The French government says it has set aside about one billion euros for investment in the oil and gas industry.Denys Gauer, France ambassador to Nigeria, made this known when Ndu Ughamadu, group general manager, group public affairs division of the Nigerian National Petroleum Corporation (NNPC), led a delegation to his office in Abuja on Tuesday.According to a statement released by [...]
Babatunde Fashola, minister of power, works and housing, says Nigeria is in big trouble if lawmakers do not understand the difference between cash and budgets.He expressed deep concern over the recourse of the national assembly’s spokespersons to name calling over his observations on the 2017 budget. In a press release signed by Hakeem Bello, his special adviser on media, the minister [...]
Mohammad Barkindo, OPEC secretary-general, has congratulated Mohammed bin Salman Al Saud on his appointment as the new crown prince of the Kingdom of Saudi Arabia.He welcomed the prince to OPEC following the announcement of "the decision in a Royal Decree by King Salman Bin Abdul Aziz Al-Saud, the Custodian of the Two Holy Mosques".According to OPEC secretariat, Barkindo offered his [...]
Tizeti and its consumer facing brand, Wifi.com.ng, which offers unlimited, uncapped internet service across Lagos, Nigeria, have announced the closure of a $2.1 million seed funding from international investors.The investors include Western Technology Investment, Social Capital, Vy Capital, Picus Capital, Ace & Company, Lynett Capital Partners, Zeno Ventures and a number of angel investors including Y Combinator’s Michael Seibel and Gabriel [...]
The Central Bank of Nigeria (CBN) on Friday, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.The dollars were offered for the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the federal government to commemorate the Eid-el-Fitr.The Bank, also on [...]
The Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) have declared their decision to intervene in the Etisalat Nigeria debt crisis in order to prevent job losses and asset stripping. The move was as a result of the deepening crisis between Etisalat and a consortium of 13 Nigerian banks over a syndicated loan of about US$1.2 billion granted [...]
Infohob Technology, a leading provider of web services, has launched a selection of communication services that offer business owners and managers a way to stay connected with their clients and enhance their online presence.According to a statement by Tony Ayabam, founder, Infohob, these services encompass flexible and secure business emails, apps for businesses, personalised domain names, cloud storage and data [...]
The Organisation of Petroleum Exporting Countries (OPEC) has beat its own oil cut compliance record, which stood at 104 percent as at April 2017.According to the joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), for the month of May 2017, OPEC and participating Non-OPEC producing countries recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of 106%. [...]
A renewed sell-off in oil prices amid oversupply concerns effectively dented risk sentiment on Wednesday with global stocks exposed to heavy losses as oil bears pressured equity bulls.European markets were punished by the sharp decline in energy shares and the bearish contagion was swift to contaminate Wall Street which concluded mostly lower. Although Asian stocks edged cautiously higher during Thursday’s trading session, the [...]
The Nigerian Communications Commission (NCC) has assured 21 million Etisalat subscribers that the telco's N541 billion debt and brewing takeover will not, in any way, affect them negatively.In a statement signed by Tony Ojobo, NCC director of public affairs, the commission said it attempted to find a resolution to the challenges facing the company, but could not get desired results.NCC [...]
