Statoil and Tullow Oil are completing a test well that could lead to the first commercial discovery of oil in Mozambique.
The partners are hoping to extract 200 million barrels of oil from the offshore Cachalote well.

In line with its culture of celebrating outstanding business performance as well as excellence in trade Airtel Nigeria, rewarded its top performing trade partners with an array of exotic prizes ranging from the latest editions of highly-sought-after Sports Utility Vehicles (SUVs) to top-rated business machines.

Mr. Rasheed Abiodun Gbadamosi is an economist. His credentials include being minister, National Planning, Chairman, National Committee on Industrial Development for the Industrial Master Plan project, Chairman, Petroleum Products Pricing Regulatory Agency (PPPRA), Chairman, Governing Council, Nigerian Institute of Social and Economic Research (NISER) and member, Nigeria’s External Debt Rescheduling team. He speaks, in this interview, on the state of the economy in the last 14 years, the initiative by the Central Bank of Nigeria (CBN) to make cashless monetary policy a universal phenomenon, privatisation of Power Holding Company of Nigeria (PHCN) and the need for government to harness the potentials in agriculture. Excerpts:

The Economic Community of West African States (ECOWAS) was established on May 28, 1975 as a regional trade organization comprising countries in the West African sub-region. The aim of setting up the Community was manifested in its original treaty.

The partnership that is existing between Cyber Consult and its foreign partners gave birth to Instantforex in Nigeria, a trading forex company that has come to enlighten Nigerians on the techniques and success of trading forex in the country. Its experience in the industry helps also to ameliorate major challenges confronting industry players. Mr. John Igwe speaks to Saturday Vanguard Business on the rudiments of trading forex. Excerpts:

The rising unemployment rate in Nigeria can be curtailed if unemployed Nigerians are willing to go back to farming, which was the country’s mainstay prior to discovery of oil in 1956 at Oloibiri, Bayelsa State. With more Nigerians becoming unemployed and a few with steady employment, many can earn income with little investment into Grasscutter farming with a small or big space provided in their home.

Osun State Government is partnering with Martin Luther University, Halle/Salle, Germany on food production. This partnership came to the fore recently when Osun State Deputy Governor; Mrs. Titi Laoye- Tomori reciprocated the visit of Prof. Wyczek and of his team of soil experts to the State earlier in the year.

A securities trading company, Treasure Capital Trusts Ltd, has filed a N5.4 billion suit against the United Bank of Africa, UBA, for alleged income it lost as a result of a mareva injunction procured and executed against it by the bank.

The Federal Government has earned 45 million dollars from the export of fish in 2012, the Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, said.

Shareholders of Wapic Insurance Plc have expressed satisfaction over the N3.51 billion rights issue being embarked on by the company, calling all the existing shareholders to take advantage of the offer to increase their holding.

…pays N7 dividend
The Okomu Oil Palm Plc has revealed plans to build the biggest oil mill in Africa as part of its various steps to strengthen its leadership position in the oil palm and rubber industries on the continent, even as it declared N7.00 per share dividend to its shareholders for the year ended December 2012.

Projections that Nigeria will begin to export refined petroleum products by 2016 may not materialise after all, as the International Energy Agency, IEA, said it expected a significant increase in oil processing with the coming on stream of new refineries in Asia and Middle East.

The cocoa industry in Nigeria is repositioning to compete favourably in the world market. This was disclosed by the Minister of Agriculture and Rural Development, Dr. Akin Adesinaa, at the 23rd partnership forum organised by the World Cocoa Foundation in Washington, DC., recently.

Shareholders of United Bank for Africa, UBA, Plc have commended the board and management of the bank for its sterling performance and dividend payment to investors during the financial year ended December 31, 2012.

Nigeria’s crude oil output declined to a six-month low of 1.96 million barrels per day, mbd, according to the International Energy Agency, IEA.