Business & Finance

FG signs N78bn MoU with Chinese firm

Aug 28, 2013

The Federal Government on Tuesday signed a N78bn ($500m) Memorandum of Understanding with the Xian Electric Engineering Company Limited of China for the execution of transmission projects in the power sector. The N78bn, a loan obtained from the China Exim Bank, will be used for the construction of power transmission infrastructure across the country. The…

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Dangote’s plans for financing refinery, petrochemical project

Aug 28, 2013

Dangote Industries Limited (DIL) is set to sign a $3.3 billion term loan agreement with a consortium of local and foreign banks on September 4 in Abuja for the construction of a 400,000 barrels per day (b/d) refinery, petrochemical and fertiliser complex that will cost the Nigerian conglomerate $9.05 billion to construct. Confirming this Tuesday,…

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Federal Government makes N304bn from sale of power assets

Aug 28, 2013

An estimated N304.82 billion ($1.957 billion) was paid into the coffers of the federal government last week when 14 of the preferred bidders who won the bids for the successor generation and distribution companies created from the unbundling of Power Holding Company of Nigeria, PHCN, finally paid up 75 per cent of the transaction value…

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OPEC daily basket price stood at $108.36 a barrel Monday, 26 August 2013

Aug 27, 2013

The price of OPEC basket of twelve crudes stood at 108.36 dollars a barrel on Monday, compared with $108.25 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 Light (Iraq),…

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Nigerian naira flat, oil firm dollar sales support

Aug 27, 2013

Nigeria’s naira closed broadly flat against the U.S dollar on the interbank market on Monday as two multinational oil companies sold about $107 million to some lenders. The unit ended flat at 161.48 naira to the greenback on the interbank, after weakening to 162 naira during intra-day trade. It closed at 161.45 naira on Friday.…

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AFC, Nigerian banks provide funds for N34bn Ughelli plant acquisition

Aug 27, 2013

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc. Ughelli Power Plc is a gas…

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FG risks $185bn loss over the next 10 years from PIB – Exxon Mobil boss

Aug 26, 2013

Nigeria risks losing $185bn within 10 years as higher taxes proposed by a new law will deter investments in the country’s oil industry, an association of energy companies including Exxon Mobil, has said. The nation’s oil production may slump by 25 per cent from 2.4 Million barrels a day if the Petroleum Industry Bill is…

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Oil theft, other factors lead to revenue shortfall in July

Aug 23, 2013

The Federation Account Allocation Committee Thursday deducted N115 billion from the Excess Crude Account (ECA) to make up for revenue shortfall for July. The withdrawal leaves the ECA at about $5.1 billion. Also, a total statutory revenue of N715.84 billion was shared among the three tiers of government for July. This came as the federal…

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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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