The Central Bank of Nigeria (CBN) has directed settlement banks to provide clearing collateral of not less than N15 billion worth of treasury bills for them to perform settlement roles in the industry. The directive was contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019, released by the […]
Business
Crude Oil Prices – Weekly Outlook: Feb. 25 – Mar. 1
Investing.com – Oil traders will continue to focus on the outlook for global crude supplies in the week ahead amid signals that OPEC-led production cuts have helped tighten an oversupplied market. Market players will also be watching for any important developments on the U.S.-China trade front this week, as the two sides race to strike […]
Nigeria Retains Top Spot As Africa’s Largest Economy
West African nation Nigeria has been named Africa’s largest economy for the second year in a row, citing its economic prowess in the continent, multinational professional services network PricewaterhouseCoopers (PwC) disclosed. The auditing firm which ranks second to Deloitte in professional services published its latest edition of Nigeria Economic Outlook: Top 10 Themes for 2019 […]
Oil firms waste gas worth 3,000MW of electricity –FG
The volume of gas that is wasted by oil companies in Nigeria is enough to generate about 3,000 megawatts of electricity, the Federal Government has said. It also stated that the amount of gas flared by oil companies operating in Nigeria was sufficient to power two or three liquefied natural gas trains if harnessed. Senior […]
Oil exports: Nigeria, others face rising competition from US
Rising imports of US crude oil into Asia in the past few months will bring stronger competition in the months ahead for crudes from Nigeria and other West African countries, traders have said. S&P Global Platts reported that the market sources highlighted the March loading programme for Nigeria. Nigerian crude has had a difficult time […]
Nigerian LNG cargo arrives Portugal February Today
REN-operated Sines LNG import terminal in Portugal is to receive a new cargo of the chilled fuel from Nigeria on Saturday February 23, 2019. The cargo will be delivered from Nigeria LNG’s Bonny Island liquefaction plant onboard the LNG Borno liquefied natural gas carrier. The vessel with the capacity to transport 149,600 cubic meters of […]
Nigerian LNG cargo arrives Portugal February Today
REN-operated Sines LNG import terminal in Portugal is to receive a new cargo of the chilled fuel from Nigeria on Saturday February 23, 2019. The cargo will be delivered from Nigeria LNG’s Bonny Island liquefaction plant onboard the LNG Borno liquefied natural gas carrier. The vessel with the capacity to transport 149,600 cubic meters of […]
FIRS grants 30-day reprieve to wealthy Nigerian tax defaulters
The Federal Inland Revenue Service (FIRS) says defaulting wealthy Nigerian taxpayers who have no Taxpayer Identification Numbers (TIN) have only a 30 days lien to do so. The agency also said other Nigerians and firms with a turnover of N100 million in their accounts, but not paying taxes have only a 30 days lien to […]
FG wins right to prosecute JPMorgan Chase over $875m Malabu oil fraud
A High Court in London headed by Justice Andrew Burrows has granted Nigeria’s plea to allow it proceed with the trial of JPMorgan Chase. JPMorgan Chase The bank is alleged to have enabled the misappropriation of state funds totalling $875 million over the Oil Prospecting License, OPL 245. Mr Salihu Isah, Special Adviser on Media […]
Poultry farmers battle high cost, low margins
Nigerian poultry farmers are battling high cost of production and low margins, our correspondent has gathered. Our correspondent gathered that this had resulted in an increase in the price of eggs and other poultry products. The National Bureau of Statistics in its Selected Food Price Watch data for January reported that the average price for […]