Tuesday July 29th, 2014
Tuesday July 29th, 2014
Latest

Nigeria’s Q1 crude oil output reaches 2.26m bpd

  /   in Business 12:09 am   /   Comments

The Nigerian Bureau of Statistics said that crude oil production has averaged 2.26 million barrels per day in the first quarter of this year, bolstering the country’s economic growth rate to 6.21 percent.

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Nigeria earns N475bn from India, Netherlands, Brazil in one month

  /   in Energy 12:51 am   /   Comments

File Photo: Crude Oil

Three countries – India, the Netherlands, and Brazil, spent $2.97 billion, about N475.08 billion in the purchase of crude oil from Nigeria in the month of February 2014, data released from the Nigerian National Petroleum Corporation, NNPC, has revealed.

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Latest

Aggreko, 5 DisCos mull ‘embedded power’ to boost generation

  /   in Business   /   Comments

electricity

Aggreko, a Scottish firm that specialises in providing temporal power solution and temperature control across the world is currently in talks with five electricity Distribution Companies, DISCOs in Nigeria, to provide embedded power to them.

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Latest

IKEDC deploys N1bn for system upgrade

  /   in Energy   /   Comments

Solar powered community water project at Uturu Abia State

The Chief Executive Officer, CEO of Ikeja Electricity Distribution Company, IKEDC, Mr Abiodun Ajifowobaje, said that over N1 billion had been deployed to drive various projects within the company.

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Latest

FG tasks firm on embedded generation in South-East

  /   in Energy   /   Comments

Electricity-new

The Federal Government has challenged the Genesis Electricity Company, to take advantage of the enormous gap in energy need of industries especially in the area of embedded power generation to light up the South-East zone.

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Latest

Nigeria-Japan trade hits $5bn

  /   in Business   /   Comments

naira-Dollar

Nigeria-Japan annual trade volume has hit a $5 billion mark in favour of Nigeria, the Japanese Ambassador to Nigeria, Ryuichi Shoji, has said.

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Latest

Northern Nigeria gets N3.4bn EU grant for solar, wind farms

  /   in Energy   /   Comments

Small-Business222

ABUJA: The Federal Government has explained that a chunk of N3.4 billion grant by the European Union, EU, will be used to boost renewable energy specifically solar and wind farms in the northern part of the country.

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Latest

Nigeria’s offshore rig count reduces by 7

  /   in Energy   /   Comments

Oil-Report

Apparently influenced by the diminishing global rig count and the cash crunch being experienced by the Nigerian National Petroleum Corporation, NNPC, in the execution of its joint venture projects, Nigeria’s rig count reduced by seven in June 2014, the International Association of Drilling Contractors, IADC said.

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Latest

Survey shows voice, social media driving low end mobile commerce

  /   in Business 7:13 pm   /   Comments

E-commerce-pix

Nigeria has about 120 million mobile phone users. That is about 69 per cent mobile penetration. Out of these, 27 percent, about 27 million use smartphones, the rest, about 77 percent, still use dumbphones or feature phones. This is according to recent survey by Ericson.

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Latest

Uncertainty over N24.3bn Cabotage Fund

  /   in Business   /   Comments

naira-Dollar

A cloud of uncertainty is hanging over the status of theN24,292,481,476 Cabotage Fund (about US$150 million), 11 years after it was established to boost local content in the shipping industry.

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Latest

Why Finance Commissioners kicked against fuel subsidy — Phillip Nto

  /   in Business   /   Comments

banking-and-finance-page-1-pix

Recently, the Committee of Commissioners of Finance of the 36 states joined the rising number of people calling for the removal of fuel subsidy. In this interview, Dr. Philip Nto, Abia State Commissioner of Finance explained the rationale behind committee’s recommendation.

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Latest

Carmudi unveils mobile app to boost online car market

  /   in Business   /   Comments

motor-auto

Nigeria’s online car classified, Carmudi.com.ng has introduced a mobile application for android devices.

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Latest

Infrastructure deficit a global challenge

  /   in Business   /   Comments

economy

By  Aminu Diko Infrastructure deficit is a global challenge and nations respond to such challenge differently. The Federal Government of Nigeria established the Infrastructure Concession Regulatory Commission (ICRC) in order to regulate how Federal Ministries, Departments and Agencies (MDAs) deliver infrastructure service through Public Private Partnertship (PPP). In discharging our mandate, and in order to

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Latest

Is Kia going the way of Daewoo Motors?

  /   in Business   /   Comments

*Kia  Rio

Most Nigerians reading newspapers might have missed the publication. Even owners of KIA vehicles, like me, might have failed to understand the full implications of that announcement which include the possibility that the KIA brand of vehicles might be following DAEWOO out of the Nigerian market with the developments at DANA GROUP OF COMPANIES PLC.

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Latest

Ecobank reinvents customer service delivery to boost profitability

  /   in Business   /   Comments

Finger-AtM

As competition becomes tense in the banking industry globally, Ecobank Nigeria has taken the bull by the horns to come out with services aimed at attracting high net worth customers and thus boost earnings.

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Latest

Free float deficiency: Wema Bank risks losing listed company status

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

Wema Bank Plc is faced with the risk of being delisted from the Nigerian Stock Exchange, NSE, Daily Official List ,over its failure to increase the percentage of its public float to the regulatory required standard.

