Business & Finance

New MD appointed at Total E&P Nigeria

Jul 15, 2019

The Board of Directors of Total E&P Nigeria has appointed Mr Mike Sangster as Managing Director/Chief Executive of the company. According to a statement, the appointment took effect from July 1, 2019. Sangster succeeds Mr Nicolas Terraz, who is now the Senior Vice- President for Africa, for the Exploration and Production branch. The statement said,…

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Nigeria expected to be major player at Africa Investment Forum 2019 – AfDB

Jul 14, 2019

Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja. Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment…

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Conoil sees Q1 profit surge to highest level in 5yrs

Jul 13, 2019

Conoil, a listed oil and gas company, has announced a 53.9 percent increase in its profit for the first quarter of 2019. This increase pushed the company’s net profit to the highest level in the last five years. The company on Wednesday reported that it made N325.18 million as profit in the first quarter, up…

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Nigeria’s power distributors owe service providers N263bn

Jul 10, 2019

Power distribution companies owe service providers, including the Transmission Company of Nigeria, a total of N263bn, our correspondent has learnt. The service providers in the power sector are the Nigerian Electricity Regulatory Commission, the Nigerian Bulk Electricity Trading Plc, the Transmission Service Provider, the System Operator and the Market Operator. The TSP, SO and MO…

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Lack of new investments degrades Nigeria’s oil sector infrastructure – Report

Jul 10, 2019

The dearth of new investments in the oil sector has resulted in the degradation of infrastructure, causing frequent breakdowns, a report has revealed. CSL Stockbrokers Limited, a research and financial advisory firm, stated this in its economic outlook for the second half of the year, titled: “Walking on Eggshells,” that was obtained yesterday. The dearth…

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Lekoil mulls NSE listing as oil output seen to triple

Jul 10, 2019

Nigerian oil and gas production company Lekoil Ltd. is contemplating a listing on the West African nation’s stock exchange as it boosts output by more than threefold over the next three years, Chief Executive Officer Lekan Akinyanmi said. The energy firm, which trades on the London exchange, is “seriously considering” offering shares in Nigeria, Akinyanmi…

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Oando CEO urges stakeholders to invest in Nigeria’s oil & gas sector

Jul 9, 2019

Oando Plc Group Chief Executive Wale Tinubu has urged indigenous oil and gas companies to invest in the business now that the prices of oil are low. He advised the Federal Government to embrace Public-Private Partnership (PPP) in local refining. According to him, “there is a lot indigenous capacity that can provide solution to refineries.…

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Nigeria’s oil revenue records another monthly decline of N62bn

Jul 7, 2019

The shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation led to another monthly drop in the gross oil revenue that comes to the federation. Latest data from the Central Bank of Nigeria showed that the country’s oil receipts dropped to N410.18bn in May 2019, shedding N62.2bn when compared to the N472.38bn…

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We’re not getting forex at N305/$1 – Oil marketers

Jul 7, 2019

The Major Oil Marketers Association of Nigeria has said its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit, also known as petrol. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than a year as private oil…

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Nigeria finally signs African free trade area pact

Jul 7, 2019

African superpower Nigeria has signed an agreement which aims to increase trade between African countries. This leaves Eritrea as the only African country not to be part of the trading bloc. Nigerian President Muhammadu Buhari signed the landmark agreement at the African Union (AU) summit in Niger. The first step is to cut tariffs for…

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