• 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
  • Oil prices shoot up after New York City explosion

    By Sebastine Obasi, with Agency report
    Oil prices rose yesterday as an explosion in one of New York City’s busiest transit hubs and expectations that cold weather will increase demand for fuel helped lifted prices.
    OilU.S. crude futures recently rose 20 cents, or 0.35%, to $57.56 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 64 cents, or 1.01%, to $64.04 a barrel on ICE Futures Europe.
    Prices rose Monday morning after a Bangladesh man tried to set off an e
  • Underwriters shun Takaful Insurance

    By Rosemary Onuoha
    Underwriters in the insurance sector   have shunned   Takaful Insurance   product due to lack of confidence in the prospect for the business.
    Although the National Insurance Commission, NAICOM, gave out the operational guidelines since 2013, insurers are still skeptical about venturing in it as there is a prevailing fear that most Takaful Insurance buyers reside in the Northern part of the country.
    An operator who spoke to Vanguard on the conditio
  • SEC, OANDO in legal cross fire over suspension of shares

    By Abdulwahab Abdulah
    The Securities and Exchange Commission and Oando Plc yesterday engaged in legal cross fire at the Federal High Court in Lagos over the technical suspension imposed on the shares of the company on the floor of the Nigerian stock market
    Oando had earlier approached the court to challenge SEC’s suspension of its shares and an audit of its business activities by forensic experts hired by SEC.
    Before now Justice Rilwan Aikawa of the lower court had granted an interim injun
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  • Arms importation: Customs, agents trade blames over use of scanners at Apapa port

    By Godfrey Bivbere
    Amidst recent upsurge in the importation of arms and ammunition into the country the industry stakeholders are in tango over provision usage scanners at the nation’s seaports.
    While the Tin-can Island Command of the Nigeria Customs Service, NCS, claim that they scan between 30 and 50 containers daily depending on the ability of the terminal operator (APM Terminal) to position the boxes for them, the clearing agents on the other hand say that the scanners are not being us
  • NIPCO deepens gas usage with free accessories

    NIPCO Plc said it is ready to partner with the federal government to improve access to Liquefied Petroleum Gas [LPG] as cooking fuel to the generality of Nigerians at affordable rates.
    Managing Director , NIPCO ,Mr Sanjay Teotia, who  gave the assurance while presenting LPG accessories to public school administrators under the aegis of Apapa Local Education Authority  and some head teachers  in   Lagos said it  is one of the conscious ways of encouraging  the u
  • Why we left AGSME fund interest rate at 5% –CBN boss, Emefiele

    By Omodele Adigun
    JUST at the weekend, the Bankers’ Committee and the Central Bank of Nigeria (CBN) bowed to the plea of some state governors to cut the interest rate charged on the CBN’s intervention fund to 5 per cent.
    Addressing the media on Sunday, the CBN Governor, Godwin Emefiele, said it was meant primarily for small businesses. “What we agreed was  that out of the fund, at least 50 per cent would be set aside for direct SME disbursement,” he added.
    Excerpts:
  • CITN trains journalists on taxation reportage

     
    By Chinyere Anyanwu
    The need for the proper reporting of contemporary taxation issues and use of tax terminologies in the media took the front burner at the weekend in Lagos during the second edition of the Chartered Institute of Taxation of Nigeria (CITN) media workshop for tax/finance reporters and correspondents.The workshop with the theme, “Media Workshop on Basic Taxation Terminologies and Highlights of Contemporary Tax Issues & Tax Reporting: Media Perspective”, was
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  • Tips on how to save money

    No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around.Sometimes all it takes is that first step in the right direction to get things moving in your favour. But, as with most things, sometimes that very first step is the hardest part.
    That’s why we created this list of 100 ways to start saving money today. None of these tactics will be life-changing on their own, but they can make quite a difference over t
  • Crowdfunding: Why you need strong business plan first

    Crowdfunding is a thrilling prospect. Connecting potential entrepreneurs with millions of micro-investors, the platform has helped fund and launch countless new enterprises, and it’s given a realistic platform for countless bright, young business owners who would otherwise have nowhere to go.
    But crowdfunding isn’t a magic solution. It isn’t a money tree, nor can it be fully taken advantage of by any business that signs up for it. Like with pitching to angel investors or ventu
  • NB appoints Borrut Bel as managing director

    Nigerian Breweries, NB Plc, has announced the appointment of Mr. Jordi Borrut Bel as its Managing Director/Chief Executive Officer, even as it reorganises its management team. The appointment will take effect on January 22, 2018.
    Bel will succeed Mr. Johan Doyer who has served as Managing Director/Chief Executive Officer on an interim basis since June 16, 2017.
    The Board of Directors has informed the Nigerian Stock Exchange (NSE) of the appointment.
    Bel is currently the Managing Director of Hein
  • FG has released N1.2trn for capital vote –Adeosun

