Business & Finance

FG pays N287bn to oil marketers

Sep 24, 2013

The federal government has paid a total of N287,351,770,696.16 as subsidy on verified claims to marketers this year with subsidy payments expected to decline from N2.2 trillion in 2011 to N971 billion this year. This represents a reduction of over N1.2 trillion or 56 per cent. The latest payment of N46.7 billion was made in…

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Oando to publish list of shareholders – Tinubu

Sep 22, 2013

Group Chief Executive, Oando Plc, Mr Wale Tinubu, on Friday said the company would publish names of shareholders on its web site to ensure sustainable corporate governance. Tinubu said this in Lagos at a meeting with the stockbrokers at the Nigerian Stock Exchange, NSE, to explain its stance on former Gov. James Ibori’s alleged ownership of 30 per…

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OPEC daily basket price stood at $108.40 a barrel Thursday, 18 September 2013

Sep 20, 2013

The price of OPEC basket of twelve crudes stood at 108.40 dollars a barrel on Thursday, compared with $107.26 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),…

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Oil tumbles as Libya output rises, Iran tensions ease

Sep 20, 2013

Oil fell sharply on Thursday after a bout of buying to cover short positions ended and traders refocused on increased Libyan production and dwindling geopolitical concerns about Iran. Early in the session, investors bought contracts to cover short bets. Once that buying dried up, the market was back to focusing on increased Libyan oil production…

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Oando shares rise as Index gains 0.35%

Sep 20, 2013

Shares of Oando Plc appreciated on Thursday as the impact of a British prosecutor’s claims that jailed former Delta State Governor, Mr. James Ibori, hid part of his assets in the oil firm waned. OandoPlc has since denied the claims. At the close of trading activities on the floor of the Nigerian Stock Exchange on…

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Jonathan inaugurates SWF Council, calls for accountability

Sep 20, 2013

President Goodluck Jonathan has urged the Nigeria Sovereign Investment Authority to ensure accountability and gain the trust of all stakeholders in the management of the Sovereign Wealth Fund. Jonathan, who was represented by Vice-President Namadi Sambo, made the call in Abuja on Thursday at the inauguration of the Sovereign Wealth Fund Council. The President is…

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Sovereign Wealth Fund to redistribute oil wealth – CBN

Sep 20, 2013

Mallam Sanusi Lamido Sanusi, Governor, Central Bank of Nigeria (CBN),  says the Federal Government established the Sovereign Wealth Fund (SWF) to shield Nigerian economy from adverse global shocks. Sanusi, who made the remark at the Euromoney Conference in Lagos on Thursday, said that the fund would shield the economy in the event of total crash…

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OPEC daily basket price stood at $107.26 a barrel Wednesday, 18 September 2013

Sep 19, 2013

The price of OPEC basket of twelve crudes stood at 107.26 dollars a barrel on Wednesday, compared with $107.64 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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Forbes disowns new rich list

Sep 19, 2013

FORBES has dissociated itself from the recent rich list published by the news media in the country. The statement from Forbes said: “The information that was published in a recent article that made reference to a list of the wealthiest Nigerian businessmen was not created nor produced by Forbes Africa or its parent company Forbes.…

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