Business & Finance

House: give credit for N850bn subsidy savings to Okonjo-Iweala, not Madueke

Sep 26, 2013

The Chairman of the House of Representatives Committee on Finance, Hon. Abdulmunini Jibrin, has said the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala, should take the credit for saving N850 billion from the subsidy on petrol, and not the Minister of Petroleum, Mrs. Diezani Alison-Madueke. Speaking in an interview…

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I will not devalue the Naira – Sanusi

Sep 26, 2013

The Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, has vowed to defend the Naira. He said he was prepared to use the nation’s foreign reserve to ensure the currency’s stability. Briefing the newsmen at the end of the Monetary Policy Committee meeting in Abuja, he said that the argument of…

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OPEC daily basket price stood at $105.76 a barrel Tuesday, 24 September 2013

Sep 25, 2013

The price of OPEC basket of twelve crudes stood at 105.76 dollars a barrel on Tuesday, compared with $106.52 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…

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Revenue shortfall: House Committees differ on Alison-Madueke

Sep 25, 2013

The debate over who should be held responsible for the dwindling oil resources in the country took a new dimension yesterday, as the Joint House Committees on Petroleum Upstream and Gas Resources took a swipe at the House Committee on Finance for blaming the revenue shortfall on the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke…

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BP sells Forties at 3-month low ; Nigeria boosts Qua oil exports

Sep 24, 2013

BP Plc (BP/) sold North Sea Forties crude at a discount to Dated Brent, the lowest level since June 19. Socar Trading SA offered Azeri Light blend at a smaller premium than yesterday. Nigeria plans to increase November exports of Qua Iboe crude to 11 cargoes, two more than in October, according to loading programs…

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Brent edges down near $108

Sep 24, 2013

Brent crude edged down near $108 per barrel on Tuesday as geopolitical tensions eased slightly ahead of nuclear talks involving Iran and the US later this week, while rising oil supply from Iraq and Libya weighed on prices. Iran has agreed to new talks on its nuclear programme with top diplomats from six world powers,…

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OPEC daily basket price stood at $106.52/b on Monday 23 September 2013

Sep 24, 2013

The price of OPEC basket of twelve crudes stood at 106.52 dollars a barrel on Monday, compared with $107.34 the previous Friday, 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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FG, states unable to share revenue as cash crunch deepens

Sep 24, 2013

Is Nigeria broke? Notwithstanding the vigour with which officials of the Federal Government may respond with a no, they would not have the support of finance commissioners who returned to their states from Abuja Monday empty-handed. They were in the federal capital to get their  statutory revenue allocation from the Federation Account. But a shortfall of…

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Stakeholders apprehensive over Oando’s shares decline

Sep 24, 2013

Stakeholders in the oil and gas industry are becoming apprehensive over the decline inOandoPlc shares, which dropped by 10 per cent on the Nigerian Stock Exchange last week. The drop in the Oando share price was attributed to the revelationsmade at a Southwark, London Court, lastweek by the former Governor of Delta State, James Ibori,…

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Increased Dollar supply strengthens Naira

Sep 24, 2013

The naira appreciated significantly against the United States dollar at the interbank segment of the forex market  Monday, where it closed at N159.40 to a dollar. The naira had closed at N161.20 to a dollar at the interbank last Friday. Dealers revealed that the performance of the nation’s currency was buoyed by the Central Bank…

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