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AMCON to receive N6.25bn dividend from Mainstreet Bank

  /   in Business   /   Comments

Asset Management Corporation of Nigeria (AMCON) will receive N6.25 billion dividend from the profit made by Mainstreet Bank in its 2013 operating year.

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Latest

Shifting Tax Monies – The Transfer Pricing Phenomenon

  /   in Business   /   Comments

When a subsidiary of Coca-Cola in Ghana transfers (that is, sells) goods, services or know-how to a Coca-Cola subsidiary in Nigeria, the price charged for these goods or services is called ‘transfer price’ and the transaction is referred to as a transaction between ‘connected persons’.

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Latest

New proposition pushes First Bank’s growth strategy

  /   in Business   /   Comments

Undoubtedly, innovation is playing an increasingly important role in the Nigerian financial services sector.

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Financial inclusion: CBN lauds Sterling Bank, Osun

  /   in Business   /   Comments

Sterling Bank Plc and the Osun State Government have been commended by the Central Bank of Nigeria (CBN) for its pioneering role in Agent Banking and Financial Inclusion in the country.

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Latest

Nigeria’s unsold crude mounts as September supply emerges

  /   in Business   /   Comments

Large quantities of Nigerian crude oil cargoes for export are still unsold on Friday, even as September supply came to market, increasing pressure on the already weakened differentials.

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Latest

Entrepreneurial Education Revolution: An Imperative for Sustainable Development in Nigeria: Part 1

  /   in Business   /   Comments

entrepreneurs

Albert Einstein once defined insanity as doing the same thing over and over and expecting different results, while the French classical author, Francois de la Rochefoucauld said ‘ the only thing constant in life is change’.

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Latest

SURE-P rehabilitates eight skills acquisition centres

  /   in Business   /   Comments

Subsidy Reinvestment and Empowerment Programme, SURE-P has completed the rehabilitation of eight Skills Acquisition Centres across the Federation, in an effort to create more employment opportunities for teeming unemployed Nigerian youths.

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Latest

Airtel targets 18% customer base growth by year end

  /   in Business 8:10 pm   /   Comments

Bharti Airtel Nigeria (BHARTI) is targeting an 18 percent increase in its customer base over the final nine months in 2014 after regulator pressure hampered growth early in the year.

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Latest

Poor power generation hinders industrialisation in Nigeria — Mbisiogu

  /   in Business   /   Comments

People-in-Business-pix

The venue was the Landmark Hotel Convention Center, Chaoyang, in Beijing, China and the event was a grand award-giving ceremony in honor of one of Nigeria’s best China-based entrepreneurs and philanthropists, Mr. Uzoma Festus Mbisiogu, for his remarkable achievements in both home and abroad business merchandise, in addition to his unalloyed commitment in Diaspora Nigerian community development.

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Latest

Six nations, one currency!

  /   in Business   /   Comments

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

With less than six months to the deadline set aside by the West African Monetary Zone (WAMZ) to adopt a single currency for Economic Community of West African States (ECOWAS), experts have disagreed on the ability of WAMZ to achieve a unified payment system for the countries within the sub-region, namely Nigeria, Ghana, Gambia, Guinea, Liberia and Sierra Leone, by 2015.

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Latest

NCS uncovers new trend of smugglIng

  /   in Business 7:42 pm   /   Comments

*Customs boss, Dikko

The Nigeria Customs Service (NCS), Oyo/Osun Command, has repositioned its security network within the border lines of the Command to prevent smuggling of prohibited goods into the country through the region.

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Latest

Apapa gridlock: Nigeria lost over N1.3bn in two weeks

  /   in Business 10:31 am   /   Comments

Standstill at Mile-2 to Tincan, along Oshodi-Apapa expressway yesterday. Photo: Joe Akintola, Photo editor.

PRESIDENT of the Shippers’ Association of Lagos State, Jonathen Nicol, has said that the two weeks traffic gridlock which grounded business activities in the port city cost the industry over N1.3 billion.

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Latest

Firm petitions Finance Ministry over Customs’ arbitrary increase on duty

  /   in Business   /   Comments

Seaport

As the outcry over indiscriminate increase of import duty by the Nigeria Customs Service, NCS, continues, Managing Director Zekwes Ventures Limited, Charles Nzekwe, has petitioned the Federal Ministry of Finance, the supervising ministry of the NCS.

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Latest

Cement quality: Onyema, stockbrokers endorse 42.5 grades

  /   in Business   /   Comments

cement

STAKEHOLDERS in the Nigerian capital market have endorsed the use of 42.5 cement grades for building construction in Nigeria, saying that the adoption will restore sanity to the construction industry being plagued with building collapse and loss of lives and properties.

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Latest

NIWA woos banks, insurers for water transport development

  /   in Business   /   Comments

Vessels discharging at Port Harcourt port

THE National Inland Waterways Authority, NIWA is wooing the banking and financial sector to key into efforts at development of water transport infrastructure.

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New BDC guidelines to conserve Foreign Reserves — CBN

  /   in Business   /   Comments

Small-Business222

THE Central Bank of Nigeria (CBN) has reiterated that the Bank’s modifications to the guidelines on the regulation of Bureaux de Change (BDCs) in Nigeria are aimed at conserving the country’s foreign reserves, among other objectives.

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