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BUSINESS NEWS BRIEF – Tuesday, May 24th, 2016




Nigeria requires N5.7tr investment to recoup losses from oil production slide
Unless the Federal Government and investors in the nation’s oil and gas sector invest about $29 billion (about N5.7 trillion) between now and 2019, the country’s crude oil production may decline from its present state of two million to 300,000 barrels per day.[Read More…]

Royal Niger floats $24m umbilical manufacturing plant in Lagos, Port Harcourt
An indigenous oil and gas service firm, Royal Niger Emerging Technologies has commenced arrangement for full integration of umbilical production in-country, to save the nation’s huge capital flight.[Read More…]

Seplat earmarks $130 million for oil, gas development in 2016
Seplat Petroleum Development Company Plc, has earmarked about $130 million for its 2016 operations, even as it reinstated commitments to fully exploit the nation’s abundant gas resources.[Read More…]


NNPC didn’t remit N1.1tn in 2013 – NEITI
The Nigeria Extractive Industries Transparency Initiative has accused the Nigerian National Petroleum Corporation of not remitting $3.8bn (about N748.6bn at the current official rate of N197 to a dollar) and N358.3bn to the Federation Account in 2013 in its latest audit report.[Read More…]

Govt opens up airport concession to foreign investors
The Federal Government on Monday said foreign investors were free to take part in the planned concession of the nation’s four major airports.According to the government, the four airports up for concession are the Nnamdi Azikiwe International Airport, Abuja; Murtala Muhammed Airport, Lagos; Aminu Kano International Airport, Kano; and Port Harcourt international airport.[Read More…]

FG seeks $166bn to fund energy, transport sectors
The Federal Government said on Monday that it would cost as much as $166bn in the next five years to provide infrastructure in energy and transport sectors of the economy.
It stated that the money could rise to $3.05tn in 30 years.[Read More…]

Foreign airlines’ $575m trapped in Nigeria —IATA
The International Air Transport Association said that funds belonging to foreign airlines, which had been trapped in the country due to the Federal Government’s policy on foreign exchange, stood at $575m (N113.28bn) as of March this year.[Read More…]

N4.5bn lost annually to quackery in ICT – CPN
The Computer Professionals (Registration Council) of Nigeria on Monday said that the Federal Government was losing over N4.5bn annually to quackery in Information Technology practice.The President and Chairman in Council of CPN, Prof. Vincent Asor, said that the government could avert such loss of funds if only it could immediately disengage any person, or group, engaging in IT practice without registration.[Read More…]


‘Onitsha inland Port To Generate N6.9bn daily’
The Senator representing Anambra North senatorial district in the National Assembly, Sen Stella Oduah has called on the Federal Government to establish an inland container port in Onitsha, Anambra State, just as she said that the port will yield a daily turnover of over N6.9 billion.[Read More…]

Nigeria To End Fuel Importation In 2019 – Kachikwu
Dr Ibe Kachikwu, Minister of State for Petroleum Resources, on Monday said the Federal Government was targeting 2019 to end fuel importation in the country.[Read More…]

AMCON Takes Over Bacita Sugar Company
The Asset Management Corporation of Nigeria (AMCON) took over Bacita Sugar Company in Kwara State yesterday by appointing Mr. A. B. Sulu-Gambari as the Receiver.[Read More…]


Nigerian develops model to boost fuel supply
A nigerian Petroleum Engineer, Mr. Chinedu Onyeizu, has developed a three node policy and a technology-based model aimed at addressing the challenges of fuel supply in Nigeria, by empowering Nigerians and the authorities with the capacity to track supply across all the downstream petroleum sector value chain.[Read More…]


United Capital Arranges N50.59bn Bank Guarantees for GenCos
United Capital Plc, one of Africa’s leading investment banking and financial services groups, in partnership with United Bank for Africa (UBA) Plc, has served as advisers on the structure by which the Nigerian Bulk Electricity Trading Company Plc (NBET) will now be able to provide Bank Guarantees (BG) to power generation companies (GenCos) in line with the provisions of the Power Purchase Agreements and Power Purchase Activation Agreements executed between NBET and the GenCos.[Read More…]


$3.9b fine: MTN shares slump as govt suspends talks
MTN shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty.[Read More…]


Asian stocks near 11-week lows, dollar bounces on Fed rate view
Asian shares stumbled to near 2-1/2-month lows on Tuesday and the U.S. dollar pared some of its recent losses as investors worried about the likelihood of a U.S. interest rate increase in coming weeks.[Read More…]


Dollar Rally Gathers Pace on Fed Speculation as Commodities Drop
The dollar rallied and crude oil fell with gold and most industrial metals as speculation mounted that the Federal Reserve will raise interest rates as early as next month. European stocks rose.[Read More…]

fake richard mille
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