Tuesday April 28th, 2015
Tuesday April 28th, 2015
Latest

Power: Nigeria to expect tougher times head …as Egbin delivers 300MW

  /   in Energy 8:28 am   /   Comments

Geregu power

Following the significant decline in power supply witnessed across the country in the last couple of days and the untold hardship it has brought upon Nigerians, there are indications that the power situation is far from improvement. Vanguard learnt that power generation had dropped from 3,000 megawatts to about 2,988.72MW. In a telephone interview with Vanguard, Chief Executive Officer, Egbin Power Plc, Mr. Mike Uzoigwe, said Egbin plant produced 300 megawatts, as against the expected 1000 megawatts it needs to deliver to Nigerians.

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Publication of bank debtors: Pointer to future reforms in industry

  /   in Investors Forum   /   Comments

In order to strengthen the soundness of the banking industry, the Bankers Committee at its last meeting agreed to publish in newspapers names of its chronic debtors. The Committe also agreed to deny such debtors access to foreign exchange. Shareholders in this interview commended this decision saying the incoming government should do a lot in the area of banking reform.

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Energy firms borrow N548bn from UBA

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

United Bank for Africa Plc’s (UBA) exposure to the energy sector stood at N548.35 billion for two years, 2013 and 2014. According to the information obtained from bank’s Annual Report and Accounts for the 2014 financial year, the energy sector accounted for 27.26 per cent of its total loans and advances to customers in the two year period. Specifically, in 2014, energy firms borrowed N287.88 billion from the bank, while in 2013, they borrowed N260.479 billion.

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Top 10 performing stocks

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

On the top 10 performing stocks last week were the shares of R.T Briscoe Plc, Neimeth International Pharmaceuticals Plc, NPF Microfinance Bank Plc, P.Z Cussons Plc, Portland Paints and Products Plc, and A.G Leventis Plc.

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Banking without mercy

  /   in Investors Forum   /   Comments

ATM-Naira-and-Dollar

Some years ago, a couple opened a savings account for their children, twins, with one of the big banks, where they deposited all the monetary gifts received during the naming of the boy and girl.

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Seven Energy begins gas supply to Calabar

  /   in Energy   /   Comments

gas

Seven Energy International Limited, the indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 MW Calabar National Integrated Power Project (“NIPP”). The commercial delivery of gas to Calabar NIPP commenced on March 2015, and is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. When operating at full capacity Calabar NIPP will increase national power generation by over 10 percent.

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GGI boss tasks Buhari on steady energy supply

  /   in Energy   /   Comments

Buhari-oil

The Founder and President, Good Governance Initiative (GGI), Mr. Festus Mbisiogu has expressed the need for the incoming government of Muhammadu Buhari to ensure that Nigeria enjoys uninterrupted power supply to enable progressive economic growth. Mbisiogu, who stated that a recent research showed that Nigerians spend about N150 billion on a yearly basis to generate power for use both at homes and offices, also said that the situation is not benefiting the poor masses.

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Oil crash: Indigenous companies lay off workers

  /   in Energy   /   Comments

crude-oil-pipe-702x336-436x336

Indigenous companies have begun to lay off workers and cut salaries as a way of coping with the challenges of the crude price crash at the international market. Those who cannot cope with the downturn in the industry have also had to close shop, pending when the fortunes of the petroleum industry improves. Dropping the hint in an exclusive chart with Vanguard, the Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Emeka Ene, argued that indigenous companies are the most affected in the current crises facing the industry.

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Indigenous ship operators move to annex 1.6bn litre of product movement

  /   in Business   /   Comments

File photo: The e-waste-laden ship at the Tin-Can Port Lagos.

In a move to get local shipping firms to participate in the movement of 1.6billion litre of petroleum products within the nation’s coastal water, the Nigerian Indigenous Ship owners Association, NISA, has called on its members to begin preparation to position their vessels for loading.

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World’s biggest oil trader sees $50 floor for crude prices

  /   in Energy   /   Comments

CRUDE-OIL

“U.S. production growth is beginning to slow down and demand is looking quite good for the year, so the combination of all of that means that probably price, if anything, moves up a little bit,” Taylor said. Prices “overreacted to the downside” and the slump is now “behind us,” Torbjorn Tornqvist, the chief executive officer of Gunvor, said at the same Lausanne event. The company handles more than 2.5 million barrels of crude and fuels each day, meaning it’s among the world’s five largest independent traders, according to data compiled by Bloomberg.

