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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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Contractors panic as NDDC tours projects

Sep 4, 2013

The newly appointed Acting Managing Director, Niger Delta Development Commission, Mrs. Chris Atako, has put contractors on their toes, as she expressed disapproval with the quality of some of the jobs being done. At the students’ hostel project constructed by the Commission at the Rivers State University of Science and Technology, Nkpolu, Rivers state, Atako,…

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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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UBA to invest $2 billion in power sector

Sep 4, 2013

United Bank for Africa (UBA) has invested $700 million this year in financing power assets in the country and plans to put $2 billion into power projects across the continent over the next three years, its Group Managing Director/Chief Executive Officer, Mr. Phillips Oduoza said. Oduoza also said he expected the bank to grow loans…

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Lagos drags FG, Civil Defence Corps to court

Sep 4, 2013

The Lagos State Government yesterday instituted a law suit against the federal government and the National Security and Civil Defence Corps (NSCDC), for arresting residents over allegation of pipeline vandalism, which it said, could not be established. The Director of the Office of the Public Defender (OPD), Mrs. Omotola Rotimi, disclosed this in a statement,…

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Brent eases, holds above $114

Sep 4, 2013

Brent futures eased on Tuesday as worries over a military strike on Syria eased, but held above $114 per barrel as investors focused on prospects of a revival in demand growth with factory output across most of the world improving. Better data from Europe and China and a steady recovery in the US pointed to…

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OPEC daily basket price stood at $110.35/b on Monday 2nd of September 2013

Sep 3, 2013

The price of OPEC basket of twelve crudes stood at 110.35 dollars a barrel on Monday, compared with $111.55 the previous Friday, 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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Crude oil theft occurs at well heads – NNPC

Sep 3, 2013

The Nigerian National Petroleum Corporation (NNPC) has said there was no recorded incident of crude oil theft at the export terminals, stressing that all the reported cases of crude oil theft occurred at the well-heads. Speaking recently in Lagos during an interactive session with oil and gas operators, the Group Executive Director (GED) in charge…

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PIB will attract investments when passed into law – Membere

Sep 3, 2013

Group Executive Director of the Nigerian National Petroleum Corporation, (NNPC), Abiye Membere, has said that the Petroleum Industry Bill (PIB) would attract investments if passed. Membere who stated this at the 2013 National Association of Energy Correspondents (NAEC) Conference held in Lagos said PIB would create a strong and independent regulator to develop and enforce…

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JTF impounds 2 oil laden barges, nabs 11 suspects

Sep 3, 2013

The Joint Task Force in the Niger Delta, code-named Operation Pulo Shield, has impounded two barges laden with illegally sourced crude oil on the Kasabobo creek in Southern Ijaw Local Government Area of Bayelsa State. Also, 11 suspected crude oil thieves were nabbed in Rivers an Delta states in the renewed offensive against illegal bunkering…

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