Friday April 24th, 2015
Friday April 24th, 2015
Latest

Nigerians living abroad remitted $21bn in 2014 —World Bank

  /   in Business 12:43 am   /   Comments

naira-Dollar

The World Bank has disclosed that Nigeria received a total of $21 billion from its citizens living abroad as home remittance in 2014 saying that growth of remittance is expected to slow this year.

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Agents lament system break-down at AP Moller terminal

  /   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 management of A. P. Moller terminal in Apapa, yesterday, admitted that its terminal operating system suffered a data-base failure, last Sunday, thereby trapping thousands of containers in the process, but that the system was now up and running.

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More roadside markets springing up in Aba

  /   in Business 7:45 pm   /   Comments

Road-Side-Market

From Asa road located at the city centre to Ngwa road, School road, Clifford road, Cameroun road, Ehi road, Ikot Ekpene road at Ogbor Hill, Mosque Street among others within the Aba main motor park and General Post Office areas as well as the Osisioma Ngwa, Ariaria and Alaoji flyover junctions on the Enugu-Port Harcourt Expressway, the story remains the same on how roadside traders have converted major roads to sprawling markets.

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Shareholders differ on payment of dividends in dollars

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

Capital market stakeholders, yesterday, reacted differently to the payment of dividends in foreign currencies by cross-border companies listed listed on the Nigerian Stock Exchange (NSE).

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Learn Africa declares 12k dividend, links drop in turnover to insurgency

  /   in Business   /   Comments

Africa

Learn Africa Plc has proposed a dividend of 12 kobo per share to its shareholders for the financial year ended December 31, 2014, even as it attributed the marginal drop in turnover to the insurgency in the northern part of the country.

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The power sector and the incoming Buhari administration

  /   in Business 8:23 pm   /   Comments

President-elect Muhammadu Buhari (L) waves in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

These are solemn times in Nigeria. Nigerians want their national government to succeed but we are uncertain as to whether the government would have the will and the capacity to succeed. Hence, there has been a flurry of suggestions addressed to President-elect Buhari.

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Buhari’ll reduce petrol to N40/L —David-West

  /   in Energy   /   Comments

Buhari-victory

FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”

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Latest

Egypt’s Petrojet wins $185m contract for Iraq gas project

  /   in Energy   /   Comments

Gas-energy

EGYPT’s state-owned Petrojet has been awarded a $185m-contract to build the first gas-processing plant for Iraq’s Siba oilfield, operated by Kuwait Energy. This came in a statement received by Egyptian oil minister Sherif Ismail from the director of Petrojet, Mohamed Shimy, Egypt-based Youm7 reported.

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Why SEC’s Complaint Management framework may not work (3)

  /   in Investors Forum   /   Comments

1000-naira-notes

Why should it take two days for an organisation to acknowledge an email message or five days to acknowledge a message received by post?

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Danish company to produce electricity through wind

  /   in Energy   /   Comments

wind mills

CHIEF Minister Shahbaz Sharif has said that Pakistan Muslim League-N government has served the masses selflessly during last seven years and, under the leadership of Prime Minister Nawaz Sharif, effective steps are being taken for coping with the challenges being faced by the country.

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Sahara Group optimistic over prospect

  /   in Energy   /   Comments

oil-rig400

Sahara Group said it is making good progress with its activities in OPL 274, in which it has 100 per cent working interest, even as it presses on towards optimising opportunities in the block where it hit “first oil”. Enageed, the Sahara upstream company operating OPL 274, last year doubled its certified 2P reserves in the Oki-Oziengbe South field in Edo State, Nigeria, making a new commercial discovery with the Oluegi-1 exploration well.

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Crude Production: BMI projects slim growth

  /   in Energy   /   Comments

File photo

The BMI however noted that “It is unlikely that Nigerian production will fall further than it currently has, given the interest by companies for divested assets, the moderate role played by onshore production, the increasing importance of offshore production and the continued presence of large international oil companies, IOCs…”

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Industrialisation through trade can fast track Africa’s devt —ECA

  /   in Business   /   Comments

Small-Business222

Economic Commission for Africa’s (ECA) annual report has advocated the use of industrialization through trade to develop resources in the continent. The report which was released in Addis Ababa said that “innovative strategies to mobilise domestic and external resources are needed for Africa to bridge the domestic resource gap.”

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NLNG spends $9.3bn on 6 trains

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

The Nigeria LNG Limited, NLNG, said it has spent over $9.3 billion to develop its six trains, which put it in good stead to deliver about seven percent of the global LNG supply.

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Fuel scarcity: NNPC, marketers appeal against panic buying

  /   in Energy   /   Comments

NNPC

FOLLOWING the perennial scarcity in Abuja, the Nigerian National Petroleum Corporation, NNPC, and petroleum marketers have called on motorists to avoid panic buying of the commodity. Speaking in an interview with Vanguard in Abuja, the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, attributed the persistent fuel scarcity in Abuja to panic buying due to the elections.

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Latest

Nigeria loses N27bn to gas flaring

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Specifically, the oil and gas companies produced 221.634 billion SCF of gas, utilised 183.78 billion SCF and flared 44.573 billion SCF. The Nigerian Gas Company, NGC, put the average price of gas at $3 per unit of 1,000 SCF, translating, therefore, to $133.716 million (N26.743 billion) for 44.573 billion SCF, and $551.346 million (N110.27 billion) for 183.783 billion SCF.

