Business & Finance

Oando offers buy opportunity as stock falls 21%

Sep 19, 2013

Stockbrokers have said the N9.32 share price of Oando Plc offers a buy opportunity for investors considering the growth potential in the company. Shares of Oando have dipped by 21 per cent in the last three days since news broke that jailed former Governor of Delta State, James Ibori, hid his assets in the integrated…

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FG to release subsidy payment today, adopts new accounting principle for 2014 budget

Sep 19, 2013

The Federal Government on Wednesday said it would continue to block loopholes in the fuel subsidy regime, adding that marketers with genuine claims would be paid on Thursday (today). The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the government had worked so hard to clean up the mess in the payment of fuel subsidy and…

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FG Projects N4.5tn budget for 2014, sets oil benchmark at $74/bl

Sep 19, 2013

The federal government is set to propose a budget of N4.495 trillion for the fiscal year 2014 that will be predicated on an oil revenue benchmark of $74 per barrel. While the proposed budget projection translates to a N492 billion reduction from the N4.987 trillion appropriated by the National Assembly in the 2013 budget, the…

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Brent falls below $108 as Libya resumes output and attack on Syria is halted

Sep 18, 2013

Brent crude oil prices slipped below $108 per barrel on Wednesday as Libya resumed output and as diplomatic talks to eliminate Syria’s chemical weapons started which eased worries that crude supply from the Middle East would be at risk. But investors remained cautious as they awaited the outcome of a US Federal Reserve policy meeting,…

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OPEC daily basket price stood at $107.64 a barrel Tuesday, 17 September 2013

Sep 18, 2013

The price of OPEC basket of twelve crudes stood at 107.64 dollars a barrel on Tuesday, compared with $109.04 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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Asia to lead in oil demand, economic development – El-Badri

Sep 18, 2013

Asia, a major importer of Nigeria’s oil has been tipped to lead the world in many areas, especially global oil consumption and economic development. The Secretary General of the Organisation of Petroleum Exporting Countries, OPEC, Dr. Abdalla S. El-Badri who spoke at the 5th Asian Ministerial Energy Roundtable in Seoul, South Korea a few days…

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France, Nigeria sign MoU on SMEs development, promises to assist in power generation

Sep 18, 2013

Nigeria and France, yesterday in Abuja signed a Memorandum of Understanding on SMEs development in the country. This is just  as France  has promised  to assist the country  in  increasing  her  power generation capacity. Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN),Alhaji Bature Masari,at the occasion,  signed on behalf of Nigeria  in the…

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FG loses N1.45 trillion oil revenues in nine months

Sep 17, 2013

The federal government has lost no less than N1.45 trillion in revenues from exportation of crude oil to the international market in the last nine months, recent data from the National Bureau of Statistics have shown. Data on external trade for the second quarter 2013 shows that estimated revenues from the sale of crude oil…

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Nigeria’s oil exports decline at slower pace in second quarter

Sep 17, 2013

Oil exports in Nigeria, Africa’s largest crude producer, declined at a slower pace in the second quarter compared with the previous three months, the statistics agency said. Crude shipments fell 11 percent to 2.7 trillion naira ($16.6 billion) last quarter, after dropping 26 percent in the first three months of the year, National Bureau of…

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Oil earnings dip by N36bn in Q2 – CBN

Sep 17, 2013

The contribution of the oil and gas sector to the Nigerian economy declined significantly in the second quarter of 2013, as revenue accruable to the Federal Government from the sector dipped by N35.7 billion. The Central Bank of Nigeria, CBN’s Economic Report for the Second Quarter of 2013, revealed that oil revenue dropped by 1.93…

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