Business & Finance

How $1bn power sector Eurobond will be spent – DMO

Aug 23, 2013

The $1billion Eurobond meant for public power supply stabilisation in Nigeria will not only be tied to the envisaged projects, but also closely monitored to win investors’ confidence. This was disclosed yesterday, by the Director General of Debt Management Organisation (DMO), Dr. Abraham Nwankwo, in Calabar, the Cross River State capital. In an interview shortly…

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FG may have raked in N358.04bn from PHCN asset sales

Aug 22, 2013

All things being equal, the Federal Government may have raked in about $2.238 billion or N358.045 billion from the sale of 15 Power Holding Company of Nigeria, PHCN, successor companies, which transaction deadline ended, Wednesday. The amount represents 7.18 percent of the national budget of N4.987 trillion in 2013, making it the biggest privatisation sales…

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Crude oil trade movements for North Sea, Mediterranean and West Africa

Aug 22, 2013

Royal Dutch Shell Plc, Gunvor Group and Vitol Group failed to sell North Sea Forties crude for a second day. Total SA (FP) bought Russian Urals at a discount to Dated Brent, the first trade below the benchmark since June 7. Nigeria raised its September official selling price for all grades, the Nigerian National Petroleum…

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OPEC daily basket price closed at $107.06/b on Tuesday 20th August 2013

Aug 21, 2013

The price of OPEC basket of twelve crudes stood at 107.06 dollars a barrel on Tuesday, compared with $107.83 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…

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Nigeria’s debt/GDP ratio moves to 35%, edges closer to fiscal ceiling

Aug 21, 2013

Following the upsurge in borrowings by the federal and state governments, the Asset Management Corporation of Nigeria (AMCON) and public agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria’s public debt to GDP ratio has moved to 35 per cent, only 5 per cent short of the fiscal ceiling of 40 per cent, a…

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Oando reduces total debt by 18%

Aug 21, 2013

Oando Plc  has  announced an overall debt reduction  in the last twelve months from N289 billion to N236 billion, indicating a difference of N53 billion. According to a statement by  the company, the reduction was achieved through the active restructuring activities the Group has embarked on over the last 12 months, even as it has…

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Conoil Plc records profit of N1.6 Billion at half year

Aug 21, 2013

Conoil Plc has said it recorded 255 per cent increase in profit after tax from N450.9 million in 2012 to N1.6 billion at as half year-ended June 30, 2013. The company added the performance demonstrated its resilience to overcome the overwhelming challenges in the downstream oil sector. It declared a whopping N1.98 billion as profit…

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RMAFC Commissioner wants states, LGs to diversify revenue base

Aug 21, 2013

A Commissioner in the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Alhaji Saidu Fawu, has urged states and local governments to diversify their resource bases to reduce over-dependence on federal allocations. Fawu, who represents Gombe State at the commission, said this when he addressed newsmen in Gombe on Saturday.He spoke on the forthcoming August 19,…

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Need for oil majors to list on the NSE as Shell, Chevron, others declare $38.76bn dividend

Aug 20, 2013

Nigerians were once again the losers, as six international oil companies — Royal Dutch Shell, ConocoPhilips, Chevron, Total, Eni and ExxonMobil — paid their shareholders a dividend of $38.76 billion (N6.201 trillion) in 2013. The dividends were for the 2012 financial year, which was approved by their respective shareholders a couple of weeks ago. The…

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Okonjo-Iweala decries N232bn fraudulent subsidy claims

Aug 16, 2013

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has decried the N232bn ($1.5bn) overpayments made to “fraudulent” oil marketers. Okonjo-Iweala, who is also the Coordinating Minister for the Economy, made the plan known at the meeting of the National Council of Finance and Economic Development in Minna, Niger State on Thursday. She said in 2006, the…

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