By Foster Obi All debts owed the Nigerian Ports Authority (NPA) by the Nigerian National Petroleum Corporation (NNPC) between 2017 to date, amounting to about 2.1 Billion Naira for services rendered to the Corporation are to be settled this week. This is coming just as the NPA has assured that henceforth the NNPC would not […]
Business
Nigeria Legislature seeks jail term or $5,500 fine for codeine sellers
Nigerian lawmakers have unanimously backed a bill which would see organisations who continue to sell products with codeine or tramadol fined up to 2m naira ($5,500; £4,100) or jailed for two years. The bill also proposes fining individuals 500,000 naira or two years jail time, according to local media. It comes as the country cracks […]
Google earmarks $2m for project in Nigeria
Google on Wednesday launched the Google Impact Challenge (GIC) Nigeria 2018 aimed at empowering the citizens to drive community impact. The Google Country Marketing Manager, Affiong Osuchukwu, said at the unveiling in Lagos that Google would commit two million dollars into the project in form of grants to non-profits using technology to reach their goals. […]
Oil prices slip on potential easing of OPEC supply curbs
Oil prices eased on Wednesday as the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs. Brent futures fell 37 cents, or nearly 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit […]
Nigeria’s Trans Forcados crude oil pipeline ramping back -sources
Flows of crude oil along Nigeria’s Trans Forcados pipeline have started to ramp up again after an outage of almost a week, several trading sources said on Wednesday. The pipeline, which usually carries around 200,000 to 240,000 barrels of oil per day, was closed to repair a leak a week ago. Royal Dutch Shell, which […]
West Africa Crude-Nigerian market struggles with unsold cargoes
Nigerian grades continued to struggle on Tuesday, weighed down by a surplus of unsold June-loading cargoes as the July programmes emerged, while Angola’s Sonangol was said to have almost sold out of crude for next month. NIGERIA: * Some 20 cargoes remain from the June loading programme,out of a total of 60 and down from […]
Shell’s oil spill dispute with Nigeria’s Bodo villagers back in UK court
Lawyers for the Bodo community in Nigeria’s oil-producing Niger Delta, which was devastated by two major oil spills a decade ago, went to court in London on Tuesday to fend off what they said was an attempt by Shell to kill off their litigation. The Bodo oil spills have been the subject of years of […]
Supply-side triple shock sends oil prices higher
Forecasts of lower U.S. crude oil inventories, on top of fears of a lack of supply from Iran and Venezuela, pushed oil prices higher in early Tuesday trading. Crude oil prices rallied early Monday after U.S. Secretary of State Mike Pompeo vowed to tighten the sanctions noose on Iran. Pompeo’s address, the first since he […]
With Nigeria’s central bank holding rates, doubts arise over cuts
Nigeria’s central bank kept its main interest rate at 14 percent on Tuesday, prompting some economists to question whether rate cuts will ever materialise in the wake of slowing inflation rates. “The objective of the policy stance will be to accelerate the reduction in the rate of inflation to single digits, promote economic stability, boost […]
AfDB to invest $35bn for Africa’s industrialisation
Dr Akinwumi Adesina, President of the African Development Bank (AfDB) says the bank will invest 35 billion dollars in the next 10 years to support industrialisation in Africa. Adesina disclosed this on Monday at a breakfast meeting for newsmen at the bank’s Annual Meeting in Busan, South Korea. He urged African countries to add value […]