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TODAY’S BUSINESS NEWS BRIEF – Tuesday, November 1st, 2016

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Nov

 

PUNCH

NNPC targets gas in 126 northern basins, others
The Nigerian National Petroleum Corporation on Monday said that there was a need to expand the country’s gas exploration efforts in its sedimentary oil and gas basins in order to increase the product’s reserve.[Read More…]

CBN warns against patronage of ‘wonder banks’
The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it.[Read More…]

NNPC eyes $3bn investment in rail transport
The Federal Government on Monday announced that it plans to attract over $3bn worth of investments to the rail sector to aid the transportation of people and goods.[Read More…]

Power firms want forex at official rate
Power firms should be given preferential treatment with respect to foreign exchange, which is needed to procure equipment such as transformers, meters and turbines, the Managing Director, Ibadan Electricity Distribution Company Plc, Mr. John Donnachie, has said.[Read More…]

MDAs take over assets sales from BPE
The Federal Government has sidelined the Bureau of Public Enterprises in the process of giving out key assets and infrastructure in several critical sectors of the economy, including aviation, petroleum and railways to private operators as concessions.[Read More…]

Skye Bank sacks 50 more workers
About four months after it disengaged about 200 of its workers, Skye Bank Plc has retrenched about 50 members of staff, including those in outsourced and auxiliary functions.[Read More…]

Naira remains at 470 as dollar shortage continues
The naira closed flat at 470 against the United States dollar on Monday, the same level it recorded on Friday.The naira had plunged to 470 on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official and parallel forex markets.[Read More…]

THISDAY

External Reserves Falls to $23.948 Billion
Nigeria’s external reserves diminished by 2.8 per cent in one month to $23.948 billion as at October 27, 2016, compared with the $24.615 billion it was as at September 27, 2016.[Read More…]

FG to Deduct MDAs’ Electricity Bills from Source
Following the huge arrears of electricity consumed by its Ministries, Departments and Agencies (MDAs), the federal government has said it will now begin to deduct and pay the electricity bills of its MDAs from source.[Read More…]

Oil Prices Fall to One-Month Low as Concerns Mount over OPEC Deal
Oil prices dropped more than $1 a barrel monday to hit one-month low on doubts about the Organisation of Petroleum Exporting Countries (OPEC)’s planned production cut and a build in US crude inventories at the Cushing, Oklahoma storage hub.[Read More…]

DAILY TRUST

Gas sector requires $51bn investment – NNPC
The Nigerian National Petroleum Corporation (NNPC) has said about $51 billion investment opportunities exist today in the midstream and downstream gas sector to achieve the growth phase in the Industry in Nigeria.[Read More…]

Warri-Ajaokuta-Obaro-Abuja rail project to attract $30bn investment—Amaechi
The Minister of Transportation, Mr Rotimi Amaechi,on Monday said that Warri-Ajaokuta-Obaro-Abuja central rail project was expected to attract a minimum of 30 billion dollar investment into the country.[Read More…]

THE NATION

12,000bpd refinery to start operation in 2018
The Group President, Azikel Group, Dr. Eruani Azibapu has signed agreement for the construction of  12,000 barrel per day (bpd) Azikel Refinery with Ventech Engineering LLC in Houston Texas.[Read More…]

LEADERSHIP

FG Unbundles NIPOST Into 5 Commercial Entities
The Federal Government said it has unbundled the Nigerian Postal Service (NIPOST) Limited into five entities to make it commercially viable and compete with the other information and communications technology (ICT) companies operating in Nigeria’s emerging electronic commercial sector.[Read More…]

NPA Generates N84.7bn From Eastern Ports In 9 Years
The Nigerian Ports Authority (NPA) has collected a total sum of $481million (N76.9billion at prevailing rate of N160 per dollar ) and N7.81billion respectively from the Eastern Ports in nine years (2006-2015).

VANGUARD

Ayade presents N301 billion budget for 2017
Governor Ben Ayade of Cross River State, yesterday, in Calabar, presented an Appropriation Bill of N301 billion for 2017 to the state House of Assembly for approval.[Read More…]

REUTERS

Shares, dollar tread water as U.S. election campaign enters final week
European shares were poised to fall for a seventh straight session while the dollar edged lower with investors largely holding back as the contentious U.S. presidential campaign entered its final week.[Read More…]

BLOOMBERG

Bond Market Selloff Resumes After Chinese Data, Metals Advance
A global slump in government bonds resumed after a report showing an unexpected pickup in manufacturing in China fueled optimism about the outlook for the global economy. Emerging-market stocks rallied and Aluminum and copper both gained.[Read More…]

 

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