West Africa’s crude oil loadings for Asia are set to fall to a five-month low in April, dragged down by a backlog of cargoes outside China and strong Brent prices that hindered new bookings, a Reuters survey of shipping fixtures and traders showed on Friday. Loadings for China, the key consumer of Angolan oil, were […]
Author: Isaac Umunna
Nigeria’s Forcados oil terminal hit by brief pipeline shutdown
* Nigeria’s Forcados terminal is ramping up after a temporary shutdown on the Trans Forcados Pipeline. * “There was low injection into the Forcados terminal on March 27 as a result of a temporary shutdown of the Trans Forcados Pipeline, operated by Heritage,” an SPDC spokesman said in a statement. “The pipeline was restored on […]
Nigerian oil exports to stay largely flat in May – programmes
Nigeria’s oil exports are expected to hold at close to 1.8 million barrels per day (bpd) in May, loading plans showed on Friday. The loading plan included at least 1.799 million bpd on 61 cargoes, but traders said two to three additional 950,000 barrel cargoes of Usan would be added at some point. Usan operator […]
Nigeria awards two of three gas pipeline deals
The Nigerian National Petroleum Corporation (NNPC) said on Friday it had awarded two of three gas pipeline contracts which in total will be worth more than $2.8 billion. One contract for a roughly 200 km (124.27 miles) stretch of the 614 km Ajaokuta-Kaduna-Kano pipeline and stations was awarded to Oando PLC and OilServe, the state […]
JP Morgan says it knew ex-minister linked to firm in Nigeria oilfield deal
JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters. JP Morgan made the acknowledgement in its legal response to a lawsuit filed by Nigeria […]
Nigeria’s FCMB sees flat loan growth, eyes UK retail licence -CEO
Nigerian mid-tier lender FCMB expects loan growth to be flat this year after it rose 5.4 percent last year as oil companies pay down debt, its chief executive said on Friday. Ladi Balogun said the group was seeking a retail banking licence for its British-based unit, which offers wholesale banking to boost its balance sheet. […]
Nigeria’s Buhari Approves $1 Billion for Weapons Purchases
Nigerian President Muhammadu Buhari gave approval to the military to make weapons purchases worth $1 billion to enable Africa’s most populous country to tackle rising insecurity, Defense Minister Mansur Dan Ali said. The decision to acquire new weapons was announced after Buhari met with security chiefs in the capital, Abuja, to review cases of violent […]
Africa Crude-Nigerian cargoes sail east, Angolan offers cut
Nigerian crude oil offers for May loading were above the April level despite what traders described as limited demand. Angola cut its offer levels for May-loading oil. China’s Unipec was also still offering cargoes, as sources said eastern demand remained subdued. * Three million barrels of Nigerian oil were set to sail for India as […]
Nigeria’s UAC eyes 20 billion naira bond sale for real estate
Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate unit and cut debt, its group CEO said on Thursday. Abdul Bello said the company would restructure the real estate unit, UPDC, which is suffering from an oversupply in the […]
Multiple check-points an impediment to trade–ECOWAS
The Economic Community of West African States (ECOWAS) Taskforce on Trade Liberalisation Scheme says multiple check-points is one of the impediments to trade integration along the Nigerian-Benin corridor. The Executive Secretary, Mr Justin Bayill of ECOWAS made this known in a statement on Thursday in Lagos. Bayil said that persistence collection of illegal fees at […]