Tuesday August 4th, 2015
Tuesday August 4th, 2015

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Nigeria refineries low on Petrol production

  /   in Energy, News 9:00 am   /   Comments

refinery 7

Current data on refineries production in Nigeria indicate that more heavy or fuel oils (low and high fuel oil/black oil) are being produced from the four refineries than other high demand products like premium motor spirit, PMS, otherwise known as petrol. The revelation comes despite assurances by the Nigerian National Petroleum Corporation, NNPC, which said last week that two of its refineries were working between 60 and 80 percent of their installed capacities.

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Oil crash, dwindling revenue threaten Nigeria’s 2015 budget

  /   in Energy, News   /   Comments

crude-oil-pipe-702x336-436x336

The low crude oil price has started to take its toll on Nigeria’s economy, triggering a huge decline in the country’s foreign reserves and engendering a free fall of the naira, and a host of others. Already, in the April Federation Account Allocation Committee, FAAC, meeting, it was stated that the country recorded a revenue shortfall of N 86.42 billion, due to a N78.36 billion decline from oil revenue.

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Nigeria loses N72bn to gas flaring

  /   in Energy, News   /   Comments

*Gas flare

The data from the NNPC’s Monthly Petroleum Information, MPI, from January to March 2015, disclosed that oil and gas companies produced 668.247 billion standard cubic feet, SCF of gas. They however, utilised 548.58 billion SCF and flared 119.67 billion SCF, representing 17.9 per cent of the total gas produced in the period under review.

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Kaduna Refinery still on TAM-rehab – MD

  /   in Energy, News   /   Comments

Dr. Joseph T. Dawha
Group Managing Director

We are doing Turn Around Maintenance-Rehabilitation, TAM-Rehab, while the refinery is running. We try as much as possible not to shut down the entire refinery while this is going on. The whole essence is to say, Look! The TAM that you have neglected for a while will be done; at the same time, those equipment that have been troublesome, and need complete rehabilitation, we will make procurement orders for them.

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Nigeria LPG export rises by 13%

  /   in Energy, News   /   Comments

gas

In general, the report said, “In the gas sector, a total of 2.524 trillion Standard Cubic Feet (SCF) of natural gas production was reported by 28 companies. This shows an increase of 8.56 per cent when compared with 2013 production. Of the quantity produced, 2.233 trillion SCF was utilised, while 289.60 billion SCF was flared.”

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First locally fabricated pressure vessel debuts

  /   in Energy, News   /   Comments

Fabricate Pressure Vessel

PORT HARCOURT: The first locally fabricated thickest walled pressure vessel has been unveiled in Port Harcourt, Rivers State. The asset also known as a separator was designed for Shell Petroleum Development Company of Nigeria Ltd, SPDC’s, Soku Field Development plan and is internally cladded with 316L stainless steel, with internal proprietary separation devices and weighs 83 tonnes.

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Biometric Verification Number: Reality and benefits (2)

  /   in Business   /   Comments

BVNn

The immediate benefit of the Biometric Verification Number (BVN), is that, it allows banks to be sure of who they are dealing with. The second benefit is that it reduces the possibility for fraudsters using bank accounts and services for fraudulent purposes.

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Seplat clarifies pioneer tax status

  /   in Energy, News   /   Comments

The company said it had continued to fund the NPDC/Seplat JV despite being owed substantial sums in unpaid cash-calls by NPDC. More so, “The outstanding net NPDC receivable as of June 30, was $504million. On July 14, the company entered into a signed agreement with the NPDC on terms for the payment of arrears due to Seplat and for the future structure of joint venture funding to mitigate the risk of the receivable.

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Compel oil companies to employ Nigerians, PTDF tells FG

  /   in Business, News 12:57 am   /   Comments

Oil Installation

According to Haruna, who was represented by Mrs. Edna Eneh, Director Reform and Coordination in the Ministry, lauded the PTDF for performing the Corporate Social Responsibility initiative, especially as there is a lot that still needs to be done in growing the sector. He said, “The industry is dynamic and we have to move in line with global developments in the oil and gas industry, especially as the world has evolved into a global village.”

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Importers shun Onne, take cargo to nearby countries

  /   in Business, News   /   Comments

Port-Terminal

“Everybody should have a choice of where they want to take their cargoes to. “The government concessioned the ports, all of them (concessionaires) signed the same documents. Why do you have to force people to take their cargo to Onne so that they can charge them in dollars, and not only that, their charges are 300 times more than regular charges in other ports.”

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Over 2,000 Nigerian used cars sold monthly through online marketplace

  /   in Business, News   /   Comments

Innoson-cars

Online vehicle marketplace, Carmudi.com has said that Nigerian used cars remain the best selling cars online, as about 2,400 Nigerian used cars are sold through the platform monthly. Carmudi’s Head of Operations for Africa, Mohammed Iyamu told Vanguard that of the 3,000 Nigerian used cars that are listed on the website monthly, 80 per cent are sold.

