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BUSINESS NEWS BRIEF – Tuesday, May 31st, 2016




Nigeria loses N13bn to oil theft, vandalism in one month
Nigeria has lost N12.566 billion in one month due to petroleum products theft and vandalisation of the facilities of the Nigerian National Petroleum Corporation, NNPC.[Read More…]


Nigeria risks losing oil buyers to Iran, S’Arabia
Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.[Read More…]

Nigeria, others won’t fall back into debt trap – AfDB
Nigeria and other African countries are unlikely to fall into the type of unsustainable debt trap seen in the 1990s despite a spike in borrowing and widening budget deficits, the African Development Bank has said.[Read More…]

FGPL takeover to protect pension contributors – PenCom
The National Pension Commission said on Monday that it acted within its powers by taking over the affairs of First Guarantee Pension Limited.[Read More…]

FG inaugurates committee on AMCON loans recovery
The Federal Government has inaugurated a Presidential inter-agency committee on the recovery of loans of commercial banks and corporate organisations bought over by the Asset Management Corporation of Nigeria.[Read More…]

Kwara dumps plan for N20bn bond
The Kwara State Governor, Abdulfatah Ahmed, said on Monday that the state government had decided not to go ahead to take a N20bn bond from the capital market because of the consistent reduction in the federal revenue allocation to the state.[Read More…]

Power sector loses N2bn daily, more turbines pack up
The power sector has been losing an average of N2bn daily since the resurgence of pipeline bombings by militants in the Niger Delta, latest electricity supply statistics have shown.This is coming as the number of functional gas-fired power generating turbines across the country has dropped from 50 that were operational in April to about 30 as of the end of last week.[Read More…]

Shell begins campaign on energy efficiency in Nigeria
Global oil giant, Shell, has announced the launch of a public service campaign in Nigeria as part of an international effort to encourage debate on how a rapidly expanding world population can meet its energy needs.[Read More…]


FG, states spend N5.3tr on salaries, overheads
Nearly half of the  federal and 36 state governments’ budgets  of N12.2 trillion for the  year  will be spent on salaries and overheads, Daily Trust investigation  has shown.Each of the two tiers has N6.1 trillion,   but N5.33 trillion of the total (43.7 percent) will be expended on salaries and overheads.[Read More…]


Nigeria, South Africa need $90b to bridge energy gaps for telecoms services
Sub-Saharan African (SSA) countries including Nigeria, South Africa, Kenya, Angola, among others might need between $60 billion and $90 billion (N17.7 trillion) yearly investments to bridge the growing energy gaps in the region for a sustainable telecommunications sector.[Read More…]


Marketers Defy FG, Sell Petrol above Official Ex-Depot Price
Despite federal government’s recent increase of the price of petrol to reflect the high cost of foreign exchange used in the importation of the product, some marketers and depot owners have defied government’s directive by selling above the official ex-depot price, THISDAY’s investigation has revealed.[Read More…]

Lagos’ Aje Oilfield Produces in Excess of 10,000 bpd
The two wells in Aje oil field located in Oil Mining Lease (OML) 113, offshore Lagos, have tested in excess of 10,000 barrels of oil equivalent per day, Panoro Energy, an independent oil and gas company based in the United Kingdom, has announced.[Read More…]

FirstBank Gets $13.745m Forex Allocation from CBN
The latest returns on forex utilisation for FirstBank Nigeria Limited have shown that the bank was allocated $13,745,768.19 by the Central Bank of Nigeria (CBN) last week.The returns published in THISDAY monday showed that FirstBank sold the greenback to 678 customers.[Read More…]


FG To Launch N1.6bn Women’s Empowerment Fund
Efforts to diversify the economy may have received the desired boost as the federal government has announced a N1.6 billion national women’s empowerment fund.[Read More…]

NSE Delists Vono Products
The Nigerian Stock Exchange (NSE) has delisted Vono Products following the successful completion of  its merger with Vitafoam Nigeria Plc.The entire 563.65 million ordinary shares of Vono Products Plc were delisted from trading on May 23, 2016.[Read More…]

GTBank Wins 2016 Most Innovative Bank In Africa
Guaranty Trust Bank plc has been named the 2016 Most Innovative Bank in Africa by African Banker Magazine.The award was given to the bank at the prestigious African Banker Awards which took place on the side-lines of the African Development Bank (AfDB) annual meeting in Lusaka, Zambia.[Read More…]


U.S. oil rises, global crude weaker on strong Middle East output
U.S. oil prices rose on Tuesday, buoyed by the start of the U.S. summer driving season, while international fuel markets fell on rising output in the Middle East, which mostly serves Asian customers.[Read More…]


European Shares Swing After China Surges; Dollar Holds Advance
European and Asian stocks gained amid optimism the global economy is strong enough to withstand a boost to U.S. borrowing costs that may come as early as June. The dollar was poised for its best monthly rally since 2014.[Read More…]

fake richard mille
There are not many functions of richard mille replica, except for the basic time display, there is only a very powerful tourbillon function. Its time display function has only two hands, hour and minute hands. Although it cannot display the time accurately to the second, it has a good effect on the overall style of the watch. The diameter of the tourbillon is 10.90 mm, and its position is just in the mouth of the skull. It can be said that the position is very classic. When the watch is working, the tourbillon is spinning fast in the skull's mouth, faintly visible through the gaps of the cage-shaped teeth made of rose gold, giving people not only a mechanical beauty but also an indescribable feeling. It can be said that it is a kind of awe of death, or it is a shock of immortal imagery. In short, let go of your thinking, on this fast-moving tourbillon, your thoughts have no end. This watch also uses a back-through design. The movement of the movement and the operation of the tourbillon can also be seen through the back of the watch. This watch is also known as a fine product in terms of machinery.
The latest and best quality materials in today's watch field are used in conjunction with precious metals to make it surrounded by a luxurious and noble aura when it is born. The detailed processing of each screw and each plane is a manifestation of its high quality. It perfectly combines the unconventional skull design with the tourbillon technology that Richard Mille is famous for. It gives people visual enjoyment and brings us thinking about the ultimate problem of life, which is evocative. endless. Coupled with a movement that has applied many advanced technologies to show the beauty of machinery in front of people, its performance is beyond doubt!