Business & Finance

FG to partner Standard Bank and Stanbic IBTC on funding mining

May 17, 2019

As efforts are on course to reposition the Mining and Steel sector to take its pride of place as first among equals in terms of contributions to national economic growth, the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari has said that  government will continue to collaborate with International financial partners to revamp…

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FEC approves $1bn Chinese EXIM bank loan for Gurara hydropower project

May 16, 2019

The Federal Executive Council, FEC on Wednesday approved $1 billion loan from Chinese EXIM Bank for the Gurara II Hydropower project. The Council also approved N5.7 billion for the revised estimated cost for the completion of Nkari dam in Akwa Ibom State. Minister of Water Resources, Sulieman Adamu, disclosed this while briefing State House Correspondents…

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Oil prices rise on Saudi pipeline drone attacks

May 15, 2019

Two pumping stations on a Saudi Aramco oil pipeline in Saudi Arabia were attacked by explosive-laden drones in the early morning local time yesterday, the official Saudi Press Agency (SPA) reported, citing Saudi Energy Minister Khalid al-Falih, who described the attack as one of “terrorism and sabotage.” This development led oil prices that had been…

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NNPC recovers $1.6bn from companies

May 14, 2019

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, on Tuesday said the Corporation had recovered $1.6 billion from some companies fleecing one of its subsidiaries. Mr Baru disclosed this in Abuja while fielding questions from journalists after a visit by officials of the Chartered Institute of Forensic and Investigative Professionals of Nigeria…

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Oil prices rise as Middle East tanker attacks heighten supply concerns

May 14, 2019

Oil prices were lifted yesterday by growing concern over supply disruptions in the Middle East even as investors and traders fretted about global economic growth prospects amid a standoff in the Sino-U.S Brent crude futures were at $72.43 a barrel by 1321 GMT, up $1.81. U.S. West Texas Intermediate (WTI) futures were up $1.49 at…

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NNPC to pay N534bn debt to federation account

May 13, 2019

Seven years after, the Nigerian National Petroleum Corporation (NNPC) has agreed to pay a debt of $1.740 billion or N534.180billion billion (at 307/$1 official exchange rate) to the Federation Account. The whole debt will be cleared within 18 months. The $1.740 billion is the balance of the $1.874 billion Shell Petroleum Development Company of Nigeria…

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FAAC disbursements shrink to $1.9tr as oil price drops

May 12, 2019

The slump in the international crude oil price took its toll on the Federal Account Allocation Committee (FAAC), as its disbursements between January and March 2019 dropped to $1.929 trillion as against N1.938 trillion disbursed for the same period in 2018; representing 0.45% reduction. This information is contained in the latest issue of the quarterly…

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Nigeria’s April oil production level below budget benchmark

May 11, 2019

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June, which…

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Reps indict NNPC, others over extra budgetary spending, TSA violations

May 10, 2019

The House of Representatives yesterday indicted the Nigerian National Petroleum Corporation (NNPC) of extra-budgetary spending while other Ministries Departments and Agencies (MDAs) were accused of violating the Treasury Single Account (TSA)  policy of the Federal Government. This was sequel to the adoption of the recommendations of the ad hoc committee hoc committee on the need…

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Sterling Bank places renewable energy as key sector for investment

May 8, 2019

Sterling Bank Plc has called for reform of the energy sector at the  fourth Nigeria Energy Forum themed Upscaling Clean Energy for Sustainable Development supported by the lender. The project is  part of its commitment to the HEART of Sterling initiative to invest in five key sectors of the Nigerian economy namely Health, Education, Agriculture, Renewable…

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