Oil prices fell on Monday amid growing signs of harm from the U.S.-China trade war that has slowed global economic growth and reduced demand for commodities such as oil. Global benchmark Brent crude was down $1.01 at $58.41 a barrel by 1327 GMT. U.S. West Texas Intermediate crude oil declined 95 cents to $52.83 a […]
The highest ever reported crude oil theft in the world has taken place in Nigeria with the country recording approximately 400,000 barrels per day (bpd) crude theft, a report showed. Mexico came second with approximately 5000 to 10000 bpd loss to oil theft. The report was the outcome of a study on oil theft carried […]
A Civil Society Organisation, the Accountable Leadership For Better Nigerian Initiative, ALBNI, has called on President Muhammadu Buhari to relieve the Minister of State for Petroleum Resources, Timipre Sylva of his duties over claims by the latter that debt owed the federal government by the International Oil Companies, IOCs would be difficult to recover legitimately. […]
Concerned by threat to national security and the cost of doing business at the country’s seaport, the Nigerian Ports Authority (NPA) has notified the Nigerian Navy of its decision to dismantle the Secure Anchorage Area (SAA), operated on behalf of the Navy by a private company, OMSL Limited. NPA insisted that the security of the […]
President Muhammadu Buhari will on Monday depart Abuja to attend a three-day Russia-Africa Summit in Sochi, Russia. The event will be held from October 23 to 25 with a focus on exploring and expanding opportunities in security, trade and investment, science and technology, and gas production. According to a statement made available by the presidency, […]
The Nigerian Army said on Sunday that the Boko Haram and Islamic State West Africa Province fighters were smuggling smoked fish into the country to sustain their criminal activities. The army noted that its troops attached to the Operation Lafiya Dole arrested a syndicate of terrorists which specialised in smuggling “smoked fish from the Lake […]
The Ghana Union of Traders Association (GUTA) is calling for a total boycott of all Nigerian products imported to Ghana. Ghana trade union vote to ban made-in-Nigeria products following border closure The move, the Ghana trade union believes, will force the Nigerian government to open up its land borders for foreign goods. Nigeria partially shut […]
Talks of a loan for the expansion of the transmission and distribution facilities of the power sector between the Nigerian government and the World Bank has reached final stages as both parties have settled on a loan size of $3 billion. Zainab Ahmed, the minister of finance, made this known on Sunday while addressing journalists, […]
…As CBN comes hard on telcos extorting banks’ customers with USSD Governor of the Central Bank of Nigeria ( CBN), Mr Godwin Emefiele yesterday, allayed fears on speculations of alleged insolvency in about seven banks following their failure to scale through a recent stressed conducted by industry regulators. Emefiele who made the clarification at a […]
The Managing Director, Transmission Company of Nigeria, Alhaji Usman Gur, has said the government in collaboration with international donor agencies has set aside over $1.61bn to ensure constant power supply in the country. Gur, who is also the Chief Executive Officer of the TCN, revealed this on Sunday in Kano State while briefing journalists at […]