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NAICOM may increase fines to sanitise insurance sector – Daniel

  /   in Insurance and You   /   Comments

insurance-pix

NAICOM is strategising on how to effectively deal with insurance operators that are bent on doing business unprofessionally. In this interview, Commissioner for Insurance, Mr. Fola Daniel speaks on this and other issues, excerpts.

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Demand for Nigerian crude drops in Asia

  /   in Energy   /   Comments

crude-oil-pipe-702x336-436x336

EXCEPT it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.

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Latest

Post elections: Stock market will bounce back, but

  /   in Investors Forum   /   Comments

Unlike the Stock market, Forex trading is Online

Now that elections are over, especially the Presidential and Governorship, shareholders in this interview are of the opinion that the market will bounce back but not recover immediately, just as they said that the foreign investors that left the market to see the outcome of the elections will return back to the market.

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Solar-powered internet drone completes first test flight

  /   in Energy   /   Comments

Drone

A PORTUGUESE startup that aims to use solar-powered drones to provide wireless internet access to offline areas of the world claims to have successfully completed its maiden test flight. The company Quarkson plans to use the SkyOrbiter drones that will stay airborne for weeks, months or even years at a time and will fly at altitudes of up to 22,000 metres.

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Low crude oil prices leave thousands of US wells uncompleted

  /   in Energy   /   Comments

Soku-well-1

In February EOG Resources Inc. said it would delay a significant number of well completions and plans to close out 2015 with 285 uncompleted wells, up from 200 at the end of 2014. Continental Resources Inc. Apache Corp. and Anadarko Petroleum Corp. have also said that they plan to delay well completions until crude oil prices pick up again.

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Latest

Govt to strengthen electricity reserve margin with new power plant

  /   in Energy 9:00 pm   /   Comments

nuclear-power

CAPETONIANS have been given a chance to learn more about the technical aspects of renewable energy in a practical way. Spokesperson for the two-day energy festival, Alexis Scholtz, highlights the benefits of renewable energy.

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Buhari, let there be light – power first

  /   in Energy   /   Comments

Buhari-victory

It was in my Junior (third year) at the university, in the USA, when I undertook a study titled COMPARATIVE RELIGION, when the discovery was made. Until then I was under the mistaken impression that there were two religions in the world – Christianity and Islam. But, very soon, after arriving in the US in 1964, armed with an American Government Scholarship, a third religion was added to the list – Judaism.

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Latest

Demand for Nigerian crude drops in Asia

  /   in Energy   /   Comments

File Photo: Crude Oil

Except it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.

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Latest

Chi adds 25% more to Hollandia milk

  /   in Business   /   Comments

Soy Milk

Chi Limited, brand owners of Hollandia Evaporated milk says it has added 25 percent extra milk to the brand. This was disclosed by the Managing Director of the company, Mr. Deepanjan Roy in a statement where he said: “we want to draw consumers’ attention to the 25 percent extra milk in Hollandia Evaporated milk 215gram pack when compared to other competing brands at the same price.”

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Inflationary pressures to intensify in Q2

  /   in Business   /   Comments

money

As the National Bureau of Statistics (NBS) prepares to announce the inflation update for March, 2015 (Q1 round-up) economy analysts are expecting further push up not just for the March, 2015 but also indicating further rises in the months through second quarter 2015 and beyond going by some underlying factors. NBS is set to release the figures officially by Thursday this week.

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How to make money from real estate

  /   in Business   /   Comments

Orji Kalu's property in Park View Estate, Ikoyi, Lagos

If you have an extra sum of money and want to invest it, maybe you should consider real estate. Generally, properties tend to increase or hold their value, depending on certain conditions, which is why they are considered a safe investment. They retain their value due to the phenomenon of inflation, since at least its price tends to increase with inflation; although this is not strictly a business, nor is it a capital loss.

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Stimulating economic growth through housing finance

  /   in Business   /   Comments

Housing-pix-1a

The housing sector is seen as an important sector for stimulating economic growth in most developed countries. Indeed, housing construction indices are some of the most common measures used by analysts to gauge economic trends in OECD countries. Today, housing and construction sector still accounts for only 3.1 percent of the GDP of Nigeria, Africa’s largest economy with a GDP of N80.3 trillion ($510 billion) as at 2013.

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UAHD restates commitment to raising business tycoons

  /   in Business   /   Comments

Mangoes flood Zuba Fruit Market in Abuja on Friday (13/4/12). There Is Need to Preserve Our Seasonal Fruits. NAN Photo

The Uche Ahubelem’s Human Development Center, U.A.H.D, has said that it is committed to rising a new generation of great leaders, business tycoons and nation builders. Accordingly, the Center held its first leadership training themed ‘life-proven secrets of success’ in Lagos.

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Return of foreign investors imminent on successful election – Operators

  /   in Business   /   Comments

naira-Dollar

Operators in the Nigerian capital market have said that foreign investors that have been exiting the stock market in droves in the last couple of months will find their way back to the market following a successful conduct of presidential election. They, however, cautioned the local investors against herd investment, saying that their coming back will possibly fuel unnecessary price increases.

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Kaku.com.ng launches in Nigeria to drive local pubs search

  /   in Business   /   Comments

Kaku.com.ng, a discovery website has launched in Nigeria.

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Nigeria loses N27bn to gas flaring

  /   in Energy   /   Comments

*Gas flare

BARRING other arrangements, Nigeria lost $133.716 million, about N26.743 billion to gas flaring in December 2014, as oil and gas companies in the country flared 20.11 per cent of their total gas production.

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