The Petroleum Equalisation Fund (management) Board (PEF) has set up a task force for the the immediate implementation of transportation of petroleum products through the rail. The General Manager, Corporate Services of PEF, Dr. Goddy Nnadi, said the task force was set up by the Executive Secretary of the Fund, Alhaji Ahmed Bobboi for the […]
Business
Nigeria to become 3rd world largest exporter of gas
The Nigeria Liquefied Natural Gas (NLNG) Ltd., says its ongoing plans to reach a Final Investment Decision (FID) on its Train-7 project by December will make Nigeria the 3rd World largest gas exporter. The NLNG General Manager Production, Mr Tayo Ogini, said this on Saturday while making a presentation on the facility located at Bonny […]
FG Recovers 693 Abandoned Containers Of Power Equipment
FG recovers 693 abandoned containers of power equipment The Transition Company of Nigeria (TCN) yesterday said that it had recovered more than 693 containers of power equipment abandoned at ports for up to 15 years due to tariff. The managing director of TCN, Mr Usman Mohammed, who revealed this in a statement in Lagos, said […]
OPEC Oil Production Surges 340,000 Bpd As Saudis Pump Near Record
OPEC’s crude oil production jumped by 340,000 bpd in July from June, as the cartel’s leader Saudi Arabia pumped near-record volumes and the close Saudi allies in the Gulf boosted production to their largest in a year and a half, the latest monthly S&P Global Platts survey showed on Friday. Last month, OPEC produced an […]
Okomu oil, Dangote cement shares depreciate at NSE
The price movement table at the Nigerian Stock Exchange (NSE) on Friday indicated that Okomu Oil topped the losers’ chart, dropping by N5 to close at N76 per share. The News Agency of Nigeria (NAN) reports that Dangote Cement depreciated by N1 to close at N229, while Cadbury dropped by 95k to close at N9.75 […]
OPEC July crude output surges 340,000 b/d from June to 32.66 mil: Platts
OPEC produced 32.66 million b/d in July, a 340,000 b/d rise from June, including newest member the Republic of Congo, according to the latest S&P Global Platts survey of industry officials, analysts and shipping data. Saudi Arabia, OPEC’s largest member, produced 10.63 million b/d, the kingdom’s highest since August 2016, when it produced its record […]
Huawei overtakes Apple in smartphone sales
China’s Huawei has surpassed Apple for the number-two spot as smartphone maker despite being essentially barred from the key US market and said said it could supplant Samsung as the world’s number one late next year. The chief of Huawei’s consumer division, Richard Yu, made the remark at the release of business results for the […]
Listing values Nigerian fertiliser maker Notore at $330 million
Fertiliser maker Notore Chemical Industries has achieved a 100.75 billion naira ($330 million) valuation by listing on the Nigerian Stock Exchange, with a free float of 16 percent. Notore, which produces fertiliser for sale within Nigeria and for export to West Africa, Southern Africa and Europe, said it had listed 1.61 billion ordinary shares at […]
Consolidated Revenue Fund: FG rakes in N1.4trn in 10 years
Mr Victor Muruako, the Acting Chairman, Fiscal Responsibility Commission (FRC), says over N1.4 trillion has accrued into the Consolidated Revenue Fund (CRF) of the Federal Government between 2007 and 2017. He disclosed this on Thursday in Abuja at a technical workshop on the implementation of the operating surplus template for scheduled corporations under the Fiscal […]
Internet fraud: CBN introduces new security strategy
The Central Bank of Nigeria (CBN) says it is developing a Risk Based Cyber Security Framework for banks and payment service providers to combat internet fraud in the country. The Central Bank Governor, Mr Godwin Emefiele, said this on Thursday in Abuja at the 2018 Nigeria-JP Morgan Chase Cyber Security Conference. Emefiele, who was represented […]