Business & Finance

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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Oil firms rein in spending to save cash for dividends

Sep 6, 2013

Oil and gas firms are cutting back on investments to try and improve profits and save cash for dividends, perhaps signalling an end to a decade-long boom in capital spending. Companies seeking to bring oil fields into production have splashed out on new drilling, equipment or pipelines, supported by rising oil prices. But suppliers and…

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Naira depreciates further amid tight dollar supply

Sep 5, 2013

The naira has weakened further on Wednesday on the back of strong demand for the dollar even as the Central Bank of Nigeria, CBN pledged that it had no plans to devalue the local currency. The naira fell to N163.6 to the dollar on the interbank compared with N162.95 a dollar on Tuesday. The Reuters…

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CBN to resist pressure to devalue Naira

Sep 5, 2013

Central Bank of Nigeria, CBN will resist pressure to devalue the naira since it retains ample funds to defend the currency, its spokesman, Ugochukwu Okoroafor has said. Naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits…

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OPEC daily basket price stood at $111.20/b on Tuesday 3rd of September 2013

Sep 4, 2013

The price of OPEC basket of twelve crudes stood at 111.20 dollars a barrel on Tuesday, compared with $110.32 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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Total Nigeria Plc – Battling with high finance costs

Sep 4, 2013

When shareholders of Total Nigeria Plc, the highest priced stock in the petroleum products marketing sector of the Nigerian Stock Exchange (NSE) met last June, they commended the board and management of the firm for its 2012 performance. They were so pleased for receiving a bumper harvest of dividend that stood at N11 per share.…

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Insurance sector grappling with inadequate infrastructure – Wiggle

Sep 4, 2013

Managing Director of Linkage Assurance Plc, Mr. Gus Wiggle has said that the insurance industry is grappling with inadequate infrastructure and unstable weather which exposed insured assets to natural disasters such as floods. According to him the current performance of the industry has not been sufficient for it to reach the critical mass necessary to…

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Oil firms borrow N3.44trn from Nigerian banks

Sep 4, 2013

Oil and gas firms’ operating in the country borrowed about N3.443 trillion from banks in Nigeria in a two- year period between 2011 and 2012. According to data obtained from the Nigerian Deposit Insurance Corporation, NDIC, of the N15.424 trillion facilities given out by the banks to operators in the economy during the period in…

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Expert urges NAICOM not to relax insurance regulations

Sep 4, 2013

An insurance expert has encouraged the Nigerian insurance regulator, National Insurance Commission (NAICOM), not to drop its guard on the regulation and supervision of insurance formations under its purview. The insurance broker, who pleaded anonymity, made the call in an interview with THISDAY in Lagos recently. According to him, both the regulator and regulated in…

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