PUNCH
Nigeria’s foreign debt rises by $7.18bn in 10 years
Ten years after Nigeria’s historic exit from the Paris Club of Creditors, the country’s external debt balance has climbed to $10.72bn, up from $3.54bn, investigation has shown.The Federal Government had between 2005 and April 2007 paid over $15bn to exit from both the Paris Club and London Club of Creditors after receiving a write-off of about $18bn from the former.[Read More…]
Firm plans to add 500MW to national grid
The Obijackson Group has said its subsidiary, Century Power, is looking to add 500 megawatts to the nation’s power grid.The Group Managing Director, Obijackson Group, Dr. Ernest Obiejesi-Azudialu, disclosed this in a statement from the firm.[Read More…]
FBN Merchant Bank records N3.8bn PBT
FBN Merchant Bank Limited, the merchant banking subsidiary of FBN Holdings Plc recorded a profit before tax of N3.851bn for the year ended December 31, 2015.[Read More…]
US imports of Nigerian oil rise by 558%
imports of Nigerian crude oil by the United States grew significantly in the first three months of the year, after plunging to record lows in recent years on the back of the US shale oil boom.The US imports of Nigerian crude, which has come under pressure since the start of the decline in global oil prices, rose by 577.8 per cent to 26.3 million barrels in the first quarter of 2016, compared to 3.88 million barrels in the same period last year, latest data from the Nigerian National Petroleum Corporation showed.[Read More…]
IPMAN, Star Synergy sign five-year supply deal
The Independent Petroleum Marketers Association of Nigeria has signed a five-year throughput and trading agreement with Star Synergy Petroleum Services Limited.The agreement involved the storage and supply of petrol, diesel, kerosene and aviation fuel across Nigeria, Star Synergy said in a statement.[Read More…]
Marketers tackle Kachikwu over fuel pump price
Oil marketers under the aegis of the Association of Mega Filling Station Owners of Nigeria have threatened to stop dispensing Premium Motor Spirit, also called petrol, accusing the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, of creating price disparity in the market.[Read More…]
NSE reviews composition of market indices
The Nigerian Stock Exchange has announced the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices.[Read More…]
Renewable power installations hit record in 2015
A record 147 GW of renewable generating capacity was installed worldwide in 2015, according to REN21’s Renewables Global Status Report published Wednesday.Renewable heat capacity increased by 38 GW (thermal), according to Platts.[Read More…]
ACPML procures new facilities to improve port environment
African Circle Pollution Management Limited says it has procured new specialised garbage trucks and mini oil spill response stores to improve the operational environment at the ports..[Read More…]
Dangote Cement appoints Ufot as director
Dangote Cement Plc has announced the appointment of Mrs. Dorothy Ufot, SAN, as an independent non-executive director.[Read More…]
DAILY TRUST
FEC approves new debt management strategy
The Federal Executive Council (FEC) met yesterday and approved the 2016-2019 Debt Management Strategy.Briefing State House reporters after the meeting chaired by Acting President Yemi Osinbajo, Finance Minister Kemi Adeosun said since the previous debt strategy expired last December, a new one was needed.[Read More…]
FG to borrow more from foreign market
The Federal G+overnment will borrow more abroad in foreign currencies than domestically, to take advantage of lower interest rates and to allow local banks to lend to small businesses, the country’s finance minister said on Wednesday.[Read More…]
60 MDAs to share N280bn for capital projects
The Federal Government said that about 60 ministries, departments and agencies would benefit from the N280 billion released for the implementation of capital projects captured in the 2016 budget.The Minister of State for Budget and National Planning, Hajiya Zainab Ahmed, said the names of 60 ministries, departments and agencies (MDAs) have been sent to the Federal Ministry of Finance for approval.[Read More…]
THISDAY
Livestock Feeds Prepares to Raise N2bn to Boost Operations
Livestock Feeds Plc has commenced the process of raising additional capital to boost its operations. Shareholders of the company had last year approved that about N2 billion should be raised through a rights issue.[Read More…]
THE NATION
NNPC, PPMC, NAPIMS owe NIMASA $3.78b
The Nigerian National Petroleum Corporation (NNPC), the Pipeline Products Marketing Company (PPMC) and the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the NNPC are jointly owing the Nigerian Maritime Administration and Safety Agency (NIMASA) $3.78 billion, the House of Representatives has said.[Read More…]
S/Africa’s Petrocam to build refinery in Nigeria
The list of International Oil Companies (IOCs) wishing to build refineries in Nigeria has swollen with the latest interest coming from Petrocam, a South African-based oil firm.The company, which is known in crude oil trading in Africa and beyond, said its decision was borne out of the need to explore opportunities in crude oil processing in Nigeria.[Read More…]
THE GUARDIAN
Government signs N25b contract to aid school feeding
As part of preparations for the takeoff of proposed free feeding for school children, the Federal Government has signed a N25 billion contract with Tuns Farms to facilitate egg production in the country.Minister of Agriculture and Rural Development, Audu Ogbeh disclosed this yesterday.[Read More…]
REUTERS
European stocks, oil slide as growth fears add to Brexit pressure
European stocks fell while oil prices headed for a sixth session of declines on Thursday after the Bank of Japan refrained from taking further stimulus steps, hours after the Federal Reserve struck a cautious note on its policy outlook.[Read More…]
BLOOMBERG
Stocks Slide With Oil as Yen Jumps on BOJ’s Inaction; Gold Gains
Stocks slumped with oil and industrial metals after central bank meetings in the U.S. and Japan spurred concern the global economy is losing momentum. The yen soared after the Bank of Japan refrained from easing monetary policy, rallying with gold and sovereign bonds.[Read More…]