Latest Nigeria Business News
Despite analysts’ predictions that the performance of the nation’s stock market would begin picking up in the second half of the year, investors have recorded losses totalling N291bn in the four days since the second half of the year began. The market, which opened the new half at a value of N13.206tn, has consistently depreciated, […]
The shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation led to another monthly drop in the gross oil revenue that comes to the federation. Latest data from the Central Bank of Nigeria showed that the country’s oil receipts dropped to N410.18bn in May 2019, shedding N62.2bn when compared to the N472.38bn […]
Oil producing companies in Nigeria have flared gas worth $2.5billion (N875billion) in the last one year, The Nationhas learnt. The firms include the International Oil Companies (IOCs), Independent Producers and the Nigerian Petroleum Development Company (NPDC). Data from the Department of Petroleum Resources (DPR), revealed that volume of gas that was not commercialised (flared or re-injected) […]
Nigeria’s credit Rating Agency, Agusto & Co has assigned an a “Aa-” rating to Access Bank Plc The rating assigned to Access Bank Plc (‘Access Bank’ or ‘the Bank’) reflects the Bank’s good profitability & liquidity, as well as an experienced and stable management team. This is in addition to a good brand franchise, buoyed […]
THE Asset Management Corporation of Nigeria (AMCON) got an ally yesterday in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in its bid to recover over N5 trillion from 13, 000 debtors. It was learnt that 350 of the 13,000 debtors owe 80 per cent of the trapped N5 trillion owed the corporation. […]
The Nigerian National Petroleum Corporation (NNPC) yesterday said the only permanent end to fuel scarcity in the country is investment in downstream infrastrcuture. Its Chief Operating Officer, Downstream, Engr. Henry Ikemefuna Obih who spoke at the ongoing Nigerian Oil and Gas Summit in Abuja, said there’s urgent need to find the right mix of incentives […]
The Central Bank of Nigeria (CBN) has injected the sum of $242.04 million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3million in the spot and short tenored forwards segment of the inter-bank foreign market. The bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention was for requests in the agricultural […]
Gasco Marine Limited says it has increased its footprint in the Compressed Natural Gas delivery cycle by adding skids of 12 tube cascades to its virtual pipeline fleet amid growing demand. It said the total number of skids in its fleet had risen to 15 with a total carrying capacity of 97,500 standard cubic meter. […]
Arnergy Solar Limited has secured a $9m Series A funding to provide solar energy solutions to 35,000 businesses within the next 36 months in Nigeria. The Chief Executive Officer, Arnergy, Mr Femi Adeyemo, while speaking at a press conference in Lagos recently, said the investment was led by Breakthrough Energy Ventures, with participation from the […]
Oando Plc has highlighted the need for gender equality in the male-dominated oil and gas industry. The Principal Reservoir Engineer, Oando, Oluseun Solanke, was quoted in a statement as saying, “The industry has begun to appreciate the value of gender balance and how it impacts the populace. We need to see the Nigerian government taking […]