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Daily Archives: November 5, 2019

Buhari blames politicians, oil firms for tax losses

Buhari blames politicians, oil firms for tax losses

President Muhammadu Buhari has blamed politicians and oil companies for conspiring to deny Nigeria commensurate revenue from oil production and sales, particularly taxes over the years. He said this on Monday after signing the amended Deep Offshore Act in London, ...

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Shipowners want 12.5% tariff on new vessels suspended

Shipowners want 12.5% tariff on new vessels suspended

Shipowners have called for the suspension of duty on new vessels acquired by Nigerians. The President, Nigeria Shipowners Association, Aminu Umar, stated this in an interview with journalists in Lagos. He regretted that the situation had contributed to the reluctance ...

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Russia to revive NIOMCO before completing Ajaokuta Steel

Russia to revive NIOMCO before completing Ajaokuta Steel

The revival of the National Iron Ore Mining Company, Itakpe, has been included in the deal signed between the Federal Government and Russia for the completion and operation of Ajaokuta Steel Company Limited. The Minister of Mines and Steel Development, ...

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Dangote Sugar, Savannah Sugar plan merger

Dangote Sugar, Savannah Sugar plan merger

Dangote Sugar Refinery Plc has revealed plans of its merger with Savannah Sugar Company Limited. Dangote Sugar said in a statement on Monday that its board of directors recommended the business combination through a scheme of external restructuring, which would ...

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Debt servicing gulped $1.09bn in nine months – CBN

Debt servicing gulped $1.09bn in nine months – CBN

Nigeria spent $1.09bn on debt servicing between January and September this year, a new report by the Central Bank of Nigeria has indicated. The international payment data by the CBN showed that debt servicing gulped a total of $1.28bn in ...

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NNPC to build two new refineries

Senate summons NNPC GMD over pipeline vandalism

The Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity. Unlike the conventional refineries, condensate refineries primarily refine condensate, not crude oil. They often produce ...

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