The Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria are monitoring the investigations by law enforcement agencies against the directors and management of the failed Skye Bank Plc. The move is to determine their culpability in the failure of the bank. The Managing Director and Chief Executive of the NDIC, Umaru Ibrahim, said […]
Oil’s fall accelerated on Tuesday, with U.S. futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities. Oil prices were hit on Monday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up […]
Nigeria’s telecoms regulator has approved the transfer of debt-laden 9-mobile to new investor Teleology, a statement from Teleology said on Monday. Investment holding company Teleology said it has appointed new directors to run Nigeria’s fourth-largest telecoms company 9-mobile. Reuters Pix: Nigerian Communications Commission Headquarters Abuja
The Federal Airports Authority of Nigeria (FAAN), says a total of 3.36 million passengers traveled through the Nnamdi Azikiwe International Airport (NAIA), Abuja between January and September. FAAN disclosed this in its 2018 Passengers Traffic Statistics obtained by the News Agency of Nigeria (NAN), on Tuesday in Abuja. The report showed that a total of […]
Dangote could enter the Kenyan and Rwandan market through buying out troubled ARM Cement before mid-next year. The buyout, if successful, will supersede its earlier plans of entering the region constructing two factories in Rwanda, three in Dar, one in Burundi and another in Jinja, Uganda. ARM was placed under receivership in August by Nigeria’s […]
Crude oil futures rose Monday morning with WTI finally picking up after ten consecutive declines, and Brent seeing gains after selloffs the previous week, but the lack of consensus by OPEC and non-OPEC countries on a production cut prevented a bigger recovery. WTI front-month future prices traded at $60.66, up 0.8 percent, as of 9.41 […]
The December 2018 deadline set for completion of the $1.5b Lagos-Ibadan rail project, may not be feasible, it has been learnt. Investigations revealed that the project appears to have overshot the amount earlier budgeted for it, due to unforeseen developments at the Apapa end of the railway. It was further learnt that the Federal Ministry […]
The estimated monetary loss in Nigeria’s power sector has risen to N460.3bn in 2018 alone. The data obtained from the Federal Ministry of Power, Works and Housing in Abuja on Friday showed that between January 1 and November 8, 2018, the sector lost N460.253bn. The FMPWH explained that the huge financial loss was due to […]
Oil and natural gas exploration in Africa is experiencing a revival after a long period in the wilderness. It is not quite a return to the boom days of the past but the enthusiasm and drive that was lacking is back. Higher oil prices, better terms for investors, greater efficiency and increased returns for offshore […]
Crude oil futures were higher at midday in Europe Monday, as OPEC and non-OPEC partners hinted at production cuts going into 2019. At GMT 1150, ICE January Brent futures were up 77/b cents at $70.95/b, while the NYMEX December light sweet crude contract was up 27 cents/b, at $60.46/b. “Brent is making significant gains as […]