Over 350 Nigerians are said to be responsible for over 80 per of the N5.4 tillion debt profile of the Asset Management Corporation of Nigeria (AMCON), Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru disclosed this in an interview with the News Agency of Nigeria (NAN). According to Kuru, the 350 Nigerians or their […]
OPEC is changing fundamentally as power in the oil market shifts towards Saudi Arabia, acting in concert with Russia, while the other members of the organisation are increasingly marginalised. In theory, all members of the Organization of the Petroleum Countries are equal, and the group has always taken decisions by consensus (“Statute of the Organization […]
The World Bank said on Thursday it had approved a total of $2.1 billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance. The projects approved by the International Development Association (IDA), the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan. Growth rates in […]
Nigeria Liquefied Natural Gas’ (LNG) fifth production unit, or train, is set to resume production in July after it shut down for maintenance on May 25, the company said in a statement to Reuters. “The Train 5 Turn Around Maintenance affects output from this train only … Operations on other trains are continuing as normal,” […]
Differentials for Nigerian and Angolan crudes hovered unchanged on Wednesday, as a series of tenders kept buyers at bay. At least four tenders have been ongoing this week – from Taiwan and Thailand to India and South Africa – that have dampened activity in the market. Traders ringfence cargoes they want to offer in tender […]
Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, as part of efforts to alleviate dollar shortages and boost liquidity. The bank said in an emailed statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million […]
Oil fell on Monday as investors prepared for an extra 1 million barrels per day (bpd) of oil to hit markets after OPEC agreed to raise production and as U.S. equity markets slipped on trade war fears. Brent crude futures fell 82 cents, or 1.1 percent, to settle at $74.73 a barrel. U.S. light crude […]
Activities on the Nigerian Stock Exchange (NSE) on Monday reversed the six-consecutive days downward movement with important market indices appreciating by 0.34 per cent. The News Agency of Nigeria (NAN) reports that the All-Share Index rebounded by 129.59 points or 0.34 per cent to close at 37,992.12, against the 37,862.53 recorded on Friday. Similarly, the […]
Oil prices settled lower on Monday, with global benchmark Brent crude leading the decline, amid some uncertainty in the wake of an agreement by the Organization of the Petroleum Exporting Countries to ramp up production that was backed by nonmember Russia. August West Texas Intermediate crude on the New York Mercantile Exchange CLQ8, -0.77% gave […]
Nigeria, Africa’s most populous country, has a booming betting industry, the growth of which in the last few years has largely been driven by the emergence of local fintec firms offering a range of payment options that enable customers to place bets online. World Cup fever has gripped the soccer-mad country, where some fans hoping […]