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Business News Brief – July 31, 2015



US agency to train Dangote Oil Refinery workers
The United States Trade and Development Agency has signed a $997,447 training grant with Dangote Oil Refining Company to develop critical human capacity resources necessary to successfully operate and maintain Dangote’s Greenfield petroleum refinery situated in Lagos.[Read More…]

Shell’s production in Nigeria falls by 28%
Shell Petroleum Development Company of Nigeria has seen its total oil and gas production plunge by 28.2 per cent year-on-year, the company disclosed on Thursday.[Read More…]

EU, Germany support Nigeria’s energy sector with N5.33bn
A total of €24.5m (N5.33bn) has been earmarked by the European Union and the German Federal Ministry of Economic Cooperation and Development to fund Nigeria’s renewable energy, energy efficiency and rural electrification programmes.[Read More…]

FG loses N475bn to stamp duty default – NIPOST
The Federal Government is losing about N475bn yearly to the non-implementation of the Stamp Duties Act, the Nigerian Postal System has said.[Read More…]

DPR gets task force on petrol pricing
Following the continued sale of petrol above the stipulated pump price by some marketers, the Department of Petroleum Resources has said it will engage law enforcement agencies like the police[Read More…]

Import waivers: Senate probes Jonathan’s govt
THE Senate on Thursday commenced the probe of alleged abuse of the waiver regime under former President Goodluck Jonathan.[Read More…]

NCAA to publish debtor airlines’ names
The Nigerian Civil Aviation Authority on Thursday said it would publish thez names and amount being owed by each airline operating in the country if the carriers failed to make the necessary remittances within two weeks.[Read More…]


Nigeria’s President Plans To Split State Oil Company Into Two Entities
Nigerian President Muhammadu Buhari plans to split the state-owned Nigerian National Petroleum Corporation (NNPC) into two entities, his spokesman said on Saturday.[Read More…]

Nigeria ranks lowest in LPG usage in Sub-Saharan Africa
Nigeria ranks the lowest in the per capita usage of Liquefied Petroleum Gas (LPG) with 1.1 kilograme consumption rate behind South Africa, Morocco and Ghana.[Read More…]

Airtel to cut African workforce by 20%
BHARTI Airtel is reportedly set to reduce its headcount in Africa by between 15 per cent and 20 per cent this year, including the departure of 20 senior executives in the region.[Read More…]


NAICOM Influences Settlement of Controversial Claims Worth N4.2 Billion 
The National Insurance Commission (NAICOM) said it has, through its public complaints redress procedure on claims settlement, influenced  the settlement of claims valued at N4.2 billion between  2007 and 2015.[Read More…]

FCMB Group Plc Posts N9.6bn Profit before Tax in Six Months
FCMB Group Plc has recorded a growth of  11 per cent in revenue for the half year ended June 30, 2015 and ended with a profit before tax (PBT) of N9.6 billion. FCMB recorded a revenue of N77.4 billion in 2015, while its  total assets growing  15 per cent to N1.22 trillion.[Read More…]

Customs Threatens to Shutdown Intercontinental Hotel over Unpaid Duties by Rice Importers
The ongoing dispute between the Nigeria Customs Service (NCS) and large rice investors in the country has taken a new turn, as the NCS has threatened to close down one of Nigeria’s foremost hotels, Intercontinental Hotel Lagos.[Read More…]


Banks Stop Receiving Foreign Currency Cash Deposits
In a apparent move to avoid sanctions from the Central Bank of Nigeria (CBN), banks in the country have started notifying their customers that they would soon stop receiving foreign exchange cash deposits from them.[Read More…]


Proposed Dangote Refinery gets $997m US Trade Agency grant
The United States Trade and Development Agency (USTDA) yesterday in Lagos announced a grant of $997.4 million dollars as training support for the proposed refinery by the Dangote Group.[Read More…]


Lagos Assembly approves N59.3b budget for 57 local councils
The Lagos State House of Assembly yesterday approved a budget of N59, 287,974,102 for the 20 local governments and local council development areas (LCDAs).[Read More…]

Senate: Fed Govt must recover N585b import waivers
The Senate yesterday urged the Federal Government to recover over N585 billion lost to rice importers through waivers between 2011 and 2014.[Read More…]


Asia shares face July drop on worst China loss in six years
Asian shares inched higher on Friday but were still set to post a loss for July, led by China’s biggest monthly drop in six years. [Read More…]

European shares gain after upbeat earnings reports; China still a drag
European equities enjoyed their third straight day of gains on Thursday with results from Siemens, Nokia and Safran underpinning the signs of recovery.[Read More…]

Malaysia Reserves Set to Drop Below $100 Billion 
Malaysia’s foreign-exchange reserves are set to drop below $100 billion just when the nation most needs a buffer against any collapse in investor confidence.[Read More…]


Emerging Stocks Rise to Pare Biggest Monthly Decline Since 2012 
Emerging-market stocks trimmed the biggest monthly slump in three years, as utility and health-care companies rallied. The Thai baht headed for a 2009 low.[Read More…]

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