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Oil earnings dip by N36bn in Q2 – CBN

Sep 17, 2013

The contribution of the oil and gas sector to the Nigerian economy declined significantly in the second quarter of 2013, as revenue accruable to the Federal Government from the sector dipped by N35.7 billion. The Central Bank of Nigeria, CBN’s Economic Report for the Second Quarter of 2013, revealed that oil revenue dropped by 1.93…

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Midwestern Oil explains facility invasion

Sep 17, 2013

Midwestern Oil and Gas Limited, said the reason for the recent attack on its production facility at Umusadege, Ndokwa West Local Government Area of Delta State, is still unknown, even as it admitted to receiving a strange letter from youths in the area prior to the attack. The indigenous oil company in a statement made…

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UK prosecutor claims Ibori hid assets in Oando; oil company denies allegation

Sep 17, 2013

A British prosecutor Monday told a London Southwark Crown Court that former Delta State Governor, Chief James Ibori, who is currently serving a jail term in the United Kingdom, hid some of his assets in an oil firm, Oando Plc. The prosecutor, Sasha Wass, according to Reuters, also told the court that some amount of…

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Sovereign Wealth Fund invests $200m in US bonds

Sep 17, 2013

Nigeria’s Sovereign Wealth Fund, SWF, has invested more than $200 million in the United States bond market. The fund was given by the SWF to UBS, Credit Suisse and Goldman Sachs, to manage a fixed income portfolio. The investment, though relatively small, adds Nigeria to the small cadre of commodity-rich countries that over the past…

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Dangote, richest African in the world

Sep 16, 2013

The Forbes Magazine has declared Aliko Dangote is the richest African in the world in its latest list which features several top players in the Nigerian oil and gas sector. But the world’s richest black woman, Folorunsho Alakija, is conspicuously missing in the magazine ranking of the 21 richest Nigerians. Alakija, an oil tycoon and…

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Brent falls $2 as military action is called off against Syria

Sep 16, 2013

Global oil prices fell to a five-week low below $109 a barrel on Monday after the United States agreed to call off military action against Syria, easing supply concerns. Benchmark front-month Brent futures touched a six-month high of $117.34 a barrel in late August amid worries that a possible US military strike against Syria would…

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OPEC daily basket price stood at $109.87/b on Friday 13th September 2013

Sep 16, 2013

The price of OPEC basket of twelve crudes stood at 109.87 dollars a barrel on Friday, compared with $109.83 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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JTF arrests suspected oil theft syndicate, destroys 56 illegal refineries

Sep 16, 2013

The Joint Task Force (JTF) in Niger Delta codenamed “Operation Pulo Shield” on Sunday said it had arrested six suspected oil thieves and destroyed 56 illegal refineries. Notice of the arrest is contained in a statement made available to newsmen in Yenagoa by the JTF Media Coordinator, Lt.-Col. Onyema Nwachukwu. He said the suspects were…

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FG sends 186 ex-militants to S’Africa, UK for educational, vocational training

Sep 16, 2013

About 186 former Niger Delta militants trained under the Presidential Amnesty Programme (PAP) at the weekend departed the Murtala Muhammed International Airport, Ikeja, Lagos for South Africa, the United Kingdom and the Republic of Ireland for educational and vocational training. This batch of delegates brings to 16,683 the number of ex-militants so far sent for…

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SWF to invest in capital market, aviation sector

Sep 15, 2013

Managing Director of the Nigerian Sovereign Investment Authority, NSIA, Mr. Uche Orji, has said that the authority was looking at investing in Monoline insurance, securities, health and aviation sectors of the economy. Speaking at the Securities and Exchange Commission, SEC, Eminent Speakers’ Series held in Abuja on Friday, he said each of the components which…

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