Monday , 23 October 2017

Business

Dangote Cement strengthen pan-African market volume

Leading pan African cement manufacturer, the Dangote Cement has maintained its strong hold in the Nigeria domestic cement market accounting for 65 percent of the Nigerian market volume, while other African plants’ volumes went up by 7.5 percent to 7.0 mta. The Cement company has in the past months expanded its operations across Africa with the coming on stream of the …

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NERC fines IBEDC N50 million

Following the outcome of an open book review conducted on the financial records of Ibadan Electricity Distribution Company plc (IBEDC), the Nigerian Electricity Regulatory Commission found the company wanting on two grounds of inappropriate financial transactions and was subsequently fined a sum of N50m. The fine was account of its failure to secure a refund of an interest free loan …

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OPTS holds 55th anniversary business engagement soon

Oil Producers Trade Section (OPTS), the oldest and foremost sectorial group for operators in the Upstream Oil and Gas industry in Nigeria, will hold a business event to mark its 55th anniversary as an organization onThursday, November 2, 2017.  The event, which will have the Vice President, Prof. Yemi Osinbajo as the Keynote Speaker, will hold at Eko Hotel & Suites, …

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W. Africa Crude-Nigerian exports to rise in Dec, trading slow

Nigeria’s December exports were on track for a healthy increase as more loading programmes emerge. Pending tenders from India and Taiwan kept spot demand. Export plans for Forcados, Bonga, Agbami and other grades were issued on Friday and the current programme of 48 cargoes, with 1.38 million barrels per day (bpd), is already above the November plan. While Shell lifted …

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Transferwise resumes Nigeria money transfers citing confidence in naira

Money transfer company Transferwise has resumed remittances to Nigeria after a 17-month break, having confidence in the central bank’s handling of the naira, its chief executive said on Friday. Remittances or money transfers make up the second-largest source of foreign exchange receipts in Africa’s biggest economy, after oil revenues. Around $20 billion a year is sent to Nigeria, according to …

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Saipem@50: A reccurring decimal in Nigeria’s petroleum industry – Kachukwu

Direct Sale-Direct Purchase to Replace Crude Swap begins March – Kachikwu

Saipem, a global leader in drilling services, engineering, procurement, project management, construction and installation of pipelines and complex projects onshore and offshore in Nigeria’s petroleum industry has been described by the Minister of State for Petroleum Resources, Dr. Ibe Kachukwu as a reccurring decimal during bidding exercise.   Dr. Kachukwu stated this when the company marked its 50th-anniversary operations in …

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AfDB launches pilot programme to cultivate the savannah in eight African countries

The savannahs of Africa cover a mind-boggling 600 million hectares, of which 400 million hectares are cultivable, the President of the African Development Bank, Akinwumi Adesina, has said. But just 10% of this is cultivated, a mere 40 million hectares, Adesina said Wednesday, while speaking at a session titled “Transformation of the African Savannah Initiative” at the 2017 World Food …

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SEC suspends sale of Oando’s Shares from Oct.20

…orders forensic audit of company’s dealings The Securities & Exchange Commission, SEC, has ordered the full suspension of the trading of Oando Plc’s Shares starting Friday, October 20. According to the Commission on Wednesday, the full suspension will be for two days, after which a technical suspension will follow until further notice. In a notice on its website, SEC directed …

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