Saturday February 28th, 2015
Saturday February 28th, 2015
Latest

We have demystified the oil industry – Alison-Madueke

  /   in Business 4:22 pm   /   Comments

*Alison-Madueke

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, recently fielded questions from a select group of editors to clarify a number of issues in the oil and gas sector ranging from the controversial kerosene subsidy and alleged subsidy scam to the allegation of $10bn expenditure on jet private hire as well as the PwC audit

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FG contracts must involve indigenous freight forwarding component — NCT

  /   in Business   /   Comments

*Maritime

Maritime lawyers are divided over the refusal of terminal operators to obey the ruling of Justice C.N Buba ruling of December 17th2014 asking the concessionaires to stop the collection of unapproved port charges and refund over N150billion illegally collected from port users in last three months.

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FG contracts must involve indigenous freight forwarding component — NCT

  /   in Business   /   Comments

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

The National Council on Transport, NCT has said that the freight forwarding components of all government contracts must be handled by indigenous operators.

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Research institutions important to agriculture growth — Maslaha seeds boss

  /   in Business   /   Comments

Farmer

IT is believed that smallholder farmers can become the bedrock of food security in Africa, provided they can access the essential ingredients of modern agriculture like quality seed of improved crop varieties.

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Fed College of Agriculture, Akure gets grants on cassava processing

  /   in Business   /   Comments

Cassava farm

The Cassava: Adding Value for Africa Phase II (CAVA II) grant has been awarded to Federal College of Agriculture, Akure by the Federal University of Agriculture, Abeokuta.

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Price Stability: Expert commends CBN for adopting ‘float’ exchange rate mechanism

  /   in Business 1:17 pm   /   Comments

The recovered stolen money.

A financial expert, Mr Sewa Wusu, on Wednesday commended the Central Bank of Nigeria (CBN) for adopting the “float’’ exchange rate mechanism to ensure price stability.

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ISPS Code compliance level up from 7% to 85% — NIMASA

  /   in Business   /   Comments

*Maritime

The Nigeria Maritime Administration and Safety Agency, NIMASA, has said that the International Ships and Ports facility Security (ISPS) Code compliance level has risen from a mere 7 per cent to 83 per cent in the last two years.

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FCMB Capital Markets emerges Best Local Investment Bank

  /   in Business   /   Comments

BANK

FCMB Capital Markets Limited, the investment banking arm of FCMB Group Plc, has been adjudged the “Best Local Investment Bank in Nigeria” at the 2014 African Banking Awards, organised by EMEA Finance magazine.

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Insurers seek relevance, call for creation of insurance organisation

  /   in Business   /   Comments

cartoon-pension

Worried by the low contribution of insurance to the economy as well as the refusal of government to take the sector serious, experts in the sector have called for the establishment of Nigerian Insurance Organisation that will serve as a link between the insurance industry and the government.

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NB, Psaltry, IFDC sign agreement to optimise cassava productivity

  /   in Business 12:37 am   /   Comments

Cassava Tubers

Nigerian Breweries, NB Plc, Psaltry International Company Ltd, and the International Fertilizer Development Centre, IFDC, through its Towards Sustainable Clusters in Agribusiness and Learning in Entrepreneurship , 2SCALE have signed a Partnership agreement to optimize the cassava value chain in Nigeria and improve agribusiness for Nigerian smallholder farmers.

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Amended pension act will accommodate previous loopholes – PenCom

  /   in Insurance and You   /   Comments

*One of the protester Mr. Felix Adewale Balogun, Chairman Shomolu Local Government Education Authority bin cary out, during  A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

The Pension Reform Act, 2004 was amended to become Pension Reform Act, 2014 so as to accommodate lessons learnt, identified loopholes and areas for improvement over the last ten years since the Contributory Pension Scheme, CPS, was instituted.

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Latest

If someone will suffer when you die, you need life insurance

  /   in Insurance and You   /   Comments

insurance-pix

If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.

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Latest

CRFFN takes up life insurance scheme for members

  /   in Insurance and You   /   Comments

The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death.

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FG moves to bridge $2.4tn infrastructure funding gap

  /   in Business   /   Comments

naira-Dollar

The Federal Government will soon begin the implementation of a strategic investment master plan to bridge the country’s huge infrastructural funding gap estimated at about $2.4trillion within the next 30 years. The Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission, Mrs. Saratu Umar, disclosed this during a media roundtable organised by the agency as part of its ongoing stakeholders’ sensitisation programme, in Lagos on Tuesday.

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FBN Capital wins Africa deal of the year awards

  /   in Business   /   Comments

Africa

FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources US$350 million Conoco Phillips assets acquisition deal. The award was conferred at the prestigious IJGlobal Europe & Africa Awards 2014, organized by the Infrastructure Journal & Project Finance Magazine on the 19th of February at the Natural History Museum in London.

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Latest

FG sells multi – billion naira Delta steel company to automobile firm

  /   in Business 7:45 pm   /   Comments

The foundry workshop at a Steel Company.

THE Minister of Mines and Steel Development, Mr. Mohammed Sada Tuesday said that the Federal Government through the Assets Management Company of Nigeria, has perfected necessary arrangements to sell the Delta steel company to an automobile firm.