    The Minister of Finance, Mrs Kemi Adeosun, has disclosed that funds so far released by the Federal Government for capital projects in the current fiscal year now stand at N1.2 trillion.
    She said N750 billion was made available for capital project recently, in addition to N450 billion earlier released in the year.Speaking in her office in Abuja yesterday, when she received some French investors seeking fresh investments in the country, Adeosun said the Buhari administration remains determined to
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  • Why Gwarzo should remain suspended –Stakeholders

    Stories by Chinenye Anuforo and Chinwendu Obienyi
    recent calls in several quarters for the Federal Government to reinstate the suspended Director General, Securities and Exchange Commission (SEC), Mr. Mournir Gwarzo back to office, have drawn the ire of capital market stakeholders who gave reasons why the embattled DG should remain suspended.
    According to them, reinstating him to the office while investigation on him is still on would could be counter-productive since he might tamper with the re
  • Online banking: Fidelity Bank achieves 1m customers

    By Omodele Adigun
    The Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has announced that its online banking platform has achieved a new milestone of one million customers early this month.
    According to Okonkwo, who disclosed this at the end of the year party of the bank at the weekend, said  that nobody would have expected the feat when he assumed duty as the bank’s CEO in 2014.
    Apart from this, he said nobody ever expected it when the bank was rated the fourth in retail
  • ICAN urges FG to implement IPSAS in 2018 budget

    By Steve Agbota
    The Institute of Chartered Accountants of Nigeria (ICAN) has called on the Federal Government through President Muhammadu Buhari to make adequate provisions for the implementation of International Public Sector Accounting Standards (IPSAS) Accrual Basis in the 2018 budget.
    Speaking at ICAN’s Economic Discourse Series, with the theme: “2018 FGN Budget and Beyond,” held in Lagos, the Institute’s President, Isma’ila Muhammadu Zakari, said that ICAN cons
  • NB Plc appoints Bel, as MD/CEO

    …As Omo –Lamai, succeeds Famuyibo
    Nigerian Breweries Plc has announced the appointment of Mr. Jordi Borrut Bel as its Managing Director/CEO. The appointment takes effect from January 22, 2018. Mr. Borrut Bel will succeed Mr. Johan Doyer, who served as Managing Director/CEO on an interim basis since June 16, 2017. 
    Mr. Borrut Bel is currently the Managing Director of Heineken’s subsidiary in Burundi, Brarudi S.A. and a Board member of Bralirwa Limited, Rwanda, also a Heine
  • Intels seeks order stopping deportation of 102 expatriate staff

    From Godwin Tsa, Abuja
     
    Intels Nigeria Limited  has approached the Federal High Court Abuja, challenging the Federal Government’s  decision revoking the residence/work permits of 102 expatriates in its workforce.
    The company is seeking the court’s  permission to apply for judicial review of the decision which was taken by the Federal Government through the Comptroller General of Immigration Service (NIS), Mohammed Babandede.
    Intels is owned by former Vice Pr
  • Power remains at the heart of ease of doing business in Nigeria — LCCI

    By Naomi Uzor
    The Lagos Chamber of Commerce and Industry, LCCI, has said that provision of power remains at the heart of ease of doing business in Nigeria.
    Speaking at the 129th Annual General Meeting of the LCCI, the President of LCCI, Chief Nike Akande, called on the government to sustain the current reforms in such critical sectors as power, agriculture, solid minerals and oil and gas.
    “The Executive Orders signed in May this year should be fully enforced to improve the way the governme
  • Oando marketer hoards 34, 000ltrs of petrol

    … Threatens to sack DPR staff
    By Prince Okafor
    EVEN with Federal Government’s efforts to cushion the effect of petrol scarcity across the nation, Oando filling station at Jakande had refused to sell to customers, despite having about 34, 000 litres of fuel in the station.?
    OandoDuring an inspection of filling stations in Lagos, the Assistant Director, Retail Outlets Monitoring, Downstream Division, DPR, Mrs Ijeoma Otti-Onyeri, the leader of the team ordered Olawale Mojeed,
  • IPMAN blames depot owners, marketers for fuel crisis

    …Says scarcity ploy by marketers to dupe Nigerians
    By Michael Eboh
    THE Independent Petroleum Marketers Association of Nigeria, IPMAN, has blamed the current fuel crisis on hoarding of the commodity by some depot owners and petroleum products marketers.
    In a statement in Abuja, National Secretary of IPMAN, Mr. Danladi Pasali lamented that despite the availability of the product in the country, some depot owners take advantage of the high demand of the commodity during the festive period to
  • Electricity: Stakeholders make case for embedded generation

    IN line with the Federal Government’s effort to diversify sources of power, stakeholders in the industry have harped on the need to invest massively in embedded power generation.
    electricityThis came even as the Benin Distribution Company, BEDC, stated during the PwC Power Roundtable in Lagos that it  has already received about 1,600 megawatts, MW, offer from consumers within its network for embedded power.
    Embedded generation is the term used to describe the process of generating ele
  • 90% of gas cylinders in Nigeria are expired – FG

