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Transcorp rallies to 7-month high on power plant handover

Sep 30, 2013

Transnational Corp. of Nigeria Plc, one of the buyers of the country’s state-owned power companies, rallied to a seven-month high as the federal government handed over the plants. The stock climbed for a third day, gaining 3.9 percent to N1.61 by 2:06 p.m. in Lagos,  the highest on an intraday basis since February 28. Investors…

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Over one million barrels lost in three years to crude theft – NNPC

Sep 30, 2013

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it lost as much as 11,753,217 million barrels (mb) of crude oil to activities of illegal crude theft and oil bunkering within the last three years. NNPC in a closed-door presentation to members of the House of Representatives Committee on Petroleum (Upstream), stated that the losses…

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Senate to resume hearing on PIB

Sep 30, 2013

The Senate says it will resume another round of public hearing on the Petroleum Industry Bill (PIB) on Oct. 9 following allegations of exclusion of some key stakeholders. The Nigerian Bar Association (NBA) and the Nigeria Labour Congress (NLC), among others, had alleged that critical stakeholders were prevented from participating in reforms of the oil…

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Privatisation: Banks loan N318bn to new electricity firms

Sep 30, 2013

Nigerian banks have injected a total of $2 billion (N318 billion) through the new owners of the Power Holding Company of Nigeria assets in the ongoing privatisation programme. Managing Director of the Fiderlity Bank plc, Mr. Reginald Ihejiahi said on Friday that the Nigerian banks are actually the major financiers of the ongoing power privitisation.…

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Ex-militants lay siege in Bayelsa community

Sep 30, 2013

Tension has gripped Bilabiri, a community in Ekeremor Local Government Area of Bayelsa State, after aggrieved ex-militants laid siege in the area. The angry warlords were said to have stormed the community with different types of riffles and terrified the area with gunshots. Sources said two groups of the former creek warriors engaged each other…

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JTF uncovers illegal armoury in Rivers

Sep 30, 2013

Fresh concern over security in the Niger Delta region heightened yesterday after the alleged discovery of an illegal armoury in a private residence in Bille Ttown, Degema Local Government Area of Rivers State. The arms were unearthed by troops of 130 Battalion attached to the Sector 2 of the Joint Task Force in the Niger…

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FCMB commits N44bn to power sector

Sep 30, 2013

First City Monument Bank has committed about $275m (N44bn) to the reform programme in the power sector. The figure was given by the Group Head, Project and Structure, FCMB Markets Limited, Mr. Robert Grant, during a special forum in Abuja on ‘Financing the power sector reforms for economic development.’ The forum, supported by the Central…

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JTF destroys 127 illegal refineries, arrests 29

Sep 30, 2013

The Joint (Military) Task Force in the Niger Delta says it has arrested 29 alleged oil thieves and destroyed 127 illegal refineries in the Niger Delta. In a statement on Sunday, JTF spokesman, Lt.-Col. Onyema Nwachukwu, said the suspects were arrested during the series of anti-oil-theft operations between September 16 and September 28. He added…

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Increased Dollar supply bolsters Naira

Sep 30, 2013

The naira appreciated against the United States dollar on Friday as a result of an increase in dollar supply at the Central Bank of Nigeria’s (CBN’s) regulated Wholesale Dutch Auction System (WDAS). Also, dealers said the traditional month-end sale of the greenback by some multinational oil companies also strengthened the nation’s currency. At the WDAS,…

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Nationwide blackout looms as PHCN workers begin strike October 2

Sep 30, 2013

The already deplorable power situation in the country may worsen as employees of Power Holding Company of Nigeria (PHCN) have threatened to stop the supply of electricity across the country by October 2 if the federal government goes ahead to handover the assets of the company to private investors today without the conclusion of payment…

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