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TODAY’S BUSINESS NEWS BRIEF – Wednesday, November 2nd, 2016



Power ministry gets N209bn as capital release details emerge
The Ministry of Power got the highest amount of N209.24bn out of the total N753.6bn capital votes so far released by the Ministry of Finance to Federal Government’s Ministries, Departments and Agencies for the implementation of the 2016 budget.[Read More…]

Adeosun, Udoma, DMO meet as Senate rejects $30bn loan request
The ministries of Finance and Budget and National Planning as well as the Debt Management Office have begun working on the details of President Muhammadu Buhari’s $29.96bn external borrowing plan following its rejection by the Senate on Tuesday.[Read More…]

12,000bpd Azikel refinery to start operations in 2018
The Azikel Group and Ventech Engineering LLC Houston-Texas, United States, have signed a contract for the construction of the Azikel Refinery, with capacity to process 12,000 barrels per stream per day. The refinery is expected to start operations by 2018.[Read More…]

Oil: Nigeria produced 2.1m barrels today, says Kachikwu
Nigeria’s oil production is nearly back to normal following a sharp drop earlier this year due to rebels attacking pipelines, the oil minister said Tuesday.[Read More…]

Naira extends gain against dollar
The Naira on Tuesday extended its gains against the dollar across the Forex market.The nation currency gained N4.06 at the interbank market to close at N304.75, from N308.81 posted on Monday.[Read More…]

Power firms blame FG for under-performance
Exactly three years after the privatisation of the nation’s power sector, electricity distribution companies have said the failure of the Federal Government to fulfil most of the commitments made to the investors has affected the performance of the sector.[Read More…]

Erisco Foods exits Nigeria, moves to China
A leading indigenous local tomato paste manufacturer, Erisco Foods Limited, has made good its threat of shutting down the $150bn plant and relocating its manufacturing base to a location outside Nigeria.[Read More…]

Ex-CBN deputy governor, Ebi, appointed Fidelity Bank chairman
A former Deputy Governor, Central Bank of Nigeria, Mr. Ernest Ebi, has been appointed as the Chairman-Designate of Fidelity Bank Plc.[Read More…]


$2.7b Onne Phase 4B port facility to begin operations soon
Barring any unforeseen circumstances, a portion of the new capacity being added at the Phase 4B area of the Onne Port Complex development Area in Rivers State will soon be put into commercial operations.[Read More…]

Domestic airlines seek $50m grant from CBN’s special forex window
Domestic airline operators in the country have appealed to the Central Bank of Nigeria (CBN), to allot the local industry at least $50million grant from the foreign exchange (forex) special intervention programme.[Read More…]

GE repairs of Dangote gas turbine in Nigeria saves over $2.5m
Multinational conglomerate, GE is committed to investing a total sum of $2 billion in facility development, skills training, and sustainability initiatives across Africa by 2018.[Read More…]

Anchor borrower scheme targets one million-tonne rice in Niger
The Anchor Borrowers’ Programme initiated by the Central Bank of Nigeria (CBN) is targeting one million tonnes of rice from the cluster of farms in Niger State.[Read More…]


Senate Rejects FG’s $30bn Borrowing Plan, Presidency, DMO Defend Loans
The Senate yesterday threw out President Muhammadu Buhari’s request to raise $29.9 billion in foreign loans over a three-year period.[Read More…]

Access Bank to Repay 2017 Eurobond from $300m Debt Raised
Access Bank Plc plans to use part of a $300 million eurobond it issued last month to help repay an existing eurobond due to mature next year, the bank said on Tuesday.[Read More…]

FG Confirms Sale of GM Foods, Backtracks from Sanctioning Erring Superstores
The federal government seems to have backtracked from sanctioning erring superstores in the country‎ for selling genetically modified foods without authorisation following public outcry, and the subsequent threat by the government to shut down any superstore that contravenes such directive.[Read More…]


FAAC payout drops by N90b in October
Total payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government decreased by N90 billion in October, from N420 billion in September, FBNQuest has said.[Read More…]


2016 budget: FG releases 42% of capital vote
The federal government has released the sum of N753.6 billion, or 42 percent, of the total capital budget from May to October, 2016.[Read More…]

‘Power sector collapsing over N110bn gas debt’
Nigeria’s power sector faces an imminent collapse if nothing is done to offset the huge debts owed gas producers and suppliers by power generation companies, Chief Executive Officer, Frontier Oil Limited, Thomas Dada has said.[Read More…]

Seven Energy completes $445m gas deal
Seven Energy International Limited has announced that it has completed the final documentation with its Accugas IV Facility lenders to revise the amortisation profile of its $445 million of the Accugas IV Facility, reducing its near term debt service obligations in 2016 and 2017.[Read More…]

NNPC resolves to deal with marketers individually
The Nigerian National Petroleum Corporation (NNPC) has resolved to deal with oil and gas marketers on individual basis, to avoid litigations over the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN).[Read More…]


Oil extends losses after report shows surprise U.S. stocks build
Crude oil prices fell for a fourth day on Wednesday, as jittery investors awaited official U.S. stockpile figures later in the day after industry data showed a surprise build in inventories, underlining a persistent global glut.[Read More…]


Stocks Drop With Mexican Peso as Election Angst Boosts Yen, Gold
A global equities selloff deepened and Mexico’s peso weakened as polls indicated a tightening race ahead of next week’s American presidential election. The yen gained with the Swiss franc and gold as investors favored haven assets.[Read More…]


fake richard mille
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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!