OPEC and its partners delivered 109 percent of pledged oil supply curbs in July, OPEC said in a statement on Thursday, confirming figures reported on Monday by Reuters. The OPEC and non-OPEC JMMC committee expressed its satisfaction with recent oil market fundamentals showing a good balance between supply and demand, considering seasonal factors, the statement […]
MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors. The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were […]
The Nigerian Ambassador to Germany, Mr Yusuf Tuggar, says German Chancellor Angela Merkel’s visit to Nigeria on Thursday will focus on enhancement of economic relations and security between the two countries. Tuggar said at a news conference in Abuja on Wednesday that Merkel would be coming with a business delegation to explore investment opportunities in […]
Nigeria’s economy is expected to perform much better in the second half of the year, Vice President Yemi Osinbajo said on Wednesday, following sluggish growth in the second quarter. Largely dependent on its oil reserves, Nigeria began climbing out of its first recession in 25 years in 2016 as global crude prices rebounded and President […]
Nigeria’s presidency rebuffed a landmark oil industry reform law because of issues with its current form, the executive said on Wednesday, marking a setback for plans to reinvigorate investment in Africa’s largest crude producing nation. The presidency said it had sent the Petroleum Industry Governance Bill (PIGB), dealing in part with the management of the […]
Lagos State, the commercial nerve-center of Nigeria, has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at 1.45 billion dollars as at June 30. A document obtained from the Debt Management Office (DMO), on Wednesday in Abuja, titled: ‘States, Federal Capital Territory (FCT) and […]
British Prime Minister Theresa May urged Nigeria on Wednesday to tap into the City of London’s financial expertise as she sought to build a new trading relationship with Africa’s biggest economy and most populous nation. With Britain set to leave the European Union next March, May is on a whistle-stop tour of Africa, her first […]
Nigeria’s central bank has ordered four banks to refund $8.134 billion that South African telecoms giant MTN Group Ltd illegally sent out of the country in breach of foreign exchange regulations, the central bank said on Wednesday. The Central Bank of Nigeria has also fined the banks, it said on its official Twitter account, although […]
United Kingdom said it has repatriated £70 million stolen by an unnamed Nigerian citizen who was convicted in an Italian court. British High Commissioner to Nigeria, Mr Paul Arkwright, who revealed this to reporters in Abuja on Monday, however, declined to disclose the identity of the person involved in the offence. He said, “There was […]