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All the major economic news from Nigeria in 5 minutes-1/8/2017

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Summary of the top business, economic and political news in Nigeria today.

  1. Pay TV Company, StarTimes, has extended the ongoing 2 months for 2 weeks free subscription promo till August 31. The company introduced the promo in May to reward its loyal subscribers across the country.Link
  2. The Federal Government is waiting on the completion of work on Dangote refinery to fulfil its promise to Nigerians to end fuel importation by December 2019, Minister of State Petroleum Ibe Kachikwu, said yesterday. Link
  3. OIL giant Oando Plc. has declared a N4.6 billion profit in its half year ended June 30, 2017. An analysis of the half-year results of oil and gas companies operating in the country revealed an increase in earnings. Link
  4. THE Police Special Fraud Unit (SFU) yesterday advised air travellers against using credit cards for the purchase of air tickets to avoid being defrauded. Link
  5. The Minister of Science and Technology, Dr. Ogbonnaya Onu and the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, met in Abuja on Monday on the implementation of a Presidential Order directing government Ministries, Departments and Agencies to give preference to locally-made goods and services in their procurement. Link
  6. The second runway for the Nnamdi Azikiwe International Airport, Abuja, will be ready before the end of the current administration in 2019, the Federal Government has said. Link
  7. Internet service provider, Spectranet, has developed a Freedom Mi-fi with 15GB free of Internet. The company said the new Mi-Fi was part of its product development strategy to improve the consumers’ Internet service experience. Link
  8. Access Bank Plc. has upgraded its mobile banking app with a set of new features. The additional features, according to the bank, allow customers to perform multiple functions including quick airtime top-up and funds transfer without signing on to the app. Link
  9. The Ondo State Government has begun four-week summer training for 100 secondary schoolgirls on the Information and Communication Technology in a bid to acquaint the pupils of the state with digital world. Link
  10. Canon Central and North Africa, an imaging and business solutions company, has said it is collaborating with three local service centres across three major cities in Nigeria to strengthen its in-country presence and drive its ‘closer to customer’ strategy of optimal customer satisfaction. Link
  11. A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency on Tuesday. According to the British Broadcasting Corporation, a group of insiders is unhappy with existing plans to speed up transaction times. Link
  12. The Nigerian Communications Commission working through its training arm, the Digital Bridge Institute, has trained 11,393 persons in advanced digital appreciation programme widely known as ADAPTI. Link
  13. The Vice-Chairman, Capital Express Global Holdings Limited, Mr. Tony Aletor, has advised investors to reconsider their stance on mutual funds. Link
  14. The agreement will enable FIIRO to the upscale the development of innovative cassava processing technologies to improve income for Nigerian micro, small and medium sized cassava processors and to create additional employment. Link
  15. An alleged confiscation of N3.9 billion received by Adamawa State from the Paris Club Loan Refunds has created anxiety among workers in the state. Link
  16. Capital market experts have warned of imminent liquidity crisis against deposit money banks following the 13.5 per cent coupon rate offer on government bond, against four per cent interest from commercial banks in Nigeria. Link
  17. Stakeholders in the capital market have endorsed a Bill by the National Assembly to reform the Nigerian Stock Exchange, (NSE) by de-mutualising it from a company limited by guarantee to a company limited by shares. Link
  18. International Oil Companies (IOCs) and their indigenous counterparts may soon be forced to halt operation, as the cost of producing a barrel of crude oil remains high. Link
  19. Olusegun Oshinowo noted that “as a nation we don’t seem to appreciate that time is productivity, productivity is money and productivity is translated to Gross Domestic Products (GDP). Nigeria lost at least N9.74 billion in 2016 as a result of multiple public holidays observed during the year. Link
  20. The UN has allocated over $10.5 million to help thousands of vulnerable in need of life-saving humanitarian assistance in the devastated Nigeria’s northeast. Link
  21. The Minister of State for Petroleum Resources, Mr.Ibe Kachikwu, yesterday, lamented that Nigeria lost over $300 billion worth of oil and gas investments in three years. Link
  22. Nigerian’s leading domestic airline, Med-View Airline, recorded a 27 per cent growth in profit in its half year period ended June 30, 2017 at N857.3 million from N671.5 million in 2016. Link
  23. Equities on the domestic bourse ended the last trading day of July with an over-hang of Friday’s decline as the NSE All Share Index (ASI), the key benchmark index dropping 2.77 per cent to settle at 35,844 basis points. Link
  24. The Central Bank of Nigeria (CBN) ended July with another $195 million injection into various segments of the foreign exchange market as part of its strategies to stabilize exchange rate. Link
  25. Nigeria’s airline operators have taken the Federal Government to task over its continued imposition of about 37 tax items on their operation in the face of the prevailing harsh economic environment. Link
  26. Nigeria’s leading oil palm producer, Presco Plc, has said it is targeting an additional one million hectares of oil plantation as part of efforts to expand its business and create more jobs for Nigerians. Link
  27. Anambra state executive council as led by Willie Obiano, governor of the state, has approved the proposal for the construction of export processing facility estimated to cost about $150million. Link
  28. About 90 per cent of Internet Service Providers (ISPs) in Nigeria are dead, the Nigerian Communications Commission (NCC), has said. Its Director, Licensing and Authorisation,  Ms Funlola Akiode who spoke yesterday in Lagos during a Stakeholders’ Forum on ISPs at Lagos Sheraton Hotel and Towers, Ikeja, lamented that only 10 per cent of the 103 licensed ISPs in the country has approached the regulator for licence renewal. Link
  29. DN Tyre and Rubber Plc (formerly Dunlop Nigeria Plc) has dragged Sterling Bank and Lagos church before Lagos State High Court, Ikeja over alleged illegal and forceful takeover of its property located at Oba Akran Avenue, Ikeja area of the state. Link

