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  • Oil rises after Saudi vows to cap crude exports next month

    July 24, 2017 10:52 AM 14

    LONDON (Reuters) - Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels

  • Kuwaiti oil minister says further production cuts are possible

    July 23, 2017 10:23 PM 19

    RUSSIA: Kuwait's oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible. Asked about the possibility of further cuts to support the price of crude, the minister said: "Everything is open." Ministers from the Organization of the Petroleum Exporting

  • 50 million litres of crude oil stolen from Rajasthan field

    July 23, 2017 10:03 PM 15

    Police in Rajasthan have busted a well-organised syndicate that allegedly smuggled about 50 million litres of crude from the Cairn India oilfield in the state through tankers meant to carry water. The great oil robbery at India’s largest onshore oilfield was under way undetected for four to five years. JAISALMER: Police in Rajasthan have busted a well-organised

  • Emefiele asks: How do we justify the importation of cucumber, eggs, toothpicks?

    July 23, 2017 7:55 AM 14

    Godwin Emefiele, governor of Central Bank of Nigeria (CBN) has questioned the importation of items such as apples, cucumber, eggs and toothpicks. He posed the question while delivering a lecture at the University of Nigeria Nsukka (UNN). The event was to mark the second home-coming lecture of the department of economics, UNN. He said CBN recently embarked

  • NSE index up 2.28% this week as UBA, Continental Re, Niger Insurance emerge most traded

    July 22, 2017 10:21 AM 18

    WorldStage Newsonline--Nigerian equities market finished the week on a strong note with the NSE All-Share Index and Market Capitalization up by 2.28% to close the week at 34,020.37 and N11.725 trillion respectively. The week also ended with other sectoral indices finishing higher with the exception of the NSE Insurance Index that depreciated by 2.81% while

  • Nigeria rakes in $2.45b from oil, gas export

    July 22, 2017 1:44 AM 25

    The Nigerian National Petroleum Corporation (NNPC) raked in a total of $2.45billion from the export of crude oil and gas from May 2016 to May 2017, it said in its May Financial and Operations Report yesterday. From the total export receipt, NNPC transferred $2.18billion to the Joint Venture Cash Call (JVCC) in accordance with the Budget and Exit of the JVCC. The report

  • UPDATED: NNPC says CBN supervising $231.8 mln government remittance

    July 21, 2017 9:53 PM 18

    ABUJA, July 21 – Nigeria’s state oil company on Friday said the central bank was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank. The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments — $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million

  • $793.2m TSA Funds: Skye Bank Confesses Custody of $41m, Denies Illegal Possesion

    July 21, 2017 9:30 PM 16

    Sequel, to the Federal High Court order of 7 banks to remit $793.2 million (approximately N249.9 billion), Skye Bank affirms being in custody of $41 million (about N12. 9billion) of the total sum. Management of Skye Bank has today, Friday, confirmed being in possession of about $41 millionwhich belongs to the Nigerian Investments Management Services

  • FAAC disburses N2.79trn to FG, states, LGs in H-1 2017

    July 20, 2017 11:10 PM 23

    Previous NBS reports on FAAC disbursements show that the sum of N430.16 billion was shared among the three tiers of government in January 2017; N514.15 billion in February; N466.93 billion in March; N496.39 billion in April; and N418.82 billion in May 2017. An analysis of the disbursements revealed that the sum of N2.79 trillion disbursed so far this year is N540 billion

  • NCC Approves Etisalat's Name Change To 9mobile

    July 19, 2017 2:07 PM 17

    The Nigeria Telecommunications Commission (NCC) has approved Etisalat Nigeria’s name change to 9mobile, after its United Arab Emirates parent company pulled out of its brand name and shares, over the Nigerian unit’s multi-million-dollar debt to a consortium of 13 local banks. The telecoms regulator says the move is to ensure the continuity of Nigeria’s