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Monthly Archives: August 2019

NNPC, Total To Partner On Growing Nigeria’s Oil And Gas Reserves

NNPC Agrees to $2.5bn Financing with Chinese Lender for Pipeline Project

The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria have agreed to work together to actualise the country’s aspiration of growing national oil reserves of 40 billion barrels. Group managing director of the NNPC, Mallam Mele Kyari, and the Country ...

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Nigeria’s Diesel, Cooking Gas Prices Increased In July – NBS

Banks recorded N1.44tn non-performing loans Q2

The average prices of diesel and Liquefied Petroleum Gas, also known as cooking gas, rose in July after declining in June, according to the National Bureau of Statistics. The latest data obtained from the NBS showed that the average price ...

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Optimal Gas Utilization Can Solve Nigeria’s Power Supply Issue – Aiteo

Optimal Gas Utilization Can Solve Nigeria’s Power Supply Issue – Aiteo

The Group Managing Director, Aiteo Eastern Exploration and Production Company Limited, Victor Okoronkwo, has said Nigeria’s power shortage could be resolved through optimal utilisation of the nation’s huge gas deposits. Okoronkwo spoke at a panel session of the conference titled: ...

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DPR Begins Fuel Digital Measurement To Check For Under-Dispensing

DPR Reads Riot Act To Dealers Of Adulterated Lubricants

The Department of Petroleum Resources, (DPR), has commenced the gradual phase-out of manual measurements of fuel at petrol stations. Addressing newsmen in Abuja, after conducting a surveillance of petrol stations, Zonal Controller, Abuja Office of the DPR, Mr. Buba Abubakar, ...

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Profits Of Consumer Goods Firms Drop By N38bn

Profits Of Consumer Goods Firms Drop By N38bn

The profit of Fast Moving Consumer Goods companies listed on the Nigerian Stock Exchange declined by N38.02bn in the 2018 financial year. Although there are 21 FMCG companies listed on the stock exchange, the results of nine of them were ...

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BoI To Empower 110,000 SMEs With N2.4bn

BoI To Empower 110,000 SMEs With N2.4bn

The Bank of Industry says it will empower 110,000 Micro, Small and Medium Enterprises in the North-East part of Nigeria with the sum of N2.4bn. Six states are in Nigeria’s North-East and they are Borno, Adamawa, Yobe, Bauchi, Gombe and ...

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CBN Ends Credit To Firms, Individuals Without TIN, BVN

FG’s quarterly non-oil revenue rises to N1.36bn

The Central Bank of Nigeria (CBN) has mandated commercial banks to stop lending to firms without Tax Identification Number and individuals not having Bank Verification Number (BVN). This was contained in its latest exposure draft on the review of the ...

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UBA Urges  Japan To Invest $2.5bn In African Entrepreneurs

UBA Urges  Japan To Invest $2.5bn In African Entrepreneurs

The Chairman of United Bank for Africa Plc has urged the government of Japan to invest five per cent of its $50bn commitment to Africa in empowering African entrepreneurs. Elumelu spoke at the 7th Tokyo International Conference on African Development ...

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Stakeholders Decry Low Access To ECOWAS Trade Scheme

Stakeholders Decry Low Access To ECOWAS Trade Scheme

Major private sector players have called for the removal of barriers that have hindered the full implementation of the Economic Community of West African States’ Trade Liberalisation Scheme. They made the call in Lagos at a one-day sensitisation workshop on ...

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CRFFN To Begin Collection Of Practitioners’ Fees This Month

Deals Gone Bad In CRFFN: N100million Budget Padding Shakes CRFFN, As House Committee Members Trade Blames

* Explores role of freight forwarders in AfCFTA By Kenneth Jukpor The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) is set to begin the collection of Practitioners’ Operating Fees (POF) this month, September 2019.   The Registrar ...

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We Are Expanding Investments To Match Our Ambition – SIFAX

BULLS: SIFAX Blind CSR

SIFAX Group, a business conglomerate with diverse investments in various sectors of the economy, has said its massive investment in infrastructure and increase in its business portfolio is due to its huge ambition of transiting to a mega corporation. In ...

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Nigeria lost 22m barrels of crude to theft in six months

Nigeria lost 22m barrels of crude to theft in six months

Edo State Governor Godwin Obaseki has said that in the first six months of 2019, the nation lost about 22 million barrels of its crude oil production to oil theft. He said if nothing was done to curtail the ugly ...

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Med-View denies operation shut down

Med-View denies operation shut down

Despite its absence from both regional and local routes in the last two weeks, Med-View Airlines Plc. has denied the suspension of flight operations. The management of the airline yesterday urged its shareholders, stakeholders, and the general public to disregard ...

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‘Non-oil export at stake over continued border closure’

Border Closure: “We’ve Seized 2 Trillion Bags Of Poisonous Rice At Seme” - Customs

* Operators record weekly loss of $1m over action * ‘Government agencies at borders have not lived up to their mandates’ Members of the Organised Private Sector (OPS), including manufacturers and the Lagos Chamber of Commerce and Industry (LCCI), have ...

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AfCTA: CRFFN To Explore Roles Of Freight Forwarders

Deals Gone Bad In CRFFN: N100million Budget Padding Shakes CRFFN, As House Committee Members Trade Blames

  By Kenneth Jukpor As part of efforts to key into the implementation of the African Continental Free Trade Agreement (AfCFTA), the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has started exploring opportunities for Nigerian freight forwarders. ...

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Lessons for Nigeria Air as Uganda revives national carrier

Lessons for Nigeria Air as Uganda revives national carrier

Nigeria’s quest to float a new national carrier can draw some lessons from Uganda that has within a short period relaunched its national carrier.The Uganda Airlines was liquidated in 2001, some three years before Nigeria Airways also bit the dust. ...

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Stock market reverses negative streak as investors’ wealth rises by N3 billion

Indices rebound by improved H1 bank earnings, materials sub-sector

Trading on the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, occasioned by price gains in most blue chip stocks as market capitalisation appreciated marginally by N3 billion. At the close of transactions yesterday, the All-Index (ASI) rose by ...

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Trade malpractices, low export variety drag intra-African trade

Stakeholders Decry Low Access To ECOWAS Trade Scheme

With intra-African trade at low levels of 15 per cent despite different schemes to boost activities in the continent, the Economic Community of West African States (ECOWAS) has said the inability of African countries to produce exportable goods and the ...

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Over 200 vessels berth at Warri Port as security improves

Over 200 vessels berth at Warri Port as security improves

Over 200 cargo vessels have berthed at the Warri Port in the last couple of months, as security improves on the waterways. The Nigerian Ports Authority (NPA), who disclosed this at a stakeholders’ forum yesterday, said reduction in sea piracy ...

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Nigeria-Benin border shut to contain smuggling, Buhari clarifies

Nigeria-Benin border shut to contain smuggling, Buhari clarifies

President Muhammadu Buhari yesterday said his administration ordered a partial closure of Nigeria’s border with Benin Republic to tame the ‘massive’ smuggling activities, especially of rice, taking place on that corridor. The News Agency of Nigeria reports that the restriction ...

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