US import drop hits Nigeria’s oil exports

US import drop hits Nigeria’s oil exports

The oil industry faces a difficult 2013 as shale oil in the United States takes an increasing share of the north American market. Togo-based Ecobank, according to the Financial Times, said Nigerian crude oil exports to the US could fall by over a quarter this year, from 800,000bpd in 2012 to as low as 580,000bpd […]

Capital Oil versus Access Bank

Capital Oil versus Access Bank

By Our reporter Is it right for a Nigerian court to stop anyone free access to justice in England? There was a startling twist in the legal tangle between Capital Oil and Gas Limited and its Managing Director, Mr Ifeanyi Ubah, and Access Bank Plc and Coscharis Motors, over a disputed N10 billion loan the […]

AfDB supports rice value chain with $150m

AfDB supports rice value chain with $150m

The African Development Bank (AfDB) is supporting the rice value chain of the Agricultural Transformation Agenda (ATA) with $150 million, the bank’s Chief Operations Officer, Dr. Patrick Agboma, has said. He spoke at the opening of a stakeholders’ workshop by AfDB in Abuja. AfDB, in 2012 pledged $500 million to support Rice, Cassava, Aquaculture and […]

Fed Govt seals $1b deal with General Electric (GE)

Fed Govt seals $1b deal with General Electric (GE)

The Federal Government yesterday signed a $1billion investment deal with General Electric Company (GE) for the establishment of a new manufacturing and assembly facility in Calabar. The Minister of Trade and Investment, Olusegun Aganga, signed the Memorandum of Understanding (MOU) in Abuja on behalf of the Federal Government, and the Global Chairman/ Chief Executive Officer […]

Exposed! NNPC withdrew N1.4tr subsidy from crude sales

Exposed! NNPC withdrew N1.4tr subsidy from crude sales

Contrary to the practice where subsidy payments are claimed from the Petroleum Support Fund (PSF) through the Petroleum Product Prices Regulatory Agency (PPPRA) by all qualified companies, the Nigerian National Petroleum Regulatory Corporation (NNPC) allegedly withdrew subsidy payment of N1.40 trillion from domestic crude oil sales proceeds before remittance to the Federation Account from 2009 […]

Dana Air crash: Senate seeks sack of NCAA DG, revocation of airline’s licence

Dana Air crash: Senate seeks sack of NCAA DG, revocation of airline’s licence

The Senate yesterday asked the Federal Government to sack the Director-General (DG) of Nigeria Civil Aviation Authority (NCAA), Dr. Harold Demuren. This followed the consideration of the report of its Committee on Aviation, which investigated the June 3, last year’s crash of Dana and Allied Airlines. The Dana Airline crash killed 153 passengers and crew […]

French Firm, Total evacuates staff from Abuja, Algeria

French Firm, Total evacuates staff from Abuja, Algeria

French oil major, Total, has moved its staff from Abuja following the kidnapping of a French national last month, Chief Executive Christophe de Margerie said on Friday. This is the first time in recent history that a company has said it has evacuated foreigners from Nigeria’s capital due to security concerns, Reuters reports. Western diplomatic […]

New Bank gets CBN licence: Heritage Bank begins operation Jan 29

New Bank gets CBN licence: Heritage Bank begins operation Jan 29

HERITAGE Bank, formerly Societe Generale Bank (Nig.) Ltd., SGBN, will commence commercial banking operation, Tuesday, January 29, following the approval granted it by the Central Bank of Nigeria, CBN. According to the terms of the CBN approval, Heritage Banking Company Ltd. which will trade as Heritage Bank is to offer full commercial banking services under […]

Common currency for West Africa not visible – Okonjo-Iweala

Nigeria has warned other West African countries that having common currency for the entire sub-region will be difficult to achieve. The Minister of finance, Dr. Ngozi Okonjo-Iweala, stated this at the 31st meeting of the convergence Council of Finance Ministers and governors of Central bank of West Africa nations, on Friday in Abuja. Okonjo-Iweala told […]