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Ex-BP CEO says oil prices will rocket

  /   in Energy   /   Comments

Alison-Madueke, Petroleum Minster

Tony Hayward, the former BP chief executive who runs Iraqi Kurdistan-focused Genel Energy, said oil prices are set to soar as OPEC has taken just six-months to stop the US shale oil boom in its tracks. Speaking at the FT Commodities Global Summit in Lausanne, Switzerland, Mr Hayward said the Organization of the Petroleum Exporting Countries had shown itself to be “the most successful cartel in history”, predicting oil prices would soon return to near $80 a barrel.

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Oil prices ‘will hit optimum level’ as demand grows

  /   in Energy   /   Comments

oil2

INDUSTRY leaders at the World Economic Forum on East Asia have said they expect oil prices to rise further. The leaders, meeting in the Indonesian capital, Jakarta, said the long-term view was that demand for oil is growing. Oil prices are around their highest levels for the year. The price of Brent crude was at $63 a barrel on Tuesday, up 40% from its January low of $45 a barrel and near its high for the year of $65.

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Nigeria must tap into the multi-million-dollar mushroom market — Prof Okhuoya

  /   in Business, Health 8:32 am   /   Comments

John-Okhuoya

As a matter of fact, WHO sponsored one of the top mushroom scientists to develop some mushroom products that helped to treat an AIDS patient in South Africa. What that product did was to enhance the appetite of the patient because one of the things we see with AIDS patients is that they lose appetite, lose weight and gradually die. It was found that when their food was fortified with mushroom, the appetite increased and they ate more, put on weight, and started living healthy lives.

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Foreign Portfolio Investments expected to increase in Q2

  /   in Business   /   Comments

A market in Ghana

Amidst concerns over sudden flattening of the bull run in the Nigerian stock market, dealers are speculating large inflows of Foreign Portfolio Investments (FPIs) on the heels of the post election market rally. World’s biggest sovereign wealth fund (SWF), Norway’s Government Pension Fund Global (GPFG), is said to be refreshing its interests in the Nigerian market after a tactical ‘hold action’ late last year.

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The good and ugly sides of CSR

  /   in Business   /   Comments

No doubt, companies are increasingly recognising the strategic importance of building business practices that create sustainable economies, environments and societies. In the business world, Corporate Social Responsibility, CSR is an indispensable tool for corporate legitimacy and competitive edge. Even as Foreign Direct Investment, FDI, is a keenly pursued objective of developing nations, its quest has lead to multinationals having access to emerging economies and when they are eventually admitted, the companies do not live up to the CSR demands of their host communities.

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Can Jumia sustain affordability drive without compromising quality?

  /   in Business   /   Comments

Hi-Tech-accesories

One of the most notable features of online shops, since online retail debuted in Nigeria, is its cheap prices of goods. Compared with the offline market prices, these online shops, despite free shipping services and high cost of logistics, still manage to maintain clear edge in terms of price while still offering quality goods. One of the online shops that has maintained this tradition since inception is Nigeria’s pioneer online retailer, Jumia.com.ng.

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NIPC boss blames protest on directors, insists on change

  /   in Business   /   Comments

economy

The change process sweeping through the Nigerian Investment Promotion Commission (NIPC) may not have gone down well with some directors of the Commission whom were alleged to have instigated the recent protest against the Executive Management of the agency. NIPC’s Executive Secretary, Mrs. Saratu Umar told Journalists at a press briefing in Abuja Wednesday, that some key directors of the Commission that are not in tune with her change process, are fomenting trouble in the office so they can cover up their activities in the company.

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REDAN ready for Buhari’s 1m houses

  /   in Business   /   Comments

Gen. Muhammadu Buhar

Real Estate Developers Association of Nigeria (REDAN) has affirmed its readiness to join hands with the President-Elect, General Muhammadu Buhari, in actualising his promise of one million housing development yearly. REDAN’s newly elected President, Rev Ugochukwu Chime, who gave the assurance in Abuja. According to him, “REDAN has set up a committee to come up with a road map on housing development as a position paper to be presented to the new administration for implementation.

