Latest Nigeria Business News
The incoming Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, has hailed leadership of the Organisation of the Petroleum Exporting Countries (OPEC) for the nine-month extension in oil production cut under the ‘’Declaration of Cooperation’’ which seeks to improve global oil market stability among OPEC members. Oil industry under the cooperation, OPEC […]
The Federal Government has approved new staff conditions of service for the Accident Investigation Bureau. The General Manager, Public Affairs, AIB, Mr Tunji Oketunbi, said on Tuesday that the approval was conveyed in a letter dated June 25, 2019, and sent to the bureau from the office of the Head of Civil Service of the […]
Banks in the country have successfully linked 38 million accounts with the Bank Verification Numbers, according to the Central Bank of Nigeria. As part of its financial inclusion drive, the CBN said it was targeting 100 million BVNs in the next five years. According to the CBN, “In order to ease the constraint poor identification […]
The Organisation of the Petroleum Exporting Countries and the non-member countries of the organisation on Tuesday signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership. The charter now replaces the ‘Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups. Speaking at the end of the 6th […]
The Nigerian Stock Exchange on Tuesday suspended trading in the shares of 11 companies over delayed filing of accounts. Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department stated this in a statement obtained by the News Agency of Nigeria in Lagos. Iwenekhai said that the affected companies were: Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger […]
The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, on Tuesday, reeled out the over $8bn worth of deals currently being handled and pursued by the NNPC since the beginning of 2019, as he faces retirement in a couple of days. Baru is due for retirement on July 7 this year, as […]
Gas producers in the country have said power generation companies owe them a total of N1.3tn for the supply of the fuel to power stations. The nation generates most of its electricity from gas-fired power plants, while output from hydropower plants makes up about 30 per cent of the total. Total electricity generation in the […]
The international oil benchmark, Brent crude, plunged to $62 per barrel on Tuesday despite a nine-month extension of production cuts by the Organisation of Petroleum Exporting Countries and its allies. Bloomberg reported that oil had its worst reaction to an OPEC meeting in more than four years, with prices sliding just after the cartel agreed […]
The Organization of Petroleum Exporting Countries (OPEC ) announced the re-election of Nigeria’s Mohammed Barkindo as Secretary General for a three-year tenure. Barkindo, who is an accomplished oil technocrat with a wealth of experience in the oil and gas sector, was first elected as Secretary General of the bloc in 2016. Addressing newsmen at the […]
The Nigerian Communications Commission (NCC) has appointed Dr. Henry Chukwudumeme Nkemadu as its new Director,Public Affairs (DPA). His appointment, according to the Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta, is in line with the Commission’s policy of putting round pegs in round holes for optimum delivery of responsibilities especially now that the stakes are […]