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BUSINESS NEWS BRIEF – Thursday, March 10, 2016




Reserves Rise As Oil Hit $40pb
Nigeria’s external reserves continued a steady appreciation, rising by 0.2 per cent within seven days in March as global oil price rose to $40 per barrel on Wednesday.[Read More…]

Nigeria’s Oil Reserve Hits 36.2bn – DPR
The director of the Department of Petroleum Resources (DPR), M.B Ladan, has given the latest figure of Nigeria’s oil and condensate reserve as hovering around 36.2 billion at a “Round Table On the Nigerian Economy” organised by NewsDirect in Lagos, saying that Nigeria has advanced in its oil sector development, producing about 2.1 to 2.3 million barrels daily from about 5,000 barrels per day in 1965.[Read More…]


FG Urged to Provide N150bn Loan-able Funds for Private Sector
The President, Cement Importers Association of Nigeria, David Iweta, has called on the federal and state governments to summon courage to create investment windows by attracting capital flow of minimum of N150 billion (USD750m) as loan-able funds for the private sector of each of the 36 states of the Federation through external borrowing annually for three years consecutively for lending to private sector operators at six per cent per annual.[Read More…]

Barclays Africa Targets Expansion in Nigeria
Barclays Africa Group Limited said there’s no lack of interest from buyers seeking a stake in South Africa’s third-largest lender as Barclays Plc prepares to reduce its 62.3 percent holding to less than 20 percent.[Read More…]


N696bn unpaid salary threatens Ogoni clean-up project
The implementation of the United Nations Environment Programme Assessment report on oil pollution in the Niger Delta is being threatened by the inability of the Federal Government to pay about 36 months’ salary arrears of the workers of the Hydro Carbon Pollution Restoration Project.[Read More…]

CBN, banks to step up fraudsters’ prosecution
The Central Bank of Nigeria and Deposit Money Banks have said effective prosecution of fraudsters will be their focus this year.[Read More…]


NASS, oil workers tackle FG, over unbundling of NNPC
THE Senate and workers unions in the oil and gas sector were, yesterday, up in arms against federal government’s unbundling of Nigerian National Petroleum Corporation, NNPC. The protest paralyzed activities in the corporation.[Read More…]

FG to raise N100bn in local currency denominated bonds
In pursuit of its borrowing plans for budget deficit funding, the Debt Management Office, DMO, yesterday, said it would raise N100 billion in local currency denominated bonds on behalf of the government next week.[Read More…]


Saudi Arabia seeks $8b bank loan to shore up state coffers
The pangs of plummeting oil prices continued to assail the commodity’s producers, with Saudi Arabia now seeking a bank loan of between $6 billion and $8 billion, in what would be the first significant foreign borrowing by the kingdom’s government for over a decade.[Read More…]


Dangote Plans Gas Pipeline Project
The Dangote Group has said that it is investing in the construction of a gas pipeline, which will be able to transport 1.5 billion standard cubic feet of gas per day, that will be laid beneath the sea to link Nigeria’s oil-producing Delta region to West Africa.[Read More…]


MTN must pay fine in full, Reps insist
The House of Representatives has insisted that Global System for Mobile communication (GSM) service provider, MTN Nigeria must pay the N780billion fine slammed on it by the Nigerian Communications Commission  (NCC).[Read More…]


Asia stocks gain as oil bounce improves sentiment, ECB awaited
Asian stocks edged up on Thursday, encouraged by a rally in crude oil prices and expectations that the European Central Bank will ease policy later in the day, emulating policymakers elsewhere seeking to bolster their struggling economies.[Read More…]


Euro Sinks to World’s Worst Performer as ECB Keeps Bears on Edge
The euro is the world’s worst-performing major currency over the past month with traders bracing for the European Central Bank’s decision on whether to expand stimulus.[Read More…]

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