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Oil up 1 percent as market focuses on supply risks

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NEW YORK (Reuters) – Oil prices rose 1 percent on Tuesday, as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains. Read more

Minimum wage, others to trigger rise in inflation rate

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Analysts in the financial sector have projected that the signing of the new minimum wage bill, a hike in energy tariffs and ongoing planting season would trigger a rise in monthly inflation rate in April, May and June this year even as inflation rate for March 2019 slowed down to 11.25 percent. Read more

NNPC reduces joint venture indebtedness to $3.5bn.

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The Nigerian National Petroleum Corporation, NNPC, yesterday said that it has reduced joint venture cash call indebtedness to international oil companies to $3.5 billion. Read more

Nigeria’s daily crude production in 2018 stood at 2.019 million barrels – NNPC

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The Nigerian National Petroleum Corporation (NNPC) says that the national average daily crude oil production stood at about 2.019 million barrels in 2018. Read more

Kachikwu Attributes Fuel Queues To Logistics Gap

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Dr Ibe Kachikwu, Minister of State, Petroleum Resources, says the queues at filling stations is as a result of logistics challenges and has nothing to do with petrol scarcity. Read more

At New York Auto Show, Competition Heats Up and Strategies Diversify

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The New York International Auto Show kicks off this week in Manhattan, and as usual much has leaked or been released beforehand. Read more

How banks make free money from govt funds — Ex-CBN gov, Sanusi

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The oppressive impact of the myriad charges on the transactions of every owner of a bank account in Nigeria was the subject of discussion in this column in recent weeks. Read more

NSE to leverage alternative platforms for capital raise

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AS Fintech and investment into the space continues to gain traction around the globe, the Nigerian Stock Exchange, NSE, said it plans to explore new technologies including blockchain and Distributed Ledger Technology (DLT) for capital raise. Read more

Recycling industry demands federal action as mountains of rubbish build up

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This is where tonne after tonne of household recycling from yellow-topped bins ends up after it is hauled away from kerbs across the city — milk bottles, cereal boxes, tins, beer cans. Read more

Possible fuel subsidy removal triggers panic buying

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The Federal Government’s announcement that it would undertake a gradual phase out of fuel subsidy, weekend, triggered panic buying of Premium Motor Spirit, PMS, also known as petrol, across some states of the federation. Read more

ExxonMobil, other oil coys not exiting Nigeria – Kachikwu

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Kachikwu made this known while briefing newsmen after facility tour of ExxonMobil Erha Floating Production Storage and Offloading vessels (FPSO) in Lagos on Sunday. Read more

Concerns as 211 Nigerian oil blocks remain idle

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Out of 390 oil blocks in the country, 211 are yet to be allocated by the Federal Government, latest data obtained from the Department of Petroleum Resources have shown. Read more

Oppressive bank charges: Stamp duty sef dey inside

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There is increasing public concern on the forced burden of the serial rape of tens of millions of bank customers’ accounts, with a multiplicity of charges, which dove-tailed the Central Bank of Nigeria’s facilitation of the cashless policy and related electronic settlement of transactions. Read more

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

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