Business & Finance

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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Nigeria picks Goldman, Credit Suisse, UBS for wealth fund

Aug 29, 2013

Nigeria’s sovereign wealth fund on Wednesday appointed Goldman Sachs, UBS and Credit Suisse as asset managers for the 20 percent portion of its $1 billion fund that is meant to cushion against oil price shocks, it said. The sovereign wealth fund (SWF) seeks to help Nigeria better manage its oft squandered oil windfall, with a threefold aim…

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OPEC daily basket price stood at $109.28 a barrel Tuesday, 27 August 2013

Aug 28, 2013

The price of OPEC basket of twelve crudes stood at 109.28 dollars a barrel on Tuesday, compared with $108.36 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…

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Oil gains more than $2 on possible Syria strike, Brent above $117

Aug 28, 2013

Oil rose more than $2 a barrel on Wednesday, with Brent pushing above $117 and the U.S. benchmark soaring to its highest in over two years, amid worries a possible military strike by Western powers against Syria could hit Middle Eastern crude supply. The United States and its allies have told the Syrian opposition to expect…

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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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