Business & Finance

NNPC rebuffs House on N320.65bn revenue shortfall

Oct 1, 2013

The Nigerian National Petroleum Corporation (NNPC) has dismissed the statement by the House of Representatives Committee on Finance, saying there was no revenue shortfall to tune of N320.654 billion accruable to the federation and the figure could not have emanated from the corporation. The committee’s chairman, Hon. Abdulmumin Jibrin, had on Sunday upbraided NNPC over…

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Transcorp rallies to 7-month high on power plant handover

Sep 30, 2013

Transnational Corp. of Nigeria Plc, one of the buyers of the country’s state-owned power companies, rallied to a seven-month high as the federal government handed over the plants. The stock climbed for a third day, gaining 3.9 percent to N1.61 by 2:06 p.m. in Lagos,  the highest on an intraday basis since February 28. Investors…

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Privatisation: Banks loan N318bn to new electricity firms

Sep 30, 2013

Nigerian banks have injected a total of $2 billion (N318 billion) through the new owners of the Power Holding Company of Nigeria assets in the ongoing privatisation programme. Managing Director of the Fiderlity Bank plc, Mr. Reginald Ihejiahi said on Friday that the Nigerian banks are actually the major financiers of the ongoing power privitisation.…

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FCMB commits N44bn to power sector

Sep 30, 2013

First City Monument Bank has committed about $275m (N44bn) to the reform programme in the power sector. The figure was given by the Group Head, Project and Structure, FCMB Markets Limited, Mr. Robert Grant, during a special forum in Abuja on ‘Financing the power sector reforms for economic development.’ The forum, supported by the Central…

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Increased Dollar supply bolsters Naira

Sep 30, 2013

The naira appreciated against the United States dollar on Friday as a result of an increase in dollar supply at the Central Bank of Nigeria’s (CBN’s) regulated Wholesale Dutch Auction System (WDAS). Also, dealers said the traditional month-end sale of the greenback by some multinational oil companies also strengthened the nation’s currency. At the WDAS,…

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House: NNPC figure on crude oil sales, a ruse

Sep 30, 2013

Following the release, last Thurday, of its crude oil sales from January to July this year, the House of Representatives Committee on Finance has dismissed the $20.9 billion the Nigerian National Petroleum Corporation (NNPC) said it generated on behalf of the federation for the seven-month period, calling it a “ruse”. In a statement issued exclusively…

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Brent headed for third weekly loss

Sep 27, 2013

Brent crude oil dropped below $109 a barrel on Friday, heading for its third straight weekly loss, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East. The US and Russia have agreed on a draft UN Security Council resolution aimed at eliminating chemical weapons in Syria.…

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CBN resumes direct intervention to save naira

Sep 27, 2013

In a bid to save the naira, the Central Bank of Nigeria has resumed direct intervention by selling dollars to end users in the market. Our correspondent gathered on Thursday that the regulator took the decision in order not to devalue the naira. There had been speculation that the CBN would devalue the naira, thereby…

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NNPC earns $20.9bn from crude oil sales

Sep 27, 2013

The total year-to-date (YDT) earnings of the Nigerian National Petroleum Corporation (NNPC) from sale of crude oil in the first seven months of 2013 has been put at $20,907,063,959.35. In a presentation  Thursday to members of the House of Representatives Committee on Petroleum (Upstream) on crude oil production and sales during the period, NNPC disclosed…

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OPEC daily basket price stood at $106.53 a barrel Wednesday, 25 September 2013

Sep 26, 2013

The price of OPEC basket of twelve crudes stood at 106.53 dollars a barrel on Wednesday, compared with $105.80 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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