South African lender Absa will not buy a Nigerian bank, its CEO told Reuters on the sidelines of the World Economic Forum in Davos, clearing up a lingering question over how it will execute its aggressive growth strategy. Chief Executive Maria Ramos said that while Nigeria is a big and exciting banking market – where […]
By Foster Obi The Nigerian Ports Authority (NPA) today received a corporate award for transparency and Infrastructural Development in Nigerian Ports at large from the League of Maritime Editors during her 20th Anniversary Lecture/Awards Patrons Investiture Ceremony. In the picture, standing right to Left is the representative of the Managing Director (NPA)/ General Manager Corporate […]
By Foster Obi To further optimize operations through adequate maintenance of installations and reduction of downtime, Nigeria’s leading Electricity Distribution Company, Ikeja Electric Plc (IE), has commenced the electronic tagging of electricity poles across its network. The exercise known as E-Pole Tagging Project entails labeling of all 11KV and 33KV High Tension (HT) poles with […]
Real Madrid have knocked Manchester United off the top of Deloitte’s Football Money League, but the Premier League still flexed its financial muscle, with all of England’s ‘Big Six’ featuring in the top 10 for the first time. The Deloitte list ranked clubs on how much money they earn from broadcasting, commercial deals and match-day […]
The Nigerian National Petroleum Corporation (NNPC) yesterday announced the capture of Mr. Shuaibu Ogunmola, an alleged notorious oil pipeline kingpin, by a joint military task force on oil theft and pipeline vandalism anchored by the Western Naval Command, Apapa, Lagos. The alleged criminal was said to be responsible for pipeline vandalism over the years, leading […]
The federal government has given International Oil Companies (IOCs) operating in Nigeria’s deep offshore and inland basin a 14-day ultimatum to pay all outstanding revenues on Production Sharing Contracts (PSCs), THISDAY has learnt. The government said the revenues are in compliance with the Supreme Court judgment last October, which noted that the IOCs are in […]
The Naira, on Wednesday, exchanged at N362.58 to the dollar at the investors’ window as investors traded a total of 334.34 million dollars at the close of business. Shareholder At the parallel market, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N464 and N411, respectively. Trading […]
The Petroleum and Natural Gas Senior Staff Association of Nigeria has condemned what it described as the lingering anti-labour practice perpetrated by some indigenous oil companies operating in the country against their employees, especially Nigerian workers. Arising from the Association’s National Executive Council (NEC) meeting in Uyo, Akwa Ibom State recently, PENGASSAN listed Forte Oil, […]
The implementation of Nigeria’s 2019 budget is faced by a fresh threat as crude oil production adjustment agreed by member countries of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC, led by the Russian Federation in December 2018, has lowered Nigeria’s daily oil production level to 1.685 million barrels per day (mbd), THISDAY has […]
Crude oil futures recovered somewhat in morning European trading Wednesday, clawing back some of Tuesday’s losses on the back of growing confidence across financial markets worldwide. At 1149 GMT ICE March Brent crude futures were 50 cents higher from Tuesday’s close at $62/b, while March NYMEX light sweet crude rose 37 cents to $53.40/b. “Most […]