Rogue bosses who try to line their own pockets at the expense of company pension schemes face jail in a new government crackdown. They would be liable to up to two years in prison for risking the pension savings of their employees. In the wake of a series of scandals over mismanagement of final-salary pension […]
Business
Africa Crude-Angolan programme emerges, Nigerian diffs slide on muted demand
Sellers reacted to recent muted demand for light, sweet Nigerian crude by cutting offer levels while Angola awarded its major products tender and issued its May programme. NIGERIA ExxonMobil lowered its offer for a cargo of Qua Iboe to dated Brent plus $1.60 a barrel for loading April 7-11. Offers for April-loading Qua Iboe have […]
Nigeria’s oil bill to be sent for presidential assent
Nigeria hopes a long-delayed bill to overhaul parts of the country’s oil industry can be sent to President Muhammadu Buhari to be signed into law by the end of March, the head of a parliamentary petroleum committee said on Friday. The OPEC member is Africa’s largest oil producer. Crude sales are the nation’s economic mainstay, […]
NNPC raises April Bonny Light, Qua Iboe crude oil OSPs
The Nigerian National Petroleum Company has raised the official selling price differentials for its mainstay crude grades Bonny Light and Qua Iboe in April, while other grades were mixed, Platts reports. The Bonny Light OSP was raised by 1 cent/b month on month to a premium of $1.17/b to Dated Brent for April, while the […]
Shell, Eni Misled Nigeria on Oil Spills, Amnesty Says
Royal Dutch Shell Plc and Eni SpA may have misled regulators in Nigeria by wrongly attributing oil spills to theft and sabotage in order to avoid paying compensation to affected communities, rights group Amnesty International said. “Amnesty International researchers have identified that at least 89 spills may have been wrongly labeled as theft or sabotage […]
Nigerian inflation slows for 13th consecutive month in February
Nigeria’s inflation slowed for a 13th consecutive month in February, but may still be too high for the central bank to start cutting rates from a record. Consumer-price growth in Africa’s most populous nation decelerated to 14.3 percent from 15.1 percent in January, the Abuja-based National Bureau of Statistics said in an emailed statement. The […]
Nigeria to reduce local borrowing with debt at $61 billion
Nigeria is reducing its domestic borrowing after government debt reached 22 trillion naira ($61 billion) in 2017, with most of it made up of high-interest, locally-acquired credit, the country’s debt office said. The government is working on a strategy to reduce domestic debt to 60 percent of the total, from 73 percent, Patience Oniha, director […]
Nigeria’s central bank to delay rate meeting – governor
Nigeria’s central bank will delay its next interest rate-setting meeting after a political row following nominations for its Monetary Policy Committee, the governor said on Thursday. Governor Godwin Emefiele told CNBC the meeting scheduled for March 19-20 would be delayed by about seven to 10 days or at the latest until the first week of […]
Nigeria to redeem 482 billion naira of T-bills in Q2 -calendar
Nigeria plans to repay 482 billion naira of treasury bills in the second quarter and will halve the amount it wants to raise between March and May to lower borrowing costs, according to its debt auction calendar seen by Reuters on Wednesday. A total of 964 billion naira worth of bills fall due in the […]