Business and Economy

By Edith Ike-Eboh Abuja, July 13, 2020 President Muhammadu Buhari has approved the newly reconstituted board of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited ( BGT). The Minister of State for Petroleum Resources, Chief Timipre Sylva, made the disclosure in a statement in Abuja on Monday. He said …

By Ismaila Chafe Abuja, July 12, 2020 The suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has again been accused of failing to give proper account of missing 332 out of the 836 recovered real estate property in March, 2018. A report by the …

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has charged the newly reconstituted Board of the Petroleum Products Marketing Company (PPMC) to sustained all-season availability of products across the country. Mallam Kyari who made the call Thursday while inaugurating the new Board of the …

  The Nigerian National Petroleum Corporation (NNPC) Thursday in Abuja announced an increase of 19.14 per cent in the average daily natural gas supply to power plants which translates to 788millon standard cubic feet of gas per day (mmscfd), equivalent to power generation of 2,873MW. The NNPC, in a release …

The Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Prof Adesoji Adesugba has warned officials of the agency against violations of financial regulations and inappropriate financial dealings. Speaking while briefing the audit personnel of the agency, the Managing Director, according to a statement by Martins Odeh, Head, Corporate Communications of the …

The Nigerian National Petroleum Corporation (NNPC) has reported an explosion incident which occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elcrest Joint Venture. The incident, which occurred on Tuesday during the installation of a ladder on a platform (Benin River Valve …

  The Minister of Labour, Productivity and Employment, Senator Chris Ngige has apologized to the leadership of the National Assembly over last week’s face-off between the Minister of State For Labour, Festus Keyamo and the joint Senate and House Committees on Labour, Productivity and Employment. The Minister tendered an apology …

The private sector-led Coalition against COVID-19 (CACOVID) has donated N1.4 billion worth of medical supplies and additional 26,400 test kits sufficient to set up six fully functional COVID-19 medical laboratories in the fight against the pandemic. Presenting the test kits and medical equipment at the Nigeria Centre for Disease Control, …

By Chinyere Joel-Nwokeoma Lagos, July 5, 2020 Fidelity Bank Plc. on Sunday announced the appointment of Mr Mustafa Chike-Obi as the Chairman of the bank. Chike-Obi, who is currently Executive Vice Chairman at Alpha African Advisory, has over 40 years of experience in investment banking and the financial services sector. …

Plans are at an advanced stage to harmonise the training procedures of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Navy for the improved safety and security of the country’s maritime space. This was revealed in Lagos, when the Director-General of NIMASA, Dr. Bashir Jamoh, played host …

Socio-Economic Rights and Accountability Project (SERAP) has given President Muhammadu Buhari 14 days to “direct the Attorney General of the Federation and Minister of Justice Mr Abubakar Malami, SAN, and appropriate anti-corruption agencies to urgently investigate allegations that over N300bn of public funds are missing, mismanaged, diverted or stolen, as …

Heritage Bank Plc said it has closed down an Experience Centre- EC (branch) at Allen Avenue; Ikeja over an “unconfirmed case” of Coronavirus for deep hygiene clean up after an employee took ill last week. The bank in a statement made available to the press and customers, noted “in line …

By Desmond Ejibas Port Harcourt, July 3, 2020 Prof. Kemebradikumo Pondei, the acting Managing Director of the Niger Delta Development Commission (NDDC), on Friday called on residents to assist the commission in monitoring ongoing projects in their communities. Pondei, in a statement issued by the commission’s Director of Corporate Affairs, …

By Edith Ike-Eboh Abuja, July 3, 2020 The Nigerian Content Development and Monitoring Board (NCDMB) has signed an equity investment agreement with Duport Midstream Company for the establishment of an Energy Park in Egbokor, Edo State. The Board also signed an equity investment agreement with Eraskon Nigeria Ltd., for establishment …

Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained …

By Harrison Arubu New York, July 2. 2020 Beating his chest, U.S. President Donald Trump on Thursday said the country’s economy added almost five million jobs in June. Trump said at a news briefing that it was the largest monthly job gain in U.S. history, “shattering all market expectations”. He …

President Muhammadu Buhari has approved the appointment of Professor Adesoji Adesugba as the new Managing Director of Nigeria Export Processing Zones Authority(NEPZA), a parastatal under the Federal Ministry of Trade and Investment. The President’s approval was given in a letter addressed to the Minister, dated 26th June, 2020 and signed …

The coronavirus pandemic’s disruption and destabilization of the Nigerian economy enforces urgency of economic diversification. For Nigeria, the task falls on the lap of those managing the solid minerals sector. More specifically, the focus is on the mining Cadastral Office, regulating mining licencing under the Federal Ministry of Mines and …

The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) has notified stakeholders about 13 vessels from five countries heavily affected by the coronavirus (COVID-19) pandemic. Eight of the vessels are expected to berth in Apapa, Lagos; four in Bonny, Rivers State; and one in Port Harcourt, Rivers State. …

ABUJA The Central Bank of Nigeria (CBN) has described as fraudulent the operations of a twitter handle, @YusufPhilipYila, purported to belong to the Bank’s Director, Development Finance Department, Mr. Philip Yila Yusuf. According to CBN’s Director of Corporate Communications, Isaac Okorafor, the impostor handle has been posting messages related to …

Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has disclosed that there are policies in the pipeline to improve the quality of training and certification, as well as remuneration for the country’s seafarers. Jamoh stated this on Thursday in Lagos during a webinar hosted by …

Vice Presidential Candidate of the Peoples Democratic Party (PDP) in the 2019 election, Mr. Peter Obi, has blamed the horrible spate of drug abuse among Nigerian youths to the ever worsening economic realities prevalent in the country, saying that a visible economic recovery will see a drastic reduction in the …

  The Nigerian National Petroleum Corporation (NNPC) has said that 218.37 billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65Million Standard Cubic Feet per Day (mmscfd). This was contained in NNPC Monthly Financial and Operations Report for March, 2020, …

  ABUJA The Central Bank of Nigeria (CBN) says the Governor, Godwin Emefiele, and his team at the Bank will not be deterred in their effort to steer the Nigerian economy away from the looming recession due to the global impact of the Corona Virus (COVID-19) pandemic, in spite of …

… NIMASA, NPA agree on wreck removal to ease navigation … Jamoh, Hadiza reiterate commitment to Floating Dock commencing operation July The Federal Government has concluded arrangements to make the Integrated National Security and Waterways Protection Infrastructure, also called the Deep Blue Project, the central security structure for all anchorage areas in …