The Federal Government has increased the penalty for gas flaring to $2 per 1,000 standard cubic feet of gas, SCF, from N10 per 1,000 SCF earlier imposed as sanction for the offence. In the latest gazetted ‘Flare Gas (Prevention of Waste and Pollution) Regulations 2018,’ released by the Federal Ministry of Petroleum Resources, government stipulated […]
Apparently rattled by regulatory sanctions some of which it is challenging, Africa’s largest mobile-phone company, MTN Group Ltd, has said it is considering substitution of its initial public offering (IPO) plans on the Nigerian Stock Exchange with other options. MTN Chief Financial Officer, Ralph Mupita, was quoted at the weekend in an interview with MyBroadBand […]
With scores of investors exploring the nation’s downstream market for opportunities, Nigeria will end refined petroleum products next year and join global exporters to compete in the market, especially in the sub-Saharan Africa market, industry analysts have projected. Apart from the 650,000 barrel-a-day Aliko Dangote’s refinery project which is being fast-tracked to commence production by […]
HASAL Microfinance Bank Limited has disbursed loans totalling about N50 billion to about 60,000 small businesses since its commencement of banking services in the country. The bank’s Managing Director, Rogers Nwoke, who gave the hint during the HASAL MFB 10th Anniversary/Walk For Health Programme in Abuja, said that the loans were mainly disbursed to small […]
The Federal Government on Monday signed a Memorandum of Understanding (MoU) with the Agriculture Graduates Association of Nigeria (AGAN) for a $4.59 million project on recycling of waste to organic fertilizer in the Federal Capital Territory (FCT). The agreement was signed by the Federal Ministry of Agriculture and Rural Development (FMARD) on behalf of the […]
The Nigerian National Petroleum Corporation (NNPC) has reported a trading surplus of N18.12 billion from its operations in May this year, representing a marginal improvement over its gross surplus totalling N17.16 billion in the preceding month. These figures were reflected in the corporation’s May edition of monthly financial and operations report. It attributed the month-on-month […]
The nation’s foreign exchange reserves fell month-on-month by $1.609 billion to ebb at $44.380 billion in September, down from the $45.989 billion gross earnings in the corresponding date of August this year. The latest data on the nation’s Foreign Reserves position from the Central Bank of Nigeria showed that the gross and liquid foreign reserves […]
Brent crude oil price rose to near highest since November 2014 on Monday, driven by concern about a supply crunch once U.S. sanctions against Iran come into force next month. A news report by Reuters indicated that December Brent futures LCOc1 were last up 45 cents at $83.18 a barrel by 1343 GMT, having touching […]
The Central Bank of Nigeria (CBN) has reported increased availability of secured loans to households increased in Q3 2018 while available unsecured loans for the quarter declined. The apex bank reported this in its latest Credit Conditions Survey produced by the Statistics Department for September. While attributing the major factor for the increase in secured […]
A new report published by Allied Market Research has projected that the global solar power equipment market will reach $188,304 million in 2025, growing at a CAGR of 12.5 per cent. The research study titled ‘Solar Power Equipment Market: Global Opportunity Analysis and Industry Forecast, 2018 – 2025’ indicated that the projected increase rose from […]