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D-G, NCAA: One year of piloting NCAA’s affairs

  /   in Business, News   /   Comments

•Captain Muhtar Usman, Director General/Chief Executive Officer of the Nigerian Civil Aviation Authority (NCAA)

“After 60 days ICAO will forward the USAP CMA audit report to Nigeria. In 30 days, Nigeria will submit its comments on the audit report if any. Within another 30 days, the country will submit to ICAO its Corrective Action Plan (CAP)” he said. An elated Capt. Usman revealed that he was happy that Nigeria performed better than she did in 2008 adding that the country would not rest on her oars but will continue to ensure that our air transport operation is secure and safe.

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BVN: Investors exempted from extra charge for signature, biometric verification

  /   in Business, News   /   Comments

Customers besiege banks as BVN registration deadlines expires

Investors in the Nigerian capital market have been excluded from paying extra fee for biometric and signature verification in the process of keying into the automation of capital market activities. Mr. Niyi Ajao, Executive Director, Technology and Operations, Nigeria Inter –Bank Settlement System (NIBSS) disclosed to Vanguard that arrangements were reached by Central Bank of Nigeria, CBN , Securities and Exchange Commission SEC an NIBBS to ensure that investors do not incur extra charge as the market moves into full automation processes.

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OAAN bemoans proliferation of approving agencies

  /   in Business, News   /   Comments

The Outdoor Advertising Agencies of Nigeria, OAAN, has decried proliferation of approving agencies of government in the outdoor segment of the advertising industry. Mr. Emmanuel Ajufo, Secretary of the Association who also is the secretary of the West African Outdoor Advertising Association in a chat with Vanguard bemoaned the proliferation of outdoor approving agencies.

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#Achieve: Fast growing online platform, View Nigeria endorses Erigga

  /   in Business 8:48 pm   /   Comments

From From left; Devendra Jagtap (Group Human Resources Manager), Sir Moses Chukwuka (S. A. To Chairman – CHISCO Group), Clem Ogus (Rookie for November), Obinna Anyaegbu (Group Business Development Manager), ‘Damola Olofinlua (Managing Editor, Vanguard Spark)

Given the dwindling fortune of the Nigerian economy and the high youth unemployment rate, young people in the most populous black nation of the world are ever in search of empowerment opportunities to ignite their passion, connect them to people and resources to help them achieve their dreams.

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LCCI faults move, asks CBN to tread with caution

  /   in Business   /   Comments

CBN Governor, Mr Godwin Emefiele

The Lagos Chamber of Commerce and Industry (LCCI), has described the move by the Central Bank of Nigeria (CBN) to publish names of debtors to shame individuals and companies involved after the August 1, 2015 (yesterday) deadline, as unprofessional, calling on CBN to examine the default on case by case basis in order to avoid sweeping generalisation. The chamber also advised the apex bank to adhere to global best practice of debt recovery by giving due consideration to legal implications.

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‘Nigeria can do better than 8.5 million litres of petrol daily from Warri and PH’

  /   in Business, News   /   Comments

crude-oil-pipe-702x336-436x336

The declaration by the Nigerian National Petroleum Corporation (NNPC) about Port Harcourt and Warri Refineries being resuscitated to produce about 8.5million of Premium Motor Spirit (PMS), commonly known as petrol daily has sparked controversy among fuel marketers and stakeholders in the oil and gas sector of the economy. While some people say the effort to revamp the plants would ease excessive importation of refined petroleum products into the country, others believe the plants do not have the capacity to meet even the demand for domestic consumption of fuel.

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Entrepreneurship, Nigeria and its operating environment

  /   in Business, News 12:26 am   /   Comments

Obama and Buhari

Small business firms and entrepreneurship play a signifi-cant role in world economy. Specifically, small business firms constitute majority of the types of businesses in all economies of the world. It should also be noted that some of the world’s multi-national corporations which have influenced many world economies started as small business enterprises.

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FG asked to pursue completion of Ajaokuta, other steel mills

  /   in Business, News 11:36 am   /   Comments

FG-ok

“Nigeria, and indeed, the continent will go nowhere without the development of indigenous engineering infrastructures. We must as a nation, and continent develop engineering infrastructure in order to be independent of foreign machines. We must get our priority right and every other thing will follow; engineering infrastructure must be done by the governments because it takes a lot of gestation period.

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How Nigeria lost N1.3trn through waivers on rice, other commodities

  /   in Business, News   /   Comments

rice1

ABUJA — The Senate, yesterday, disclosed that Nigeria lost a total of N1.3 trillion to waivers granted on importation of rice and other agricultural commodities between 2011 and 2014.

