John Ameh The House of Representatives Ad Hoc Committee on Crude Oil Swap on Thursday summoned the chief executive officers of two marketing firms, which participated in the lifting of the country’s crude oil in exchange for refined products. The firms, Ontario and Aiteo, were given sub-contracts by Duke Oil, a subsidiary of the Nigerian
The post Reps summon Ontario, Aiteo CEOs over swap deals appeared first on Punch Newspapers.
Akinpelu Dada with agency report Vice President Yemi Osinbajo has said the Federal Government, which relies on crude oil for about two-thirds of its revenue, is seeing a silver lining to the plunge in crude prices because it will no longer have to subsidise fuel. “Lower oil prices also mean there is some advantage,” Osinbajo
The post Fuel subsidy removal’ll save govt N985bn – Osinbajo appeared first on Punch Newspapers.
Everest Amaefule The Federal Government spent a total of N2.95tn to service domestic debts for a period of five years from 2010 to 2014, investigation has shown. Statistics obtained from the Debt Management Office in Abuja on Thursday showed that the actual amount spent on servicing the domestic component of the country’s total debt rose
The post Domestic debt servicing gulped N2.95tn in five years appeared first on Punch Newspapers.
Oyetunji Abioye and Maureen Ihua-Maduenyi Although experts have clamoured for the devaluation of the naira in the light of the nation’s depleting foreign exchange reserves, the Central Bank of Nigeria’s Monetary Policy Committee may not do so during its first bi-monthly meeting for this year, it has been learnt. Sources close to the CBN and
The post Naira devaluation unlikely as MPC meets today appeared first on Punch Newspapers.
Ifeanyi Onuba The Consumer Protection Council has threatened to sanction Turkish Airlines if the company fails to provide it with a detailed report of events that led to the alleged abuse of the carrier’s passengers. The council stated this in a letter to the management of the airline dated January 21, 2015 and signed by
The post Delayed luggage: CPC threatens to sanction Turkish Airlines appeared first on Punch Newspapers.
Sunday Aborisade The Managing Director, Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, has lamented that rich Nigerians who are indebted to the agency are still living big and flying around the globe in their private jets. He stated this while briefing the Senate Committee on Banking, Insurance and other Financial Institutions on efforts being
The post AMCON debtors fly around in private jets – Kuru appeared first on Punch Newspapers.
’Femi Asu The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday said the business of illegal oil bunkering in the country was being driven by Nigerians. Kachikwu, who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation, stated this during a visit to an illegal oil bunkering site at
The post NNPC discovers fuel theft base in Lagos appeared first on Punch Newspapers.
Ramon Oladimeji A group of international investors, under the aegis of Greenstone Capital International Africa and Tacnero Global, have disclosed plans to invest $200bn in five African countries, including Nigeria. The group’s legal adviser, Greg Anumenechi, said in a statement on Thursday that the investors’ target sectors were agriculture, aviation, medicals, solid minerals, marine, power
The post Nigeria to benefit from $200bn foreign investment appeared first on Punch Newspapers.
Sola Abe First Bank of Nigeria Limited says it has established an initiative to empower the Nigerian child with sound financial education. According to a statement by the bank, the FutureFirst initiative is aimed at empowering secondary school students between the ages of 12 and 17 with the tools and knowledge for long-term financial independence.
The post First Bank introduces financial education for secondary schools appeared first on Punch Newspapers.
Maureen Ihua-Maduenyi A former Ambassador and Deputy Representative of Nigeria at the United Nations, Chief Oladapo Fafowora, has called on the Federal Government to take its anti-corruption war to the Nigerian National Petroleum Corporation and the Central Bank of Nigeria. Fafowora stated this at the 11th annual Adekunle Kukoyi Memorial Lecture organised by the Lagos
The post Probe NNPC, CBN, former UN ambassador tells FG appeared first on Punch Newspapers.
‘Femi Asu Global benchmark, Brent crude, extended its gains on Thursday, trading around $34 per barrel after falling to a 12-year low of $27 last week. Following the further slide in oil price this month, there have been calls for a downward review of the oil benchmark price of $38 proposed by President Muhammadu Buhari
The post Oil rises to $34 on production cut talks appeared first on Punch Newspapers.
Oyetunji Abioye with agency report The naira will weaken further on the back of rising dollar demand in the coming week, it has been learnt. Other African currencies including the Kenyan’s shilling and Zambia’s kwacha are also seen weaker due to rising dollar demand from importers settling end of month payments, Reuters reports. Foreign exchange
The post Naira to weaken further on dollar demand appeared first on Punch Newspapers.
Olalekan Adetayo and Oyetunji Abioye President Muhammadu Buhari has again rejected calls for the devaluation of the naira, saying he has yet to be convinced that the country and its people will derive any tangible benefit from such a move. A statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, on
The post Mixed reactions as Buhari rejects naira devaluation appeared first on Punch Newspapers.
Okechukwu Nnodim The country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said. The marketers noted that sourcing for dollars to import the product was becoming increasingly difficult, with most them turning to the parallel market for foreign
The post Dollar scarcity delays petrol importation – Marketers appeared first on Punch Newspapers.
Oyetunji Abioye with agency report The Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn)
The post FG seeks $3.5bn emergency loans from W’Bank, AfDB appeared first on Punch Newspapers.
’Femi Asu and Nnodim Okechukwu The Association of National Electricity Distributors on Sunday has described the new tariffs, which will become effective on Monday (today), as a necessary move that will attract investments into the power sector. This is, however, coming amid opposition from labour unions, with the Nigeria Labour Congress, Trade Union Congress of
The post New electricity tariffs take effect today amid opposition appeared first on Punch Newspapers.
‘Femi Asu The Department of Petroleum Resources has shut down a depot operated by Hudson Petroleum Limited in Calabar, Cross River State, for allegedly selling petrol above the regulated depot price as well as hoarding the product. The DPR said in a statement on Monday that the development was discovered during a routine surveillance drive
The post DPR shuts Hudson Petroleum depot appeared first on Punch Newspapers.
Okechukwu Nnodim, The Nigerian Electricity Regulatory Commission has said that the new electricity tariff regime has the mechanism to meter all consumers within one year. This came on Monday as power distribution companies began the implementation of the new tariffs increased by over 45 per cent despite oppositions from the National Assembly, Manufacturers Association of
The post Prepaid meters’ll go round in one year – NERC appeared first on Punch Newspapers.
Oyetunji Abioye and Ifeanyi Onuba The Minister of Finance, Mrs. Kemi Adeosun, says Nigeria is exploring local and domestic sources to fund the N1.8tn deficit in the 2016 budget currently undergoing approval at the National Assembly. She, however, maintained that Nigeria had yet to submit any formal application for loans with any of the multilateral
The post We’ve not applied for foreign loans – Minister appeared first on Punch Newspapers.
Anna Okon The ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out informal exports, our correspondent has gathered. The CBN had in a circular signed
The post Exporters lose N78bn to dollar restriction, others appeared first on Punch Newspapers.
