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Most firms in Nigeria seeking to utilise and remit US dollars overseas are finding it extremely difficult to purchase FOREIGN EXCHANGE due to the shortage of supply of the greenback in the economy, THISDAY has learnt. According to findings, some firms now resort to the black market for dollar purchases. …
Read More »Shell Sells Nigerian Oil Lease for $1.7 Billion to Local Company
Royal Dutch Shell Plc has completed the sale of its oil lease in Nigeria’s eastern Niger River delta for $1.7 billion to the country’s Aiteo Eastern E&P Co. Ltd. The divestment is part of Shell’s strategic review of its onshore portfolio in the West African nation and “is in line …
Read More »Kraft shares soar on Heinz merger
US food giant Heinz is to merge with Kraft Foods Group, creating what the companies say will be the third-largest food and beverage company in the US. Shares in Kraft jumped more than 40% on the news. The deal was engineered by Heinz’s owners, the Brazilian investment firm 3G Capital, and …
Read More »Nigerians generate 2,500MW from diesel, petrol, kerosene – NNPC
Nigerian households and businesses generate 2,500 megawatts of electricity from petrol, kerosene and Automotive Gas Oil (AGO, popularly known as diesel), according to an analysis by the Nigerian National Petroleum Corporation (NNPC). Speaking at a special session in the recently concluded 2015 Nigeria Oil and Gas (NOG) Conference in Abuja, …
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