, Mr. Ademola Magbojuri, said that the suspect in 2015 had imported a 40-feet c
  • N30tn probe: Indicted banks, firms return N140bn

    Leke Baiyewu, Abuja
    The Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport on Wednesday claimed that it had recovered over N140bn from banks and companies following its probe into the alleged loss of N30tn in Nigeria’s import and export value chain.
    It said the recovered funds had been deposited with the Central Bank of Nigeria.
    This was contained in an interim report by the panel, which the Senate considered and adopted at its plenary on Wednesday.
    The probe follo
  • Intels: Reps ask NPA to reverse contract termination

    John Ameh and Ozioma Ubabukoh
    The House of Representatives on Wednesday asked the Attorney-General of the Federation/Minister of Justice, Mr. Abubakar Malami, and the Nigerian Ports Authority to reverse the termination of the logistics contract between Intels Nigeria Limited and the NPA.
    Maritime workers also said through their union that the cancellation of the Intels vessel pilotage service could lead to the loss of 11,000 jobs.
    Under the Boats Pilotage Monitoring and Supervision Agreement, In
  • Reps ask NPA to reverse termination of agreement with Intels

    The House of Representatives yesterday waded into the ongoing controversy between the Nigeria Ports Authority (NPA) and Intels Nigeria Limited. The House, while adopting a motion by Rep Diri Douye (PDP, Bayelsa), resolved to constitute an ad hoc panel to probe the circumstances that led to NPA’s decision to terminate an existing contract between it […]
    Reps ask NPA to reverse termination of agreement with Intels
  • SEC suspends Oando shares from stock market

    The Securities and Exchange Commission has ordered the Nigerian Stock Exchange to suspend trading on the shares of Oando Plc. The commission said in a circular yesterday it had carried out a comprehensive review of the petitions by Alhaji Dahiru Barau Mangal and Ansbury Incorporated and made the following findings amongst others; Breach of the […]
    SEC suspends Oando shares from stock market
  • APWB calls for stabilisation of economic recovery

    As Nigeria gradually coming out of recession, the Association of Professional Women Bankers (APWB) has called for stabilization of economic recovery efforts.
    The Association said that there is need to reposition and find ways to achieve restoration and stabilization for businesses. However, the association will Thursday, next week in Lagos assemble seasoned speakers and captains of industry to brainstorm on The Path to Economic Recovery and Restoration, the theme of this year’s e Forum/Ann
  • NB Plc enhances businesses through Goldberg’s initiative

    Nigerian Breweries Plc has enhanced businesses with grants in Osun and Ekiti States through Goldberg’s Isedowo empowerment initiative, which will also be extended to other Southwest states.
    Beneficiaries of Isedowo have affirmed that the scheme has indeed provided them huge relief from financial challenges hitherto faced in expanding their businesses.
     So far, 32 artisans and small scale business operators have been supported with N300,000 each by Isedowo in Osun and Ekiti States, whi
  • SEC suspends trading in Oando

    By Chinenye Anuforo
    The Securities and Exchange Commission (SEC) has ordered the Nigerian Stock Exchange (NSE) to halt trading in the shares of Oando Plc henceforth.
    A statement from the Commission  said it took the decision based on several complaints from shareholders against Oando Plc.
    SEC explained that it received petitions from one Alhaji Dahiru Barau Mangal and Ansbury Incorporated after which it then carried out a comprehensive review of the petitions  and made the following fi
  • NDIC wins special recognition at Banking Service Award

    The Nigeria Deposit Insurance Corporation (NDIC) has been conferred with the Special Recognition and Commendation Award for Excellence in Banking (Public Service) at the weekend in Lagos.
    In a letter of commendation to the corporation, the awards committee stated that the NDIC was adjudged as “an outstanding public service provider” with sterling performance which stood high above its peers in effective leadership and accomplishments.
    According to the organisers, the Awards  Com
  • FG to increase insured farmers to 3.8m

    From Uche Usim, Abuja
    The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has signed a partnership agreement with two reputable Moroccan agricultural insurance and re-insurance companies, Mutuelle Agricole Marocaine D’Assurances (MAMDA) and MAMDA Reassurance in its efforts to increase the number of insured farmers in Nigeria from 500,000 to 3.8 million. 
    The partnership is also designed to enable the exchange of ideas, enhance NIRSAL’s technical
  • …Directs NCDMB to achieve 100% offshore platform fabrication by 2027

    By Charles Nwaoguji
    The Minister of State for Petroleum Resources,  Ibe Kachikwu, has charged the Nigerian Content Development and Monitoring Board (NCDMB) to ensure that the Nigerian oil and gas industry is able to produce all its needs by  the year 2027.
    The Minister set the target in Owerri, Imo State at the just-concluded Nigerian Content Workshop,  organised by New Planets Projects in conjunction with the Senate Committee on Petroleum Resources Upstream.
    He said the Federal G
  • Labour sets condition for Industrial Council success

    …As governors earmark $88,000 for revival of Kaduna Textile
    By Bimbola Oyesola
    Organised Labour has urged the Federal Government to expand the membership of the National Industrial Council to include labour and state governors if the council would deliver on its mandate.
    This is even as the northern states’ governors have earmarked $88,000 for the revival of  Kaduna Textile Mill (KTL).
    Speaking at the opening of the 29th Annual National Education Conference of the National