Monday, January 14, 2019

Oluwatoyin Bayagbon

    Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be "complacent around the increase in oil prices".Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.The minister [...]

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    INFOGRAPHIC: Projected 2018 revenue of states grossly inadequate to fund budgets

INFOGRAPHIC: Projected 2018 revenue of states grossly inadequate to fund budgets

The Nigeria Extractive Industries Transparency Initiative (NEITI), says states in the federation will be unable to execute their budgets or may have to increase borrowing because projected revenue is less than planned spending.In its quarterly review released on Thursday, NEITI said projected revenue for the 36 states was derived by summing up total projected internally generated revenue (IGR) with projected [...]

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    Ehindero, ex-IGP, arraigned for alleged fraud

Ehindero, ex-IGP, arraigned for alleged fraud

Sunday Ehindero, a former inspector general of police (IGP), on Thursday appeared before an Apo district high court, Abuja, over an alleged N578 million fraud.Ehindero was arraigned alongside a former police commissioner, John Obaniyi, on a six-count charge of allegedly misusing N557,995,065 donated by the Bayelsa state government for purchasing equipment for "proper policing of the state".A sum of N16 million, [...]

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    NNPC ‘now controls 14% of Nigeria’s fuel retail market’

NNPC ‘now controls 14% of Nigeria’s fuel retail market’

The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) currently accounts for 14 percent of the total market share of petroleum products retail business in Nigeria, the corporation has said. [...]

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    OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), on Tuesday, expressed optimism that OPEC-led efforts to stabilise the oil market will be maintained. [...]

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    Foundation for Thompson and Grace Medical University laid in Akwa Ibom

Foundation for Thompson and Grace Medical University laid in Akwa Ibom

Thompson and Grace Medical University (TGMU), a “world class medical university” will promote scientific research and boost Nigeria’s foreign direct investment (FDI), key stakeholders of the project have said.The groundbreaking ceremony of the medical university took place in Akwa Ibom on Friday, playing host to a delegation of Nigerian and German government officials as well as professionals in the medical [...]

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    Mass fertiliser exports ‘could commence in two years’

Mass fertiliser exports ‘could commence in two years’

Thomas Etuh, chairman of Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), says mass exports of fertilisers could begin in the next two years if increased production of the commodity is sustained.Etuh made the projection in a statement in Abuja. He commended the Presidential Fertiliser Initiative (PFI) introduced by President Muhammadu Buhari in December, 2016.According to him, the volume of [...]

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    Bakare to Buhari: You’ll blame yourself if the cabals mess up this government

Bakare to Buhari: You’ll blame yourself if the cabals mess up this government

Tunde Bakare, senior pastor of the Latter Rain Assembly, has warned President Muhammadu not to allow "the cabal" make a mess of his administration.In an interviewith Channels TV, the pastor said Buhari has allowed himself to be misguided by certain members of the political class who have restricted him from taking decisive action on national issues.“If a seventy something year [...]

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    Group commences legal move to revoke OPL 245 from Shell, Eni

Group commences legal move to revoke OPL 245 from Shell, Eni

The legal battle surrounding one of Nigeria’s most lucrative oil blocks, OPL 245, will shift to Nigeria on Tuesday when a federal high court is billed to hear a case filed by the Human Environmental Development Agenda (HEDA), a civil society group.  [...]

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    INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

Driving through the dusty, uneven and untarred roads filled with brick red sand and pot holes as deep as craters, Mosimi, in the Sagamu area of Ogun state, seems like a million miles away. [...]

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    Fire outbreak at Alagbon power station

Fire outbreak at Alagbon power station

A fire outbreak was recorded at the Alagbon injection station in Dolphin Estate, Ikoyi, Lagos, on Thursday.The fire was as a result of an explosion of a 66MVA power transformer, within the 132/33kv transmission substation belonging to the Transmission Company of Nigeria (TCN).Witnesses said the situation was managed by the joint efforts of firemen from the Federal Fire Service, Lagos [...]

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    Kachikwu: Oil sector to record $60bn investment in four years

Kachikwu: Oil sector to record $60bn investment in four years

Ibe Kachikwu, minister of state for petroleum resources, says in the next two to four years, the oil sector will see "investments in excess of $60 billion from zero recorded in 2016". [...]

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    Dolapo Osinbajo reveals her poetic side at Runway Jazz

Dolapo Osinbajo reveals her poetic side at Runway Jazz

Dolapo Osinbajo, wife of the Vice-President, revealed her poetic side on Sunday when she read a self-written poem dedicated to women suffering from various forms of abuse. [...]

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    Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors jostling to partake in the execution of contracts in the field development programmes for the deepwater OPL 245 have been warned of "dangers" ahead. [...]

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    Omojuwa, Afolayan lead conversations on male empowerment

Omojuwa, Afolayan lead conversations on male empowerment

It was nothing short of a “man’s world” as hundreds gathered at the inaugural edition of “recall conference for men”, a one-day event which held in Victoria Island, Lagos, on Saturday.The forum kicked off with a panel session that brought speakers from the realms of music, politics, film and events management in Nigeria.Focusing on “people and relevance”, the conversations were around [...]

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    Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Senate directive on Wednesday to the Nigerian National Petroleum Corporation (NNPC) to halt subsidy deduction and to refund N216 billion already expended will trigger shortages of the fuel on a “monumental proportion”, officials of the corporation warned on Thursday. [...]

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Exchange Rates

January 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS361463411
KANO360465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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