Shell shuts 180,000-bpd oil pipeline, exports threatened - Nigeria Business News
The nation’s crude oil exports have suffered another setback with the shutdown of the Trans Niger Pipeline, which carries Bonny Light crude, as a precautionary measure after a fire was seen, a spokesman for Shell Petroleum Development Company of Nigeria Limited said on Monday.
The 28-inch TNP, which is operated by the SPDC, was also shut in early June before it was later reopened.
The TNP transports around 180,000 barrels of crude oil per day to the Bonny Expor ...
FG to assist states raise funds from capital market - Nigeria Business News
The Federal Government on Monday said it would encourage state governments to raise long-term funds from the capital market to finance capital projects.
It said rather than the states looking at the banking sector to raise funds, the capital market would be assisted to play its role in economic development.
The Minister of Finance, Mrs. Kemi Adeosun, stated these at a meeting with stakeholders in the market, led by the Chairman, Capital Market Master Plan Counc ...
Stock market sheds N45bn as 22 firms lose - Nigeria Business News
The Nigerian Stock Exchange recorded a loss of N45bn in its market capitalisation on Monday after the shares of 22 firms depreciated in value.
The NSE All-Share Index dropped points at week open, shedding 0.47 per cent amid mixed performances in key sectors.
The market capitalisation slid to N9.308tn from N9.353tn, while the NSE ASI fell to 27,103.38 basis points from 27,232.62 basis points at the close of trading on the Exchange’s floor. A total of 152.329 sha ...
FG may increase petrol price soon — Marketers - Nigeria Business News
The Federal Government may soon effect an upward review in the pump prices of Premium Motor Spirit, popularly known as petrol, oil marketers have said, attributing this to the recent increase in the cost of crude oil at the international market.
Crude oil price had fallen below $30 per barrel earlier this year, but as of May 2, 2016, the commodity’s cost rose to $45.83, according to data obtained from the Nigerian National Petroleum Corporation on Saturday in Abuja.
Errant market players risk arrest – SEC - Nigeria Business News
The Securities and Exchange Commission has said it will leverage on the support of the Nigeria Police Force and other law enforcement agencies in its quest to checkmate errant players in the country’s capital market.
It, therefore, urged law enforcement agencies to collaborate with it in the mission to ensure zero tolerance for infractions and also ensure that perpetrators of fraudulent acts were brought to book appropriately.
The Director-General, SEC, Mounir ...
United Capital reports N1.42bn profit - Nigeria Business News
Investment banking and financial services group, United Capital Plc, has announced its 2016 Q1 profit before tax of N1.42bn, up from N0.89bn in Q1 2015. This represents a 59 per cent increase.
Its gross earnings stood at N1.85bn, up from N1.30bn in Q1 2015, representing a 42 per cent increase from the previous year.
The firm’s profit after tax also grew by 61 per cent in Q1 2016, closing at N1.13bn, up from N0.71bn in 2015.
The company also held its ...
Lagos to arraign 28 tax defaulters - Nigeria Business News
The Lagos State Government says it is set to prosecute no fewer than 28 alleged tax defaulters in the state.
The Attorney General and Commissioner for Justice of Lagos State, Mr. Adeniji Kazeem, on Monday said the state had filed all the necessary information of the case before the high court.
The commissioner said among the 28 alleged tax defaulters were those who failed to file and furnish the state with their tax returns and others who refused to pay their p ...
New vessels expected as fuel scarcity lingers - Nigeria Business News
As motorists and other consumers continue to struggle at filling stations to get Premium Motor Spirit (petrol), marketers on Monday said they were expecting new vessels from the Nigerian National Petroleum Corporation.
The marketers said it would take a few more days for the supply situation to return to normalcy, adding that loading at some of the depots in Apapa, Lagos had improved as a result of the vessels that came into the country last week.
But the impro ...
CPC vows to protect Nigerians against abuse - Nigeria Business News
The Consumer Protection Council on Tuesday restated its commitment to protecting Nigerian consumers.
The Director-General, CPC, Mrs. Dupe Atoki, during a media briefing to commemorate the 2016 World Consumer Rights Day in Abuja, also drew the attention of the nation to the rising incidence of antibiotics resistance.
She counselled consumers against self-medication and misuse of antibiotics, adding that these could lead to resistance. Atoki said, “Antibiotics re ...
Gwarzo re-elected as chair of IOSCO’s AMERC - Nigeria Business News
The Director-General, Securities and Exchange Commission, Mr. Mounir Gwarzo, has been unanimously re-elected to continue providing leadership to the Africa Middle East Regional Committee of the International Organisation of Securities Commissions as its chairman.
The AMERC comprises securities regulators that are IOSCO members within the Middle East and North Africa as well as sub-Saharan African regions. Gwarzo would serve for another term of two years, the commission sai ...
Dollar scarcity: 40,000 jobs threatened, food prices soar - Nigeria Business News
The scarcity of foreign currencies in the country, especially the dollar, which has made it difficult for manufacturers of essential food items to import raw materials into the country, is threatening about 40,000 jobs.
Investigations by our correspondent showed that the high cost of importation due to unprecedented fall in the value of the naira has made importation difficult and expensive, thereby resulting in many factories operating far below their installed capacities ...
We will increase oil production for domestic use — Kachikwu - Nigeria Business News
Nigeria will keep striving to increase crude oil production to meet local demand and not to essentially sell it in the international market, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said.
Kachikwu also announced Nigeria’s backing of Saudi Arabia and Russia in freezing oil production, while giving Iran and Iraq a way out to regain some of their lost market shares due to sa ...
Naira devaluation unlikely as MPC meets - Nigeria Business News
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 members of the committee said the two-day meeting, which commences today (Monday), would only review policy measures taken so far in the past year, adding that key policy issue ...
Unity Bank moves HQ to Lagos - Nigeria Business News
Unity Bank Plc has concluded plans to relocate its corporate headquarters from Abuja to Victoria Island, Lagos, in an effort to harness opportunities which the country’s commercial hub holds.
According to a statement, the relocation, which has been approved by the Central Bank of Nigeria, is in line with the bank’s strategic business focus to deepen its clientele base in SME financing, agriculture, and retail banking.
Appraise your real sector customer loan requests - CBN tells banks - Nigeria Business News
In line with the decision reached at the last monetary policy committee meeting (MPC) to channel the liquidity that arose from the reduction of the cash reserve requirements (CRR) to 20 per cent, to employment generating activities in the economy, the Central Bank of Nigeria (CBN) has directed commercial banks to appraise the loan requests of their customers operating in the real sector. Specificifically, the central bank asked banks to appraise the loan request of their customers rel ...