Crude futures plunged to fresh 17-month lows Monday amid fears of a sell-off amid the dramatic fall in equity markets, along with a partial US government shutdown. The decline comes despite OPEC ministers reiterating that they are committed to production cuts which kick off in January. At 1505 GMT, ICE February Brent crude futures were […]
Oil prices plunged more than 6 percent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market. U.S. crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track […]
When we talk about worldwide crypto adoption, one of the most untapped places in the world is Africa. Nigerian block chain experts have called for greater regulation of crypto currency on the African continent to strengthen the sector in the region and to help boost the economy. Although most crypto-fanatics will pour scorn on any […]
Foreign investment inflow into the Nigeria petroleum industry between January and September 2018, declined sharply by 61.6 per cent to $118.2 million, compared to $307.54 million recorded in the same period in 2017. Data obtained from the National Bureau of Statistics Third Quarter 2018 Nigerian Capital Importation report, revealed that foreign capital inflow into the […]
A plan by the Federal Government to boost domestic gas production for increased power generation and industrialization may materialize soon as the Shell Petroleum Development Company of Nigeria Limited (SPDC) announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State. At peak production, the project is expected to deliver […]
The Presidential Candidate of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar, has come down hard on the Nigerian National Petroleum Corporation (NNPC) over what he described as huge abuse of financial procedures in the running of the state oil company, alleging that the $1bn voted in the 2019 budget to fund Petrol-Price-Under Recovery was […]
As at December 23, 2018, a data analysis by Daily Trust has revealed that only 22 states of the federation have so far presented their budgets to their respective legislatures for consideration. The analysis revealed that Edo, Delta, Kaduna and Niger states have their budgets already passed and ready to commence implementation by January 2, […]
The Economic and Financial Crimes Commission, EFCC, Enugu Zonal Office, has filed a motion at a Federal High Court, Enugu, seeking an order for the interim forfeiture of the $2.8million seized from two men last week. Also filed is an affidavit of urgency for the matter to be heard on December 27, 2018, before a […]
Nigeria’s central bank said on Monday that an agreement reached with MTN over allegations that the South African company illegally repatriated $8.1 billion would end legal proceedings and meant the matter had been resolved, it said in a statement. Earlier, MTN said the matter was resolved and it agreed to make a $53 million payment. […]