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Recapitalization: SEC insists on Sept 30 deadline

  /   in Business, News   /   Comments

Despite the outcry of persistent downturn trend in the nation’s stock market, the Securities and Exchange Commission, SE C said that the deadline for recapitalisation of capital market operators remains September 30, 2015. Director General of the commission, Mr. Mounir Gwarzo, who confided in Vanguard after the second quarter Capital Market Committee, CMC meeting in Laos said “September 30, 2015 is sacrosanct and every operator is expected to meet the minimum capital requirement.

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Oil prices dip as OPEC official says no cuts planned

  /   in Business 9:02 pm   /   Comments

CRUDE-OIL

US oil prices dipped Thursday, snapping a two-day streak of gains after a top official with OPEC reiterated that the cartel has no plans to cut petroleum production.

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Shell to sack 6,500; cut spending to cope with lower oil prices

  /   in Business   /   Comments

The International headquarters of Royal Dutch Shell, Netherland.

Royal Dutch Shell (RDSa.L) says it will axe 6,500 jobs this year and step up spending cuts, to deal with an extended period of lower oil prices.

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Ghanaian bizmen, others invading Nigerian forex market – CBN chief

  /   in Business   /   Comments

Unlike the Stock market, Forex trading is Online

The Director of Monetary Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, disclosed, yesterday, that Ghanaian businessmen and other African countries are invading the Nigerian foreign exchange market.

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What guides your behaviour as a leader?

  /   in Business, News   /   Comments

Every well established company or organisation is expected to have set of core values. These core values are highly important and are carefully chosen by organisations to guide and drive their behaviours. Sadly, most of the problems we face today in organisations like: accountability issues, commitment issues and integrity issues etc come to be because the established core values have been pushed aside instead of being seen as “non-negotiables”.

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Effective pricing strategies for business success

  /   in Business, News   /   Comments

market-money

One of the secrets to business success is knowing how to set the best prices for your products. If you set your prices too high, you may scare away customers and favour your competition. If your prices are too low, you may be losing profits and running your business at a loss. The best price for your product or service is one that is low enough to attract customers but high enough to make you a good profit.

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Latest

United Capital, CAL Brokers kick-off West African market integration

  /   in Business   /   Comments

Nigerian Stock Exchange

In an effort to boost capital market across West African countries, Phase 1 of the West African Capital Market Integration Programme, has kicked off with the successful completion of its first trade.

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Latest

AfDB plans women empowerment in agriculture through technology

  /   in Business, News 12:15 am   /   Comments

Oil Palm Seedlings

The African Development Bank has held a high-level consultation with the Dutch government about developing a platform for providing women with market information to enhance their participation in agricultural trade. The discussions held at the Bank’s headquarters in Abidjan recently focused on designing, developing and implementing an Agricultural Trade and Investment Market Intelligence Platform.

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Investors to trade FCMB’s N26bn bond on FMDQ platform

  /   in Business, News   /   Comments

Investors can now buy and sell the First City Monument Bank (FCMB) Limited N26 billion bond on the trading platform of the Financial Market Dealers Quote (FMDQ). The bond, which will mature in 2021 with a fixed annual interest rate of 14.25 percent, was the first to be issued under the N100 billion debt issuance programme of the bank. FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is the issuing house and sponsor of the bond.

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A building contractor’s liability and a structural engineer’s liability

  /   in Business, News   /   Comments

About forty-three years ago, I traveled through Bida, then in North-Western State and now in Niger State, on my way by road from Lagos to Kaduna. I was struck by one person’s attempt to achieve a building structure with a ground floor, a first floor and a second floor plus roof using mud walls and timber for the floor levels and the roof structure. I observed that partial collapse of the building had occurred from the second floor to the ground floor.

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Market downturn threat to SEC’s new capital base regime – ASHON

  /   in Business, News 11:15 pm   /   Comments

The Association of Stockbroking Houses of Nigeria (ASHON) yesterday expressed fears that the persistent downward trend at the nation’s bourse would affect stockbrokers’ recapitalisation plans.Mr Emeka Madubuike, ASHON President, told the News Agency of Nigeria (NAN) in Lagos that continuous dilution in the value of equities was a big threat to the exercise.

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Customs seals warehouses of rice importers over N23.6b excess levy

  /   in Business   /   Comments

President Goodluck Jonathan[left]  presenting OFR award to the Comptroller General of Customs, Alhaji Abdullahi Dikko at the National Honours Investiture Ceremony in Abuja, yesterday. Photo by Abayomi Adeshida

The Nigeria Customs Service (NCS), on Tuesday, sealed warehouses of defaulting rice importers over non-payment of N23.6 billion excess importation levy.

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