Business & Finance

New revenue sharing formula ready soon – RMAFC

Sep 10, 2013

The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mr. Elias Mbam, on Monday assured Nigerians that a new revenue sharing formula among the three tiers of government would be ready before the end of the year. He said this while addressing journalists in Minna, Niger State, shortly after meeting with stakeholders in the state as…

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Sanusi justifies diversification of Nigeria’s reserves

Sep 10, 2013

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday justified the central bank’s decision to diversify the country’s reserve base from the United States dollar by investing in China’s Renminbi, saying the move had paid-off two years after. He said Renminbi, also known as Yuan had since been appreciating in…

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Brent falls by more than 1% as traders reclaim risk buy

Sep 10, 2013

Brent crude oil futures fell more than 1% on Monday as concerns of an imminent strike on Syria eased, and traders reduced positions taken amid fears of supply disruption in the Middle East. US President Barack Obama will give a televised address to the nation on Tuesday, making the case for intervention. “Brent is coming…

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OPEC daily basket price stood at $112.10/b on Friday 6th of September 2013

Sep 9, 2013

The price of OPEC basket of twelve crudes stood at 112.10 dollars a barrel on Friday, compared with $111.47 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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Oil theft, poor electricity supply hurt GDP growth in Q2 2013

Sep 9, 2013

Supply disruptions in the oil sector as a result of pipeline vandalism remained a significant challenge to the sector’s contribution to economic output in the second quarter of 2013. The non-oil sector also slowed as a result of poor electricity supply despite sustaining the nation’s economy in the second quarter. Data released by the National…

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Dangote’s oil refinery loan has seven-year tenor – Banking sources

Sep 9, 2013

The $3.3 billion syndicated loan secured by Dangote Industries last week to build a 400,000-barrel per day oil refinery and petrochemical plant is said to have a seven-year pay back period. A banker who was part of the negotiation disclosed this, saying that Dangote Group may have to work extra hard to meet the payment…

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Budget: Oil production estimates short by N1.1trillion

Sep 9, 2013

About 65 million barrels of crude oil worth N1.1 trillion was short in the first half of this year, using the 2013 budget estimate by government, Daily Trust can reveal. The National Assembly passed a N4.987 trillion budget for 2013 last December, based on oil production of 2.562 million barrel per day but statistics from…

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FG generated N2.3 trillion in second quarter

Sep 9, 2013

The total federally-collected revenue in the second quarter (Q2) of 2013 stood at N2.371 trillion, the Central Bank of Nigeria (CBN) revealed at the weekend. The amount, however represented a decline by 2.3, 5.2 and 16.4 per cent below the levels in the preceding quarter, the corresponding quarter of 2012 and the proportionate budget estimate,…

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Oando concludes payment of N5.1bn in dividends

Sep 6, 2013

Oando Plc, a leading integrated energy group listed on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) yesterday said it had concluded the payment of N5.1 billion dividend to shareholders for the year ended December 31, 2012. The company had posted a profit after tax of N10.9 billion for the year, out of…

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Diamond Bank commits N150bn to oil, gas financing

Sep 6, 2013

The Corporate Banking Director, Diamond Bank Plc, Mr. Samuel Egube, has said that the bank has put together about $1bn (N150bn) for the funding of oil and gas projects in Nigeria. Egube, in an interview on the sideline of the unveiling of three Dive Support Vessels acquired by CNS Marine Nigeria Limited in Lagos, on…

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