Business & Finance

Conoil assures shareholders of better dividends

Oct 7, 2013

Notwithstanding the growing challenges in the downstream sector of the petroleum Industry and the economy in general, the Chairman of Conoil Plc, Dr. Mike Adenuga has assured shareholders and the investing public that the outlook and future of the company remains bright. Speaking at the company’s 43rd annual general meeting at Uyo, Akwa Ibom State,…

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Senate queries PTDF’s N57b backlog claim

Oct 7, 2013

Sequel to the Petroleum Technology Development Fund’s (PTDF) cry of possible bankruptcy over the weekend, the Senate Committee on Petroleum (Upstream) has issued the agency a seven-day ultimatum to provide details of its earnings in the last five years as well as a comprehensive list of its portfolio investments. The PTDF Executive Secretary, Dr. Oluwole…

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Oil falls below $104 a barrel as inventories rise

Oct 3, 2013

Oil prices on Thursday shed some of the prior day’s gains after a report showed a bump upward in U.S. crude inventories. Benchmark oil for November delivery was down 38 cents to $103.69 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. A report from the American Petroleum…

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OPEC daily basket price stood at $106.08 a barrel Wednesday, 2 October 2013

Oct 3, 2013

The price of OPEC basket of twelve crudes stood at 106.08 dollars a barrel on Wednesday, compared with $105.42 the previous day, according to OPEC Secretariat calculations .  The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait…

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World Bank, IFC to mobilise private sector investments in Nigeria’s power sector

Oct 2, 2013

The World Bank Group on Tuesday restated its commitment to continue to support the Nigerian Government’s efforts to mobilise private sector investments in the newly privatised power distribution companies. ‪The Group, through one of its affiliate agencies, the International Finance Corporation (IFC), recently unfolded its Energy Business Plan; designed to help support Nigeria’s power sector…

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$2bn power sector loan: Sanusi tasks FG to strengthen value-chain

Oct 2, 2013

In view of the huge amount put in by banks in the country to fund the privatisation of the power sector, which is currently estimated at $2 billion, the federal government has been urged to strengthen the power sector value chain to ensure the success of the project so that banks can recoup their investments.…

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CBN bans importation of foreign currencies

Oct 2, 2013

The Central Bank of Nigeria (CBN) may have taken a definite stance to shore up the value of the naira against the persistent free fall of the currency in recent times, as it banned the importation of all foreign currencies unless by regulatory approval. The move, which is part of its determination to save the…

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CBN sold $2.8bn to stabilise Naira in September

Oct 2, 2013

Despite the pressure faced by the naira at other segments of the forex market in September, the traditional intervention of the Central Bank of Nigeria (CBN) at its regulated Wholesale Dutch Auction System (WDAS) during the month helped to stabilise the naira. However, from today, the WDAS will no longer exist following its suspension and…

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Oil prices lower as U.S. government remains shut down

Oct 1, 2013

Oil prices ended lower on Tuesday and extended losses after the market closed as U.S. politicians continued battling over how to overcome a budget impasse that shut down Federal agencies and programs. The U.S. government began a partial shutdown on Tuesday for the first time in 17 years, which is largely expected to crimp demand…

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