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All posts by BusinessNews Staff

  • NNPC-Headquarters-
    FG owes oil firms $8.1bn in cash calls

    The Federal Government owes oil companies at least a total of $8.06bn in unpaid cash calls, as the Nigerian National Petroleum Corporation failed to pay $3.06bn in the first seven months of the year. The nation’s oil...

    • Posted September 30, 2016
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  • crude-oil
    ANEEJ backs probe of $17bn undeclared oil exports

    The Africa Network for Environment and Economic Justice has said the plan by the National Assembly to probe the alleged $17bn undeclared crude oil and gas exports is a step in the right direction. The group said...

    • Posted September 30, 2016
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  • 151115F-Kemi-Adeosun
    Recession: Operators uncomfortable as FG eyes N5.8tn pension fund

    Pension operators in the country are increasingly getting uncomfortable with the moves being made by the Federal Government to use part of the N5.8tn Contributory Pension Scheme assets to fund infrastructure development and move the nation out...

    • Posted September 30, 2016
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  • Trading-floor-of-the-Nigerian-Stock-Exchange-360x270
    23 stocks depreciate as market sheds N4bn

    The Nigerian Stock Exchange’s market capitalisation fell by N4bn as 23 stocks depreciated at the close of trading on the Exchange’s floor on Wednesday. The NSE market capitalisation slid to N9.699tn from N9.703tn, while the All-Share Index...

    • Posted September 30, 2016
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  • 160316N Nigerian-stock-market NSE
    Analysts raise concerns over Tier 2 Banks’ health

    Although Nigerian banks are contending with the effects on earnings of weak oil prices, shortages of US dollars, devaluation of the naira and slowing economic growth, these challenges appear to be having a more profound effect on...

    • Posted September 30, 2016
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  • CBN
    CBN settles $180m Futures contract

    The Central Bank of Nigeria (CBN) wednesday settled OTC FX futures contracts on the interbank market to the tune of $180 million. The FMDQ OTC Securities Exchange said the transaction settlement followed the maturity of the “third...

    • Posted September 30, 2016
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  • oil barrels
    India promises to buy more Nigerian crude oil

    The Indian Government has promised to increase the volume of crude oil it buys from Nigeria. The Asian country also promised to invest $5bn in the Nigerian economy. The Indian Vice President, Mohammad Ansari, made the pledge...

    • Posted September 29, 2016
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  • Pat Utomi
    Senate, Utomi reject plan to sell assets

    The Senate on Tuesday rejected the proposal by the National Executive Council to sell some of the country’s assets to shore up the foreign reserves as part of measures to bring the nation out of recession. The...

    • Posted September 29, 2016
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  • Comptroller-General-of-Customs-Hameed-Ali
    Committee recommends merger of Customs, FIRS

    The National Tax Policy Review Committee that was constituted by the Federal Government last month has recommended the merger of the Federal Inland Revenue Service and the Nigeria Customs Service. The committee, headed by Prof. Abiola Sanni,...

    • Posted September 29, 2016
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  • Maikanti-Kacalla-Baru 1
    NNPC to pay for JV cash call arrears through royalties

    The Nigerian National Petroleum Corporation says it has started working out modalities that will enable it to exit Joint Venture cash call arrears by ensuring that outstanding and future payments are liquated from oil and gas royalties...

    • Posted September 29, 2016
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