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Category Archives: Forum

332,000bpd crude production grows NNPC’s profit by N12.13bn

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The Nigerian National Petroleum Corporation has recorded a trading surplus of N12.13bn, the monthly financial and operations report of the firm for December 2018, which was released on Sunday in Abuja, has stated. Read more

CBN plans single-digit interest loan for oil palm producers

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The Central Bank of Nigeria on Monday unveiled fresh plans to revive the palm oil value chain to enable the sector to generate foreign exchange and reduce the level of unemployment in the country. Read more

Zenith Bank shareholders get N2.50k dividend for 2018 financial year

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Nigeria’s lender, Zenith International Bank PLC, yesterday announced it recorded about N193billion in profit after tax in its Group Accounts for the financial  year ended December 31, 2018. Read more

Transfer of OML 11 to NPDC: Ogoni vows to resist resumption of crude, gas production

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The presidential directive to the Nigerian Petroleum Development Company Limited (NPDC) to takeover operation of the entire Oil Mining Lease (OML) 11 from Petroleum Development Company (SPDC) has been denounced by the Ogoni people. Read more

Nigeria has over 41 billion barrels of untapped crude oil – NNPC GMD

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After more than six decades of production, Nigeria still has over 41 billion barrels of crude oil reserves untapped, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has disclosed. Read more

Nigeria’s oil exports face further threat, 30 cargoes unsold

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With India signing an agreement to import 0.6 million barrels of oil from the United States, Nigeria’s crude exports could further be threatened if new markets are not explored, a new report has revealed. Read more

CBN: Nigeria’s $42.5b foreign reserves reflect 13-month imports

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The $42.5 billion foreign reserves as at December last year is enough to guarantee 13-month import cover for the country, a report by the Central Bank of Nigeria (CBN) has shown. Read more

It’s True, Boeing 737 Max 8 still flies in US even as FAA calls for software updates

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 President Donald Trump announced March 13 that the United States was grounding Boeing’s 737 Max 8 and Max 9 aircraft. Boeing lists three major American airlines that currently use the 737 Max  American (24 planes),  Read more

Rescuers work at the scene of an Ethiopian Airlines flight crash near Bishoftu, or Debre Zeit, south of Addis Ababa, Ethiopia, Monday, March 11, 2019. A spokesman says Ethiopian Airlines has grounded all its Boeing 737 Max 8 aircraft as a safety precaution, following the crash of one of its planes in which 157 people were killed. (AP Photo/Mulugeta Ayene)

OML 11: Presidency orders NNPC to take over entire operatorship

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A letter in possession of Daily Sun with reference number SH/COS/24/A/8540 addressed to the Group Managing Director of NNPC, Mr. Maikanti Baru, and signed by the Chief of Staff to the President, Mr. Abba Kyari, directed the corporation to take over the operatorship of OML 11. Read more

‘Why MTN listing is delayed’

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MTN Nigeria’s planned listing on the Stock Exchange would be actualised when its alleged outstanding $2billion tax issue is resolved. Read more

Nigeria records $2.8m balance of payment surplus

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Nigeria’s provisional balance of payment, which was in deficit in the third quarter of 2018, recorded a surplus of $2.8m in the last quarter of 2018. Read more

EFCC reopens Erastus Akingbola’s 10-year-old trial

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The Economic and Financial Crimes Commission has reopened the 10-year-old fraud trial of a former Managing Director of the defunct Intercontinental Bank Plc, Dr Erastus Akingbola. Read more

10 Companies Control 71% of NSE Equities Market Capitalisation

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Ten companies, led by Dangote Cement Plc, account for 71 per cent of the market capitalisation of the equities listed on the Nigerian Stock Exchange (NSE), THISDAY investigation has shown. Read more

Alleged fraud: Access Bank explains officials’ role in sale of customer’s goods

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Access Bank Plc has officially reacted to reports making the rounds in the media that its Managing Director/Chief Executive Officer, Herbert Wigwe and other top officials of the bank were slammed with a N2.5 billion suit bordering on stealing and others. Read more

Vitafoam shareholders approve N260.51m dividend payment

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The shareholders of Vitafoam Nigeria Plc have approved the payment of N260.51m dividend for the 2018 financial year, which translates to a dividend of 25 kobo per ordinary share. Read more

Textile imports enough to fund budget deficit –Economist

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An economic and financial analyst, Mr David Ibidapo, says the amount spent on importation of textiles and garments into Nigeria can fund more than half of the nation’s budget deficit. Read more

Meristem, NSE launch two indices on investment direction

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Meristem Securities Limited and Nigerian Stock Exchange (NSE) have developed two new indices that will further enable investors and investment experts to track the performance of certain categories of stocks. Read more

At Last, A Glimmer of Hope for Textile, Garment Industry

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Once the pride of the nation in the early 1970s and 1980s and major foreign exchange earner, the cotton, textile and garment (CTG) subsector of the economy had been in shambles since the advent of crude oil and now unable to make any meaningful contribution to economic growth. |Read more

CBN’s Interventions in Real Sectors not yielding result – Group

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Rights group, the United Action Towards Building Institutions in Nigeria (UATBIN) has decried that various interventions the Central Bank of Nigeria, CBN, had released to the real sector between 2014 and 2019 had not yielded the desired results despite billions of naira expended. Read more

Nigeria produced above OPEC oil quota in Feb – Report Published March 8, 2019

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Nigeria, Africa’s top oil producer, pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries, a new survey has shown. Read more

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