Business & Finance

Naira slides on falling oil prices, lower bond yields

Aug 10, 2019

The Nigerian naira weakened to 364 per dollar on Friday, from a quote of 363.50 the previous day as falling oil prices tightened liquidity on the currency market, traders said. A dollar shortage was initially caused by a slowdown of foreign inflows after local debt market yields declined. The naira broke through resistance at 363…

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Nigeria’s budget threatened further as oil price slides to $56

Aug 8, 2019

The international oil benchmark, Brent crude, tumbled on Wednesday to $56 per barrel, its lowest level in seven years as the United States-China trade war worries gripped the market. The decline in oil price imposes a serious threat to Nigeria’s economy as the 2019 budget is based on an oil benchmark of $60 per barrel.…

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Nigerian insurers may lose 72% of Dangote Refinery’s risk, others

Aug 7, 2019

Nigerian insurance firms may lose 72 per cent of the insurance business in the Dangote Oil Refining Company whose insured value has been put at $6.8billion to foreign insurers when the company becomes operational because of their low capital base, THISDAY has learnt. In addition, they might lose another $8 billion energy insurance business from…

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Seplat Chairman Orjiako sells part of his shares

Aug 7, 2019

The Non-Executive Chairman of SEPLAT Petroleum Development Company, Ambrosie Orjiako, sold 3.5 million units of ordinary shares which he controlled within the oil firm on Thursday, August 1. The transaction took place in London and a notice of the transaction was sent to the Nigeria Stock Exchange. In the notice, the Cheif Financial Officer of…

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Experts suggest Nigeria should brace itself as oil prices may not rise further

Aug 7, 2019

As global crude oil prices linger around $60 per barrel, industry experts have given reasons why prices are not likely to increase again. According to them, the good old days of $100 or $120 per barrel has passed and will never be recorded again because of growing competition in the industry as well as lower…

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Massive financing costs reduce Total Nigeria’s profit by 97%

Aug 7, 2019

Some shareholders of Total Nigeria Plc have urged the petroleum products marketing company to inject equity into the firm so as to reduce its reliance on debt funding. A steep rise in financing costs of the Total Nigeria Plc led to a slump of 97.7 per cent in its profit after tax (PAT) for the…

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Nigeria’s external reserves drop by $1.6bn in one month

Aug 6, 2019

The 30-day moving average of Nigeria’s foreign external reserves has dropped by $1.67 billion from $45.046 billion at the beginning of July to $44.878 billion in early August. Statistics on the Central Bank of Nigeria (CBN) website showed that the external reserves which stood at $43.07 billion as at the beginning of the year rose…

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Anxiety mounts as oil prices drop below Nigeria’s $60 per barrel budget benchmark

Aug 6, 2019

There appears to be a brewing challenge for Nigeria, as Brent Crude on Monday slipped below its $60 per barrel budget benchmark for the 2019 appropriation bill. The international oil benchmark, Brent, against which Nigerian crude oil is priced, dipped by $2.10 to settle at $59.79 per barrel as of 7.45pm Nigerian time. It plunged…

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NNPC offers to help FIRS, DPR recover unpaid taxes, others from IOCs

Aug 6, 2019

The Nigerian National Petroleum Corporation (NNPC) has offered to help the Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS) collect unpaid taxes and royalties from oil companies, including those on Joint Venture (JV) and Production Sharing Contract (PSC) arrangement with it. NNPC’s Group Managing Director, Mallam Mele Kyari, made this known when…

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Nigeria’s oil producing states stuck in N1.3trn debt trap

Aug 5, 2019

The oil-producing states are the most indebted across the country despite the huge derivation revenue accruing to them, Daily Trust investigations have shown. The oil states have a total domestic debt stock of N1.25 trillion as at March 2019, according to official data released by the Debts Management Office (DMO). This is coming at a…

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