The Central Bank of Nigeria, CBN, has said high level of non-performing loans, resulting in high portfolio at risk (PAR), which had impaired their capital and gross undercapitalization in relation to the level of operations, are some of the reasons why the operating license of some microfinance banks (MFBs) were revoked.

THE Department of Petroleum Resources has decried the continued adulteration of petroleum products as well as the the haulage of products without the DPR requisite permits in line with Petroleum regulations as the major challenges presently hindering easy operations at the depots.

Prince Ayorinde Adedoyin is the Managing Director of Peacegate Oil and Gas Limited in this interview he speaks on roles of indigenous ship owners in the implementation of the recently enacted Nigerian Content Law in the oil and gas industry.

The recent progress recorded in the Nigerian power industry may be on its way to another boost, as the government of India has, as a sign of international support for the Roadmap for Power Sector Reform the government, agreed to provide a $100 million line of credit to Nigeria for development of necessary infrastructure in the sector.

THE Federal Government has sought an additional $80 million credit from the World Bank to enable the implementation of additional work necessary to trigger the full development of the mining sector in the country.

FOLLOWING the passage into law of the Nigerian Content Act into law US energy giant, ExxonMobil has pioneered the use of made in Nigeria pipes in the oil and gas industry as the company is set to deploy Helical Submerged Arc Welded (HSAW) pipes fabricated locally by SCC Pipe Mills for its Usari-Idoho pipeline replacement project in Akwa Ibom State.

Investors on the Nigeri an Stock Exchange (NSE) last week, lamented over the unending decline on the value of their investment as the market indicators for measuring the performance indices the market capitalisation and the All share index both dropped by 1.33 per cent each.

The management of Thomas Wyatt Nigeria Plc has stated that lack of available fund has been the bane of the growth of the company, even as it declares a gross profit of N67.57 million for the financial year ended March 31, 2010.

In keeping with its policy on staff motivation, Oceanic Bank International plc will on October 2, 2010 celebrate and reward outstanding staff in its annual Special Thanks and Recognition Scheme (STARS) awards programme.

In its quest to reward and empower its numerous customers across the country First Bank of Nigeria Plc recently, held the first quarterly draw of the ongoing Golden Promotion.

IN an effort to ensure strict compliance with the newly passed Nigerian content development Act, Total Upstream Nigeria Limited has announced that its ongoing Usan oil field project is generating a minimum of 11 million man hours of work In-Country, even as it moves to boost Nigeria’s production to about 2.8 million barrels of oil equivalent per day (boe/d).

Ghana and China have signed deals totaling $15 billion during a five_day state visit to Beijing by Ghana President John Atta Mills, signaling the west African country’s rising prominence as an investment destination and future oil producer.