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All posts by BusinessNews Staff

  • Nigerian oil companies, banks still in good shape – Kachikwu

    The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that oil companies and other related financial institutions operating in Nigeria will not go bankrupt following the current volatility in the prices of crude oil...

    • Posted March 26, 2016
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  • Capital flight from foreign airlines hits $4bn annually

    Revenues from ticket sales by foreign airlines, salary emoluments from expatriate pilots and engineers, and cost of aircraft maintenance overseas have risen to over $4 billion annually, THISDAY checks have revealed. The National Association of Nigerian Travel...

    • Posted March 26, 2016
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  • Transcorp Hotels posts N5.3bn profit, to pay 40k dividend

    Transcop Hotel Plc has announced a profit before tax of N5.378 billion for the year ended December 31, 2015, showing an increase of 23 per cent above the N4.340 billion recorded in 2014. Profit after tax stood...

    • Posted March 26, 2016
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  • House opens investigations into oil prospecting, mining licenses

    The House of Representatives has set up an ad hoc committee to investigate the processes of the award of Oil Prospecting Licences (OPL) and Oil Mining Licences (OML) to all its beneficiaries. The House said the investigation...

    • Posted March 26, 2016
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  • Construction of $3.8bn Egina FPSO nears completion

    Stakeholders in the oil and gas sector are in high hopes that the Egina oil and gas project would be successfully implemented as the construction of the $3.8 billion floating production storage and offloading (FPSO) platform is...

    • Posted March 26, 2016
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  • Eko Disco gets additional 160MW of electricity

    Eko Electricity Distribution Company Plc said it had secured additional 160 megawatts of electricity to augment its allocation from the national grid. The company, which is one of the 11 distribution companies in the country, said it...

    • Posted March 25, 2016
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  • NNPC increases focus on gas amid oil slump

    The Nigerian National Petroleum Corporation has said it is placing more emphasis on gas commercialisation, processing of gas into high-value products for both domestic use and export. This, according to the corporation, is part of “stern measures”...

    • Posted March 25, 2016
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  • EO predicts positive outlook for Nigerian businesses

    A global network of business owners, the Entrepreneurs’ Organisation, has predicted a positive economic outlook for Nigerian businesses. The EO, in the first part of its twice-a-year Global Entrepreneur Indicator survey results, said the prediction came amid...

    • Posted March 25, 2016
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  • NERC to query TCN for failing to submit performance report

    The Nigerian Electricity Regulatory Commission (NERC) wednesday said it would query the Transmission Company of Nigeria (TCN) for not submitting six months report of its performance in Nigeria’s electricity industry in 2015. NERC said TCN failed to...

    • Posted March 25, 2016
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  • Lagos, Kebbi to produce 70% of Nigeria’s rice requirements

    The Lagos and Kebbi State Governments wednesday signed a memorandum of understanding (MoU) which they said would culminate in the production of 70 per cent of Nigeria’s rice requirements annually. The two states governments also explained the...

    • Posted March 25, 2016
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