OPEC Secretary-General, Mohammad Barkindo, said on Thursday that there are many non-fundamental factors influencing the oil market that are beyond oil producers’ control. Barkindo, speaking at the Oil and Money conference in London, also said he wanted to ensure there is no shortage of crude in the market. Oil prices have rallied this year on […]
Business
‘Shell sees Nigeria corruption trial lasting many months ‘
Royal Dutch Shell expects a landmark corruption trial over a Nigerian oil deal to last many months, warning staff of continued critical media coverage in the $1.3 billion case, according to an internal memo seen by Reuters. Shell’s Legal Director Donny Ching encouraged employees to study an internal web page that the Anglo-Dutch company set […]
OPEC cuts forecast for global oil demand growth in 2019
OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets. In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would increase […]
Ikeja Electric Develops Mobile APP For Customer Safety
By Foster Obi A new mobile app that will help the prevention of customers and employees against electrical hazard, i-Safe has been unveiled by Nigeria’s foremost electricity distribution company, Ikeja Electric Plc. The application, developed here in Nigeria by Ikeja Electric, is designed to guarantee customer and employee safety with real-time report on identified safety […]
Senate confirms Banire for AMCON, Adebisi Shonubi CBN deputy governor
The Nigerian Senate on Wednesday confirmed the appointments of Folashodun Adebisi Shonubi as deputy governor of Central Bank of Nigeria and Muiz Banire as chairman of the governing board of Assets Management Corporation of Nigeria (AMCON). The confirmation of the two appointments followed the recommendations of the Senate committee on Banking, Insurance and other Financial […]
Ford Prepares for Mass Layoffs after Losing $1 Billion to Trump’s Trade Tariffs
Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of reorganization. Now, the company is announcing layoffs. Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of […]
Oil could soar to $100 as Trump shuts Iran out of the market
Less than a month before another round of US sanctions against Iran take effect, analysts say hundred-dollar oil could be on the horizon. The Trump administration has called on buyers to cut off oil imports from Iran in efforts to pressure the third-largest OPEC producer to change its behavior, a move that could squeeze global […]
AfDB calls for bridging of Africa’s capital, bankable projects
The Africa Development Bank (AfDB) says there is the need to bridge the gap between Africa’s available capital and bankable projects since it requires between 600 and billion dollars annually for development. AfDB’s “African Economic Outlook 2018’’, financing Africa’s development report notes that out of the said amount, between 130 billion dollars and 170 billion […]
Stanbic IBTC Bank makes history, deploys robots
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has taken another bold step towards service efficiency and enhanced customer experience with the deployment of robots to drive various dimensions of its operations. Deployed about three months ago, the Stanbic IBTC BlueBots, as the robots are called, manage middle and back office activities. At […]
Shell CEO says more LNG projects needed to fill demand gap after 2020
Shell sees the need for investment new LNG projects to meet the fast-growing demand for the fuel in the coming decades, the oil major’s CEO Ben van Beurden said Tuesday, reiterating the risks of an LNG “supply crunch” by the mid-2020s. Shell expects natural gas demand to grow at an average rate of 2% a […]