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  Fx Naira/USD: Naira weakens on short dollar supply

  The Nigerian naira fell against the U.S dollar on the interbank market on Wednesday, as expected month-end dollar flows from oil companies failed to materialise, creating a dollar shortage in the market, traders said. The naira closed...

  • Posted May 31, 2012
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  Reasons Cooking Gas Price is on the Increase – Retailers

  Cooking gas consumers are consistently faced with higher cost of gas refills every time they go to refill their canisters. To the uninformed, it would appear that the retailers have a ritual of arbitrarily increasing the price...

  • Posted May 31, 2012
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  Fuel Subsidy Probe II: PPPRA Boss Accused of Making False Submissions to Senate Committee

  The Senate Committee Investigating the Fuel Subsidy Scheme has been bamboozled by the submission of conflicting information regarding total subsidy payments attributable to 2011. The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been...

  • Posted May 31, 2012
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  Nigerian Stock Exchange Watch: ASI (-0.04%) Declines Marginally, Dangote Flour (+5%) Gains Maximum Points

  The All Share Index declined marginally, shedding 0.04% to close at 22,170.96. Market activity improved over previous sessions but was not remarkable. The banking sub-sector was largely in bearish territory with top tier banks GTBank (-1.03%) and...

  • Posted May 30, 2012
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  JaPaul Oil Q1, 2012 Earnings: Revenue =N= 2.9 billion, Net Income =N= 803 million

  JaPaul Oil reported its Q1, 2012 earnings on the Nigerian Stock Exchange today. Revenue came in at N 2.9 billion, up 20% from the N 2.5 billion it recorded in Q1, 2o11. Operating expenses declined 4% to...

  • Posted May 30, 2012
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  MRS Profitability Takes a Hit in Q1 2012 Earnings, Net Income N 123 million

  MRS saw its sales swell to N 19.1 billion over the first quarter, up 9% from N 17.5 billion in Q1 2011. Increased cost of sales (+10%), Distribution and Admin expenses (+12%), and other costs increases conspired...

  • Posted May 30, 2012
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  Q1 2012: Forte Oil Earnings Down 10%, Net Income up 15% to N 304 million

  Forte Oil, formerly known as African Petroleum has released its first quarter financial results to the Nigerian Stock Exchange. Sales were down 10% to N 24.7 billion, from N 27.6 billion at the end of Q1, 2011....

  • Posted May 30, 2012
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  Private sector key to Africa’s growth says African Development Bank

  Most African countries have come to recognize the critical role that the private sector can play to help the continent reach its full economic and social potential, according to the 2011 African Development Report of the African...

  • Posted May 30, 2012
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  Petroleum Industry Bill grants Oil Minister Increased Powers and Right to Receive “Gifts”

  The Petroleum Industry Bill (PIB) gives the oil minister new supervisory powers over all industry institutions, including a new regulator to police downstream and upstream, raising concerns about checks and balances. Lawmakers had rejected drafts that did...

  • Posted May 30, 2012
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  Present Version of Petroleum Industry Bill (PIB) will “Upset” Nigerians – Experts

  Analysts that have consulted the Federal Government on the Petroleum Industry Bill (PIB) disclosed that the legislation will favour the oil companies more than it would Nigerians. Pedro van Meurs, an oil and gas consultant who advised...

  • Posted May 30, 2012
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  Finance Ministry Says Subsidy Payments Getting Out of Control

  The Federal Ministry of Finance has stopped paying subsidy claims from oil marketers who have not been properly verified. This comes at a time when the Federal Government has disclosed that it has spent N 451 billion...

  • Posted May 30, 2012
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  Aggressively Prosecute Oil Thieves – Ex-ANAN Chief Tells FG

  Former President of the Association of National Accountants of Nigeria (ANAN), Dr. Samuel Nzekwe has called on the Federal Government to be stricter in its prosecution of illegal oil bunkerers as they were damaging the economy of...

  • Posted May 30, 2012
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  MAUN: Much Ado About Nothing

  The response to President Jonathan’s speech conjures certain one-word responses that will undoubtedly leave many respondents sour. “Pedestrian”, “Childish”, “Immature” are some of the terminiology that comes to mind. Social media networks are abuzz with criticisms for...

  • Posted May 29, 2012
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  Schneider Electric installs 500 transformers in Ogun

  Schneider Electric, a global specialist in energy management, has delivered 500 transformers to the government of Ogun State, in fulfillment of the terms of its sales contract signed with the government. The transformers, which cost over N700million...

  • Posted May 29, 2012
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