 

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Energy

NNPC says local operators must improve capacity to achieve low cost of oil production

The NNPC has mandated local oil companies to improve capacity to so as to reduce oil production cost.

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NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

The Nigerian National Petroleum Corporation (NNPC) has said that indigenous companies operating in Nigeria’s oil and gas sector must upscale their capacity for global competitiveness in order to achieve the target of reducing the cost of oil production in Nigeria on a sustainable basis.

This was disclosed by the Group Managing Director of NNPC, Mallam Mele Kyari, at a virtual stakeholder’s consultative summit which was organized by the Senate Committee on Local Content.

According to a press release by NNPC, which was signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the NNPC GMD said that there was need to amend the Local Content Act to reflect current realities in the industry.

Kyari, who was represented by the Group General Manager, Corporate Planning & Strategy (CP&S), Mrs Eyesan Oritsemeyiwa, argued that there was a need to have a legislation to resolve the issues of funding challenges faced by local players, stressing that oil and gas business required high technical skills and competence to compete favourably at the global stage.

Speaking further on the need for greater capacity building on the part of indigenous companies, the GMD said the nation’s education system has a great role to play in the development of highly skilled technical manpower, adding that any legislation on Nigerian content development that fails to embrace issues of investment in the educational system was not likely to achieve much.

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He said, “In terms of the interaction between industry and education, we think these new bills would present a good model that we should work with. People are the greatest assets of any nation. If you have the best brains in the industry today, as long as you are not getting a good replacement for them from the educational sector when they grow old and retire, then your industry will collapse,”

The NNPC boss pointed out that the nation has made some good progress from the era when there was no single indigenous operator in the oil and gas industry to the current situation where local operators have risen to double digits, stressing that the trend should be encouraged.

He praised the National Assembly’s initiative to review and amend the Local Content Act and urged the committee to ensure that it is carried out in a timely fashion in order for the law to deliver maximum value for the nation.

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The GMD commended the legislators for the plan to extend the local content law beyond the oil and gas industry to other sectors of the nation’s economy, stressing that it would open up the non-oil sectors to growth and development.

The local content initiative has been identified as being very critical to the development of Nigeria’s oil and gas sector as the Federal Government plans to reduce the cost of production of crude oil to $10 per barrel in the face of the recent crash in crude oil prices.

The Federal Government has provided the sum of $350 million as the Nigerian Content Intervention Fund to help support local participation in the oil and gas sector.

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Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

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FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

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The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

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This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

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Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

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These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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