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Monthly Archives: November 2018

SEC DG Restates Commitment to Develop Capital Market

SEC, stakeholders reiterate commitment to developing nation’s bourse

The Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, thursday reaffirmed the commitment of the commission to develop the nation’s capital market in line with the 10-Year Master Plan. Uduk stated this while speaking on ...

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NPA Denies Not Remitting N117bn Operating Surplus

NPA Denies Not Remitting N117bn Operating Surplus

The Nigerian Ports Authority (NPA) has described as fictitious, the allegation that it failed to remit the sum of N177 billion operating surplus from its 2017 revenue to the Consolidated Federation Account. The allegation emanated from a motion at the ...

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Nigeria imports $3.3 billion steel product

Nigeria imports $3.3 billion steel product

• Awards N15billion contract for gold, lead Minister of State, Mines and Steel, Abubakar Bwari, has said Nigeria still imports an estimated $3.3 billion worth of steel and associated derivatives annually. Bwari said at the 16th Edition of Mines and Money, ...

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Stakeholders worried about multiplicity of agencies in oil sector

Stakeholders worried about multiplicity of agencies in oil sector

ERA/FOEN decries alleged tardiness in Ogoniland cleanup Except the Federal Government faithfully addresses the lapses in the oil and gas sector and multiplicity of agencies, the environmental degradation in the Niger Delta might not abate, stakeholders have warned. At a ...

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Nigeria plans selling electricity to Burkina Faso

Nigeria plans selling electricity to Burkina Faso

Citizens ready to pay for reliable power, says PwC Nigeria is planning to supply electricity to Burkina Faso, a West African country, amid cries of acute power deficit by Nigerians. Managing director/chief executive officer, Mainstream Energy Solutions Limited, operators of ...

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LADOL evicts Africoat Nigeria from free zone

LADOL evicts Africoat Nigeria from free zone

Lagos Deep Offshore Logistics (LADOL), has terminated the operating licence of Africoat Nigeria Limited from the LADOL free zone in Lagos. This is coming barely two months after Samsung Heavy Industries Nigeria (SHIN) Limited’s operating licence was withdrawn. Africoat was ...

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Dollar weakens as cautious Fed leads to rate-hike rethink

Dollar weakens as cautious Fed leads to rate-hike rethink

The dollar weakened against other major currencies on Thursday as markets took Federal Reserve Chairman Jerome Powell’s comment that U.S. interest rates were just below neutral as a signal that a three-year rate-hiking cycle is nearing an end. The dollar ...

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Nigeria’s economy is bleak, says World Bank

Nigeria’s economy is bleak, says World Bank

The World Bank has said that Nigeria’s Gross Domestic Product (GDP) growth is expected to hover slightly below two per cent in 2018, largely driven by non-oil industry and services. Its “Economic Update” issued in Abuja yesterday indicates that Nigeria, ...

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Nigeria subsidises petrol consumption for other African countries

Nigeria subsidises petrol consumption for other African countries

The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the ...

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Importers, operators count losses from ports infrastructure decay

Importers, operators count losses from ports infrastructure decay

•Importers now using alternative ports in West Africa It is no longer business as usual at the Apapa and Tincan seaports in Lagos, as importers, terminal operators, and clearing agents continue to count their losses to prevailing infrastructure decay that ...

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‘Extant laws stalling investments in crude refining’

‘Extant laws stalling investments in crude refining’

Foreign and local investors are currently not making the desired move to invest midstream (refining) segment of the country’s petroleum industry due to the prevailing laws. Section 6 of the Petroleum Act empowers the Minister of Petroleum Resources to fix ...

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Dakuku, Bala Usman to grace security officers’ conference

Dakuku, Bala Usman to grace security officers’ conference

The Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala-Usman; Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside; and the Comptroller-General of Customs, Hameed Ali, are among dignitaries expected at the 2018 National Conference of the Port Facility Security ...

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Cost inflation likely as deepwater projects hit $60 billion by 2022

Stakeholders worried about multiplicity of agencies in oil sector

Cost reduction occasioned by the glut being experienced in the oil sector is creating a favourable outlook for deepwater projects across the world, but a new report released yesterday by Wood Mackenzie, said efforts could be jeopardised by impending cyclical ...

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Home delivery of LPG is illegal, says DPR

Home delivery of LPG is illegal, says DPR

•Marketers insist on VAT removal The Department of Petroleum Resources has said delivery of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, to consumers in their homes, is illegal as it defies environment and safety rules.The agency said such acts ...

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Senate seeks halt of new tariff on alcohol, tobacco

Senate Express Readiness To Pass Maritime Sector Bills

The Senate yesterday asked the Federal Government to immediately suspend the implementation of the increased excise duty on beverages and tobacco pending further consultation. Adopting the report of its Finance Committee, the upper chamber of the National Assembly said more ...

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Germany invests €20m to address unemployment, migration in Nigeria

Germany invests €20m to address unemployment, migration in Nigeria

The Head of Cooperation, Embassy of Federal Republic of Germany in Nigeria, Christopher Wenzel, has said the German government has identified the need to address growing skill gap in Nigeria, particularly by providing necessary skills to tackle youth unemployment and ...

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Why illegal refineries thrive in Niger Delta, by oil marketers

Why illegal refineries thrive in Niger Delta, by oil marketers

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the thriving of illegal refineries in the Niger Delta on non-supply of petroleum products by the Nigerian National Petroleum Corporation (NNPC). The Rivers chapter chairman of the association, Emmanuel Inimgba, ...

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Presidency, Senate, Reps assure Nigerians of PIGB passage

Presidency, Senate, Reps assure Nigerians of PIGB passage

The Presidency, the Senate and House of Representatives have assured Nigerians of their resolve to see the Petroleum Industry Governance Bill (PIGB) through in the current dispensation. They disclosed this at the opening ceremony of the 18th International Health Safety ...

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As Nigeria struggles with N30,000, South Africa increases minimum wage to N126,480

As Nigeria struggles with N30,000, South Africa increases minimum wage to N126,480

South Africa has increased its minimum wage to N126,480 per month. The news is coming at a time Nigerian workers are uncertain their struggle for a N30, 000 minimum wage would yield result. The Global Wage Report 2018/19 released yesterday ...

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Dakuku, Usman, Others To Speak At SOAN Workshop

Dakuku, Usman, Others To Speak At SOAN Workshop

Notable maritime bigwigs including the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, the Managing Director of Nigerian Ports Authority (NPA) Ms. Bala Usman, the Executive Secretary of the Nigerian Content Development and Monitoring Board ...

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