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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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Aftermath of 2011 Bonga spill – 150 feared dead in Delta, Bayelsa

Sep 9, 2013

Over 150 riverine dwellers have reportedly lost their lives and about 5,000 presently sick in Delta and Bayelsa states because of the alleged destructive chemical dispersant used to clean the controversial crude spill from the Bonga Oil Field, belonging to Shell Nigeria Exploration and Production Company, SNPECo, on December 20, 2011. Chairman/Coordinator of Named Itsekiri/Ijaw…

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Non-passage of bill delays ports reform – NPA boss

Sep 9, 2013

The Managing Director and Chief Executive Officer  of the Nigerian Ports Authority, Alhaji Habib Abdullahi, said the non-passage of the proposed Nigerian Ports and Harbours Authority Bill has constrained the ability of the authority to ensure technical and economic regulation of the port industry in line with global standard. Alhaji Habib who spoke over the…

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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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PHCN workers vow to resist power firms’ handover

Sep 9, 2013

Employees of the Power Holding Company of Nigeria have vowed to resist the takeover of the electricity distribution and generation companies by the successful buyers until all outstanding payments are made. The workers’ position contradicts the recent pronouncement by the Federal Government that the successful bidders who met the deadline for the payment of the…

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Giving foreign firms a run for their money in the maritime logistics sector

Sep 6, 2013

The marine logistics subsector is set for greater things. Two local firms have acquired five ships to boost their operations. The Ocean Marine Tanker (OMT) brought in two tankers, MT Abiola and MT Igbinosa; CNS Marine Nigeria Limited acquired three vessels – Adessa Ocean King, Adessa Legend, and Adessa Sea Protector. While Ocean Marine vessels…

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Shell seeks settlement for Nigeria oil spill

Sep 6, 2013

Negotiations between Royal Dutch Shell and the lawyers representing 15,000 Nigerians claiming compensation for two oil spills that occurred in the Niger Delta in 2008 are set to begin next week, in a bid to end litigation against the company in United Kingdom. Shell is facing a lawsuit in London’s High Court over the two…

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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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