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Latest

Nigeria gets biosafety law, joins league of biotech countries

  /   in Business 7:21 pm   /   Comments

economy

As President Goodluck Jonathan on Monday signed the National Biosafety Agency Bill into law after he failed to do so when it was first sent to him for his assent during the life of the 6th National Assembly, Jimoh Babatunde takes a look at the journey of biotechnology law in the countr.

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Ghana Civil Aviation Auhority commends Nigeria’s radar coverage

  /   in Business   /   Comments

aviation

The Ghana Civil Aviation Authority has commended the capacity and performance of the Total Radar Coverage of Nigeria (TRACON) equipment in guaranteeing safety of air navigation in the country.

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Biometric registration: Bank customers rush as deadline nears

  /   in Business   /   Comments

ATM-Naira-and-Dollar

As the June, 2015 deadline for bank customers to get their Bank Verification Number (BVN) draws closer, customers are in the last minutes rush to enrol on the exercise.

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Austerity measures inevitable for Nigeria

  /   in Business   /   Comments

NGOZI OKONJO-IWEALA

Giving advice is a risky and often thankless undertaking, even when people or governments ask for it. The call to place “all hands on deck”, in Nigeria, had proved to be more deceptive than meant. Invariably, a cabal pursuing its personal interests soon takes over the directions of economic policy and the greatest good for the greatest number soon become a distant mirage.

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Latest

BAT rewards 300 farmers for productivity

  /   in Business 12:46 am   /   Comments

Sorghum farmers in Kaduna

British American Tobacco Nigeria Limited has rewarded 300 farmers in Oyo for the supply of raw materials valued at N740 million in 2014 financial year.

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Global Oil Price Decline: NNPC proffers solutions for Nigeria

  /   in Business   /   Comments

NNPC-GMD

Amidst the growing challenge of dwindling crude oil prices faced by the global oil and gas industry, the NNPC has offered strategic solutions aimed towards cushioning the effects for Nigeria.

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Adenuga’s Oil Coys top winners at 2015 oil & gas awards

  /   in Business 8:39 pm   /   Comments

Adenuga Jr

Two oil companies owned by businessman extraordinaire, Dr Mike Adenuga Jr. were the top winners at this year’s edition of Oil & Gas Awards held Thursday night at Eko Hotel, Victoria Island, Lagos.

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Expert asks FG to go back to economic policies of 1960s

  /   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 Global Trade Forum, a non-governmental Organisation (NGO) has said that economy policies of the 60s will assist the Federal Government in diversifying the economy.

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Agrofood Fair’ll contribute to food diversity, safety —Martin Maerz

  /   in Business   /   Comments

Agric-plaintain

The upcoming agrofood & plastprintpack Nigeria 2015 Trade Fair will contribute to a more diverse offering in food products and improved food safety in the country, says Mr. Martin Maerz, Managing Director, fair-trade, the organizing company from Germany of agrofood & plastprintpack Nigeria 2015.

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Govt borrowing distorting the economy – LCCI

  /   in Business 9:12 pm   /   Comments

The Lagos Chamber of Commerce and Industry, LCCI, has said that increased government borrowing from the domestic financial markets has become a major source of distortion of the financial inter-mediation process in the Nigerian economy.

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BoI chief proposes reverse engineering for economy

  /   in Business   /   Comments

economy

The Managing Director Bank of Industry (BoI) has called for the adoption of Reverse Engineering by our local scientists and engineers in order to move the country forward technologically, asserting “Technology transfer is not going to work.”

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Nigeria set to enhance agro-allied products export earnings

  /   in Business   /   Comments

Cassava farm

The era of Nigeria’s agro allied products being rejected in international markets are now coming to an end as the country is set to go places in terms of export promotion and high investment portfolio.

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N220bn CBN facility: Skye Bank woos S/East SMEs operators

  /   in Business 4:13 pm   /   Comments

Skye-Bank-pix

AWKA—TO assist small and medium enterprises, SMEs, in the five South East states nurture and grow their businesses with the N220 billion provided by the Central Bank of Nigeria, CBN, for the benefit of businesses in this sub –sector, the SKYE Bank Plc has educated them on the best way to maximize the fund.

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Nigeria generated 4,226 jobs last three months of 2014 —NBS

  /   in Business   /   Comments

naira-Dollar

The National Bureau of Statistics yesterday said that a total of 4,226 jobs were created in the last quarter of 2014.

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