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Power: How vandals constrained generation to 4,500MW— Minister

  /   in Energy   /   Comments

Minister-of-Power-Prof.-Chinedu-Nebo-

The Federal Government has expressed grave concerns over the sustained vandalism of gas pipelines, noting that the incidents have constrained gas supply to power plants and held generation at less than 4,500 megawatts, MW. The Minister of Power, Prof. Chinedu Nebo, who stated this while speaking at an event in Abuja, regretted that once the power generation was approaching 5,000MW, the vandals struck and brought it down to about 3,000MW

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Readers response to ‘You can Invest’

  /   in Investors Forum   /   Comments

economy

Last week’s article concluded the series on “You can Invest”. Expectedly the series generated some reactions from readers in the form of questions and comments. A few of the questions and our responses are presented below for the benefit of other readers.

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Latest

Top 10 performing stocks

  /   in Business   /   Comments

Unlike the Stock market, Forex trading is Online

On the top 10 performing stocks last week were the shares of Guaranty Trust Bank Plc, Okomu Oil Palm Plc, FBN Holdings Plc, Seplat Petroleum Development Co. Plc, Presco Plc and May & Baker Plc.

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NERC issues licences to companies to generate 590MW

  /   in Energy   /   Comments

powerpix-new

The Nigerian Electricity Regulatory Commission has issued two on-grid licences to KVK Power Nigeria PVT Limited, and Aluminium Smelter Company of Nigeria, ASCON Plc to generate 590 megawatts, MW, of electricity from solar and gas respectively. The Commission in a statement issued last week in Abuja, explained that KVT Power would be located in Yabo, Sokoto State, adding that the firm had met the requirements for the granting of 50MW on-grid generation licence with no objection received from the general public to its application.

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‘Falling oil price may not affect $3.8bn Egina project’

  /   in Energy   /   Comments

oil platform

THE current economic impact of global downtrend in the prices of oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content partner.

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Shareholders condemn SEC over dividend rulings (2)

  /   in Investors Forum   /   Comments

Unlike the Stock market, Forex trading is Online

SEC has come up with a new rule that dividend would be returned to the company to start up a new business outside its original business after one year of release without claim from shareholders. In continuation from last week’s edition, shareholders disapprove of such rule. They further argued that registrars also constitute a major challenge to the issue of dividend collection. This is because they do not effect change of address received from shareholders among others.

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Nigeria’s gas demand to hit 10bcf — NNPC

  /   in Energy   /   Comments

gas

The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that Nigeria’s domestic gas demand will rise to about 10 billion cubic feet, bcf, per day within the next five years, from current demand of about two billion cubic feet per day. Group Managing Director of the NNPC, Mr. Joseph Dawha, was quoted in a statement by the Corporation as saying that the increased demand will be driven by the growth in the country’s power sector.

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Latest

Lower oil price’ll not stop rise of solar panels

  /   in Energy   /   Comments

*PSC Solar generator

New analysis from Frost & Sullivan indicates that lower oil prices will not stop the “dazzling rise of solar photovoltaic.” In a release, the firm indicated that lower oil prices would have an impact on petrol prices and manufacturing costs, but would also have implications on the power generation sector – coal, gas, nuclear, hydro, wind, solar, bioenergy, grid modernization, energy storage and microgrids.

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Learn to cut prices in dwindling sector, service providers told

  /   in Energy   /   Comments

NNPC Towers, Abuja

Service providers in the oil and gas industry should learn how to cut costs in the face of dwindling resources in the sector, if they desire to remain afloat.This is as the Nigerian National Petroleum Corporation, NNPC, said it is committed to promoting local capacity in the sector.

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Forensic Audit: Alison-Madueke declares NNPC’s accounting most transparent

  /   in Energy   /   Comments

Diezani Alison-Madueke

Despite various allegations of financial impropriety levelled against the Nigerian National Petroleum Corporation, NNPC, on a continuous basis, the Federal Government has defended the Corporation, saying it is the most transparent organisation in terms of its processes and accounting. Speaking in an interview in Abuja, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said the NNPC is today more transparent than it has ever been over the last 25 years.

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Petrolog acquires ocean diving vessel

  /   in Energy   /   Comments

Bonga oil field ...alleged source of the massive spill

Oil service giant, Petrolog Group, has acquired an ocean diving support vessel to boost its operations and advance the local content policy of the Federal Government, thereby setting the pace in its area of operations. The brand new 100 per cent Nigerian flagged, ABS classed Dynamic Positioning, DP2, dive support system vessel, which is currently in Nigerian waters is the largest indigenous owned vessel in its class and is capable of providing diving, offshore construction and field support.

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Scarcity mars FG’s ‘Kero Correct’ initiative lConsumers express frustration

  /   in Energy   /   Comments

Oil spill in the river

Four weeks after the Nigerian National Petroleum Corporation, NNPC launched its kero correct project, aimed at making kerosene available to all corners of the country, the exercise appears to have been marred by non-availability of the product. This is as Nigerians, who had expressed relief with the seeming reduction in price are frustrated by their inability to access the product.

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Nigeria’ll soon to be self-sufficient in food production — Dangote

  /   in Business   /   Comments

Dangote

DANGOTE Group has expressed optimism that with its ongoing agricultural projects across the country, Nigeria is on its way of being self-sufficient in the areas of food production.

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Lamudi.com targets offline market with Dial4Home

  /   in Business   /   Comments

Online real estate marketplace, Lamudi.com has launched a property hotline for the Nigerian community.

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Europe set for LNG supply surge after premiums top Asia

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows.

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Latest

Britain sells 1.0% stake of Lloyds bank for £500m

  /   in Business 10:11 am   /   Comments

Customers using the Internet Banking platform

Britain has sold a 1.0-percent stake in state-rescued Lloyds Banking Group for £500 million ($769 million, 677 million euros) under plans to return it to private ownership, the government said Monday.

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