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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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SURE-P Chairman unfolds unemployment reduction agenda

Aug 30, 2013

The pangs of lingering unemployment crisis may have hit no fewer than 40 million Nigerians, who are currently in search of virtually elusive job placements, the Chairman of Subsidy Reinvestment & Employment Programme (SURE-P), Dr.  Christopher Kolade has revealed. Kolade however expressed optimism that the current SURE-P agenda would tackle the unemployment saga, given the…

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Pirates kill policeman, civilian in revenge mission

Aug 30, 2013

In what looks like a revenge mission, pirates Thursday, at Ikang Jetty in Bakassi Local Government Area of Cross River State, killed a policeman and a civilian. Last Tuesday, officers and men of the Nigerian Navy (NNS Victory) Calabar gunned down four sea pirates near the Atlantic Ocean who attempted to rob a Camerounian vessel…

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Fairmount Marine delivers world’s first floating, storage and re-gasification unit

Aug 29, 2013

The world’s first offshore-moored floating, storage and re-gasification unit (FSRU), the FSRU Toscana, has been successfully delivered and permanently moored off the coast of Livorno, Italy, where it will be used as a terminal and export point for liquefied natural gas. Two tugs from Rotterdam-based Fairmount Marine delivered the floating ‘gas plant’ from Dubai via…

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AMCON takes over Capital Oil

Aug 29, 2013

The Assets Management Corporation of Nigeria, AMCON, has taken over Capital Oil and Gas Limited in line with its mandate to recover the toxic assets of banks and further help in strengthing the industry. Capital Oil is one of the organisations that is exposed to banking facilities following a stress test carried out by 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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10,000 jobs at risk due to pull out by Chevron, Shell from OKLNG

Aug 29, 2013

Nigeria’s unemployment situation is set to worsen, as the fate of about 10,000 workers in the Olokola Liquefied Natural Gas project, OKLNG, is currently on the line, following the pulling out of Chevron and Shell, which threatens the continuation of the project.The workers, currently employed in the construction phase of the project, risk being disengaged,…

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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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