    By Ediri Ejoh
    DESPITE its huge population of 194 million people, only five per cent of Nigerians use gas for cooking. About 60 per cent use firewood, 30 per cent use kerosene, while five per cent use coal.
    These figures were given by Programme Manager, National LPG Expansion Implementation Plan (Office of the Vice-President), Dayo Adeshina, at the just concluded 7th Annual LPG conference and exhibition, held in Lagos.
    Adeshina, also disclosed that about 90 percent of the cooking gas are in expir
  • Why stranded gas is difficult to harness — GACN

    By Michael Eboh
    THE Gas Aggregation Company of Nigeria, GACN, has attributed the difficulty and unattractiveness of harnessing stranded gas in the country to the fact that the commodity is scattered in different isolated fields.
    Oil-pipelineSpeaking at Gas Aggregation Company of Nigeria’s, GACN, Gas Buyers’ Forum in Abuja, Managing Director of the GACN, Mr. Morgan Okwoche, stated that because the fields are isolated with small quantities of gas in each of the fields, harnessing them
  • Illiquidity mars market makers operations in capital market — Operators

    By Peter Egwuatu
    Operators in the capital market have identified liquidity constraints as a major factor that has hindered the operations of Market Makers after five years of its commencement on the Nigerian Stock Exchange, NSE.
    A Market Maker is any Dealing Member of the NSE who has, after being appointed to do so by the Exchange, undertaken to enhance the market liquidity of a particular security in accordance with NSE rules. The primary role of a Market Maker is to maintain a fair and orderly
  • Oil & Gas: Avoid cutting corners in safety —11 Plc warns

    By Ediri Ejoh & Oluchukwu Nkenta
    WORKERS in the oil and gas industry have been cautioned to strictly adhere to safety rules and guidelines and avoid cutting corners.
    Oil PipeGiving the caution at the annual Safety, Security, Health and Environment, SSHE week, at 11 Plc office in Lagos, Mr. Steve Ezendiokwere, the Manager SSHE of 11 PLC which was formally known as Mobil Oil Nigeria plc, stated that safety in the petroleum industry is very paramount and should not be traded for anything.
    His w
  • INTELS wins Nigerian Shippers’ Council CSR award

    Nigeria’s oil and gas logistics giant, Intels Nigeria Limited, has been conferred with the award of the “Most Outstanding Terminal Operator in Corporate Social Responsibility” by the Nigerian Shippers’ Council (NSC), a Federal Government agency under the Federal Ministry of Transportation.
    INTELSThe award, which was conferred on Intels during the NSC’s Stakeholders Appreciation Night held in Lagos recently, was in appreciation of the company’s effort at uplift
  • My ministry got N31bn of N192bn budget in 2017 – Amaechi

    Sesan Olufowobi and Leke Baiyewu
    The Federal Government said on Monday that it had implemented 16.55 per cent of the capital component of the 2017 budget of Ministry of Transportation.
    The Minister of Transportation, Mr. Rotimi Amaechi, said this when he appeared before the Senate Committee on Land Transport to defend the 2018 budget proposal of his ministry.
    The Chairman of the committee, Senator Gbenga Ashafa, urged the ministry to ensure the delivery of standard gauge rail lines and other vit
  • BPP to bar contractors not captured on database

    Everest Amaefule, Abuja
    The Bureau of Public Procurement has said that it will soon exclude contractors not captured in its database from the patronage of the Federal Government and its agencies.
    The Director-General of the BPP, Mr. Mamman Ahmadu, who said this in an interview with journalists at a ceremony to commemorate the 2017 International Anti-Corruption Day in Abuja on Monday, also disclosed that that the bureau had already captured 50,000 contractors in its database.
    Ahmadu, who was repr
  • Egina project sets new local content records

    …To be completed within initial budget
    By Sebastine Obasi
    THE local content initiative of the federal government appears to be yielding positive results as the Floating, Production, Storage and Offloading unit (FPSO) of Egina, a 330-meter long vessel designed to process oil and gas from the Egina field, is expected to berth at the quayside in Nigeria for integration of locally fabricated modules. This is a first for Nigeria.
    Total’s Egina FPSOEgina is the largest investment project
  • Nigeria to train 289 seamen in UK, Egypt

    Anna Okon
    A total of 289 Nigerian cadets and graduates of the Nigerian Seafarers Development Programme are due to resume sea time training aboard ocean- going vessels in the United Kingdom and Egypt.
    The Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, said this on the sidelines of  the G-7++  Group of Friends of  the Gulf of Guinea meeting, which took place in Lagos on Monday.
    According to him, NIMASA has sent over 2,500 persons to diffe