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All posts by BusinessNews Staff

  • Chevron expects major investments in Nigeria, capital spending to hit $32.7B in 2012

    Chevron Corp. said Wednesday it expects to spend $32.7 billion next year on energy exploration and investment next year, an increase over 2011. The oil giant expects to make major investments in projects in Australia, deep areas...

    • Posted December 8, 2011
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  • ENI AND SHELL Reach Deal on OPL 245

    Royal Dutch Shell and Eni have bought the prospective Nigerian deep offshore oil block OPL 245, the companies said  yesterday, ending a decade of legal disputes over the huge asset. Shell and Eni said they would own the block...

    • Posted December 8, 2011
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  • How MTN is profiting from Nigeria’s informal economy

    Robert Neuwirth, author of Stealth of Nations: The Global Rise of the Informal Economy, examines how mobile operator MTN is using hawkers and street vendors as distribution agents. Throngs of okada – unlicensed motorcycle taxis – manoeuvred in...

    • Posted December 6, 2011
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  • New Regulation Gives Nigerian States Right to Generate and Distribute Electricity

    The 36 Nigerian state governments  will next month get the statutory right to generate and distribute electricity from their domain. Chairman, Nigeria Electricity Regulatory Commission (NERC), Dr. Sam Amadi, disclosed this yesterday in Abuja at a stakeholders’...

    • Posted December 6, 2011
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  • President Goodluck Jonathan
    FG sets up panel to appraise $235m fine against BA and Virgin Atlantic

    The last may not have been heard of the British Airways (BA) and Virgin Atlantic Airways (VAA) price-fixing imbroglio as the Federal Government, at the weekend, constituted an administrative appeal panel to appraise the $235 million fine...

    • Posted December 5, 2011
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  • AMCON Intervention is the Biggest Fraud in History – ISAN

    The Asset Management Company of Nigeria (AMCON), set up to wipe toxic loans off the balance sheets of banks has been described as the biggest fraud in the history of the nation’s financial sector by the Independent Shareholders...

    • Posted December 5, 2011
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  • Spotlight on Africa

    Her $3 billion fortune makes Oprah Winfrey the wealthiest black person in America, a position she has held for years. But she is no longer the richest black person in the world. That honour now goes to...

    • Posted December 4, 2011
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  • How Your Mobile Phone Is Spying On You

    If you’ve set up a new mobile phone recently, you were likely prompted with an innocent-sounding request for your “usage information.” The phone probably assured you that it would collect your data “anonymously,” and that it would...

    • Posted December 4, 2011
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  • Electronic Payment of Goverment Salaries to Start in January 2012 -CBN

    The Central Bank of Nigeria has said it had  concluded plans to implement the electronic payment of government supplies, all forms of taxes, salaries and pensions by January 2, 2012. Speaking  at a one-day Public Sector Stakeholders...

    • Posted December 2, 2011
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  • First Hydrocarbon Nigeria buys 45 percent stake in OML 26

    First Hydrocarbon Nigeria (FHN), which is partly owned by oil company Afren, confirmed on Thursday the purchase of a 45 percent stake in Nigerian oil block OML 26 for $147.5 million from Shell, Total and Eni. FHN,...

    • Posted December 2, 2011
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