Business & Finance

Telcos, oil companies require more incentives to list on NSE

Sep 3, 2013

Boniface Okezie:  I think beyond calling on companies to be listed on the exchange, both the Nigerian Stock Exchange (NSE) and the Security and Exchange Commission (SEC) should be able to create an enabling environment for oil companies to list. It is not only about mere pronouncement for them to come and list, and not…

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Obasanjo advises RMAFC on revenue allocation formula review

Sep 3, 2013

A former President Olusegun Obasanjo on Monday in Abeokuta said the sharing of the nation’s revenue among the three tiers of government must be proportionate to the responsibilities they discharge. Obasanjo said it had become imperative that   the responsibilities of each of the tiers of government were quantified in order to ensure a fair and…

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OPEC daily basket price stood at $111.55/b on Friday 30th of August, 2013

Sep 2, 2013

The price of OPEC basket of twelve crudes stood at 111.55 dollars a barrel on Friday, compared with $112.80 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…

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Stanbic IBTC appointed as local sovereign wealth custodian

Sep 2, 2013

The Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian. A statement signed by the Vice President, Infrastructure, Markets & Investments and Special Advisor to the Managing Director NSIA  Obinna Ihedioha, said Stanbic IBTC’s custody team will work alongside JP Morgan and others as the NSIA’s global custodian. The statement said…

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CBN compels banks to buy dollars to halt naira depreciation

Sep 2, 2013

The Central Bank of Nigeria (CBN) on Friday compelled banks to buy dollars at N160.5 per dollar, in a bid to halt the four day depreciation of the naira at the interbank foreign exchange market. The unusual intervention forced the interbank exchange rate to N162.05 per dollar on Friday from N163.7 per dollar on Thursday,…

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OPEC daily basket price stood at $112.80/b on Thursday, 29th August 2013

Aug 31, 2013

The price of OPEC basket of twelve crudes stood at 112.80 dollars a barrel on Thursday, compared with $112.25 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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Brent slips after week of gains

Aug 31, 2013

Brent crude oil slipped to $115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it will not join any military action against Syria. Oil prices were still on track for the biggest monthly gain in a year, with Brent up more than 6% in August after…

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External reserves drop to $46.87 billion as Naira hits one year low

Aug 30, 2013

Nigeria’s external reserves continued its lacklustre performance since this quarter as it fell to $46.871 billion on Wednesday, its lowest value this month. This was just as the naira also weakened to its lowest value against the United States dollar this year at the interbank segment of the forex market as it closed at N163.70…

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Forte Oil records N1.4 billion half-year profit

Aug 30, 2013

Forte Oil Plc  Thursday announced a profit after tax of N1.39 billion for the half year-ended June 30, 2013, an increase of 63 per cent when compared to N855 billion earned in the corresponding period of 2012. Also, the company’s revenue rose by 21 per cent to N59.9 billion from N49.7 billion recorded in the…

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TCN board seeks funding from excess crude account

Aug 29, 2013

The reconstituted supervisory board of the Transmission Company of Nigeria (TCN) has asked the federal government to finance expansion projects in Nigeria’s power sector with funds from the Excess Crude Account (ECA). Chairman of the board and a onetime chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Haman Tukur, who spoke shortly after…

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