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  • Asia to Buy 49 Cargoes of West African Crude for August Loading

    Asian refiners plan to buy 49 cargoes of crude from West Africa for loading next month, a survey of five traders involved in the transactions showed. Shipments totaling 46.7 million barrels, or 1.51 million barrels a day,...

    • Posted July 22, 2011
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  • Templeton Frontier Markets Fund launched

    Franklin Templeton Investments Corp. launched today the Templeton Frontier Markets Fund, a first-of-its-kind emerging markets fund to be managed by investing guru Mark Mobius and his team. The fund will invest at least 80 per cent of its...

    • Posted July 22, 2011
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  • GTBank to sell insurance stake

    Nigeria’s Guaranty Trust Bank said on Thursday it plans to sell its 68 percent stake in Guaranty Trust Assurance for 11.91 billion naira ($78.3 million) to comply with new regulations issued by the central bank last year....

    • Posted July 22, 2011
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  • Government’s Easing of Restrictions Cuts Bond Yields

    Nigeria’s borrowing costs are set to plunge in its first bond auction since dropping requirements for investors to hold government debt for at least a year. Africa’s biggest oil producer will offer 70 billion naira ($460 million)...

    • Posted July 21, 2011
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  • Currency round tripping thrives at parallel market

    Experts have cautioned the Central Bank of Nigeria (CBN) to keep a watch on the foreign exchange market to guard against round tripping by currency traders. Round tripping is a situation where currency traders move currency obtained...

    • Posted July 21, 2011
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  • Afren targets production boost and exploration drilling

    Afren , the Africa-focused FTSE 250 oil and gas group, said today that it was on track to be producing 50,000 barrels of oil equivalent per day by the end of this year. In an update ahead...

    • Posted July 20, 2011
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  • Mira Corp Announces Mohammed Asibelua as Chairman of the Board

    Mira Resources Corp.  and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited are pleased to announce that Mr. Mohammed Asibelua, Chairman of the Equinox Group has agreed to accept the position as Chairman of Mira’s Board...

    • Posted July 20, 2011
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  • Fenog Nigeria Acquires Rig to Stem Pipeline Sabotage

    Nigerian firm, Fenog  said it has acquired a drilling rig that will make it difficult for oil thieves and vandals to sabotage oil and gas pipelines in the oil-rich country. “Fenog has acquired the new horizonal directional...

    • Posted July 20, 2011
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  • ERHC Energy Increases Stake in Exile Resources

    ERHC Energy Inc,  a publicly traded American company with oil and gas assets in West Africa, today announced it has increased its stake in Exile Resources (www.exileresources.com), a Canadian independent, to approximately 7.35 percent. Exile trades on the...

    • Posted July 20, 2011
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  • Sierra Leone Lawmakers Agree to Restore Oranto of Nigeria Oil-Block Rights

    Lawmakers in Sierra Leone approved an agreement between Oranto Petroleum Ltd. of Nigeria and the West African nation’s government to restore the company’s rights to an offshore oil block. The deal was passed after the International Court of Arbitration...

    • Posted July 20, 2011
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  • British PM pushes trade in Nigeria, but scandal looms

    British Prime Minister David Cameron visited Nigeria on Tuesday, pushing a message of trade and democracy before making an early return home to deal with the spiralling phone hacking crisis. After talks with President Jacob Zuma in...

    • Posted July 20, 2011
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  • Africa: The bottom billion becomes the fastest billion

    Africa now has more of the world’s fastest-growing economies than any other. Age is not often associated with speed. But Africa, the world’s oldest continent, now has more of the world’s fastest-growing economies than any other. Over...

    • Posted July 19, 2011
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  • Greek oil tanker hijacked near Nigeria released

    A Greek oil tanker hijacked by gunmen off the coast of Nigeria at the weekend has been released along with its 20-strong crew, the Greek coastguard told AFP Monday. The Liberian-flagged oil tanker Aegean Star owned by...

    • Posted July 19, 2011
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  • Zenith Bank posts N30.666b half year profit

    Nigerian Stock Exchange (NSE) on Monday released financial results of some quoted companies in Nigeria which included that of Zenith Bank’s unaudited half year result ended June 30, 2011 just as the management explained why tradings on...

    • Posted July 19, 2011
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