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All posts by BusinessNews Staff

  • Oil hits 2016 high due to falling output, weaker dollar

    Oil hit its highest level wednesday driven by a falling dollar and evidence of declining United States supply, putting the price on course for its strongest monthly performance since last April, the News Agency of Nigeria (NAN)...

    • Posted April 29, 2016
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  • Lagos completes restructuring of N167.5bn bond

    Lagos state government yesterday said it had successfully completed the restructuring of its N167.5 billion Programme II, Series 1 and 2 Bonds. In a statement, the State Commissioner for Finance, Mr. Akinkunmi Mustapha, said the restructuring which...

    • Posted April 29, 2016
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  • CBN records N123bn operating surplus

    The Central Bank of Nigeria’s (CBN) Consolidated and Separate Financial Statements for the year ended 2015 released on Wednesday showed that its net income for the year was N108.530 billion, while its Group net income was N123.074...

    • Posted April 29, 2016
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  • World Bank gives Kachikwu thumbs up on NNPC reforms

    The World Bank wednesday said it was impressed with the reforms initiated by the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, at the state-run...

    • Posted April 29, 2016
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  • We will fix Lagos-Ibadan Expressway despite court injunction – FG

    Funding for the Lagos-Ibadan Expressway is captured in the 2016 budget and the road will be constructed despite court injunctions against its further development, the Federal Government has said. It argued that the development of the country...

    • Posted April 28, 2016
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  • NUPENG faults Kachikwu on fuel diversion claim

    The Nigeria Union of Petroleum and Natural Gas Workers on Tuesday reacted to the claim of fuel diversion by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, describing it as a cover-up for the Nigerian...

    • Posted April 28, 2016
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  • 90 power turbines not working – Fashola

    The Minister of Power, Works and Housing, Babatunde Fashola, stated on Tuesday that only 50 out of the 140 power generating turbines in the country were currently functional. Vice President Yemi Osinbajo had on Monday said that...

    • Posted April 28, 2016
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  • Banks record lower impairment charges as risk management improves

    Banks have started improving on their risk management leading to a lower impairment charges and cost of risk (COR) for the first quarter ended March 31, 2016, THISDAY checks revealed on Monday. Huge impairment charges on delinquent...

    • Posted April 28, 2016
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  • Again, nationwide power generation drops by 1,585.7MW

    Total power generated by Nigeria’s power stations for transmission and distribution to homes has again dropped by 1,585.7 megawatts (MW) from 3,701.7MW that was achieved as peak generation last Monday evening, THISDAY has learnt. THISDAY gathered from...

    • Posted April 28, 2016
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  • World Bank raises 2016 oil price forecast to $41 per barrel

    Amid improving market sentiment and a weakening dollar, the World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, stating that oversupply...

    • Posted April 28, 2016
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