Business & Finance

Local banks determined to fund investors on power projects

Jun 17, 2013

Banks in Nigeria have resolved to join in funding interested local investors of the 10 National Integrated Power Projects (NIPP) when the privatisation exercise commences by federal government . The banks made the resolve at the last Bankers’ Committee meeting that took place at the Central Bank of Nigeria (CBN) headquarters in Abuja, last week.…

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Shell laments inability of Nigerian banks to finance major oil transactions

Jun 17, 2013

The Shell Nigeria Exploration and Production Company (SNEPCO) has lamented that all companies that purchased its recently divested interests in the country drew funds from banks abroad to pay for their transactions. Commercial Integration and Business Value Manager at SNEPCO, Mr Taaj Shobayo, disclosed this at an interactive Deepwater Workshop with energy correspondents in Lagos,…

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Samsung Heavy wins $3bn FPSO platform order from Nigeria

Jun 13, 2013

South Korean shipbuilder Samsung Heavy Industries said Thursday it had won a $3.0 billion order to build a giant offshore oil storage platform in Nigeria. Under the deal, the shipbuilder will construct the floating platform used to store and process oil, which will begin operations in 2017, Samsung said in a statement. The Floating Production…

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FG Woos European Investors on 80% Interest in NIPP Plants

Jun 13, 2013

The federal government Wednesday wooed European investors to acquire 80 per cent stakes in 10 power stations built under the National Integrated Power Project (NIPP), assuring them of maximum support in ensuring the success of electricity business in the country. The Road Show to kick-start the international investment drive for the divestment of government stakes…

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Jonathan orders recovery of $9.6bn underpayment from oil companies

Jun 12, 2013

President Goodluck Ebele Jonathan has directed all agencies affected by the audit reports of Nigerian Extractive Industries Transparency Initiate (NEITI) to recover the outstanding $9.6 billion uncovered by the audit exercise in the oil and gas sector. The President, who gave the directive during a visit by the board and management of NEITI at the…

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Naira may fall further as a result of increased government spending

Jun 12, 2013

The possibility of an increase in government due to the emergency rule declared in Borno, Yobe and Adamawa states may result to further depreciation of the naira, a report has said. The report also identified recent deterioration of Nigeria’s external position due to a drop in crude oil production and the slide in crude oil…

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Oil & gas insurance: Local retention rises by over 400% – NAICOM

Jun 11, 2013

Contrary to insinuations that objectives of the Local Content policy in the insurance industry, were yet to be achieved, the National Insurance Commission (NAICOM) has said that the local retention in oil and gas insurance business in the country rose by over 400 per cent in the last three years. The Commissioner for Insurance, Mr.…

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Lack of Investment in the Upstream Sector May Halt Nigeria’s Growth

Jun 7, 2013

A report has warned that if Nigeria’s crude oil production remains at its current level due to insufficient investments in the upstream sector, the amount of barrels available for exports will shrink, thus putting further pressure on the budget as well as economic growth. Renaissance Capital Limited (RenCap), a Lagos-based financial advisory and investment firm…

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