Top Financial News   

14 December 2018

We won’t rush petroleum industry reforms, says Buhari: President Muhammadu Buhari said on Thursday that his administration would not rush reforms in the petroleum and gas industry, saying that reforms must be carefully thought out to serve the interests of Nigerians.(Source:Punch)


Banks’ non-performing loans rise to N2.24tn: Nigerian bank’s non-performing loans stood at N2.245tn as of the end of September 2018, according to the National Bureau of Statistics.(Source:Punch)


Nigeria owes oil firms $5.1bn – NNPC:  The Nigerian National Petroleum Corporation on Thursday said Nigeria owed international oil companies $5.1bn in the Joint Venture Cash Call business arrangement it had with them.(Source:Punch)


Malabu: FG slams Shell, Eni with $1.1bn lawsuit in UK:  The Federal Government said it had filed a $1.1bn lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal in Nigeria.(Source:Punch)


LPG consumption grew by 600% in two years – FG:  The consumption of Liquefied Petroleum Gas, popularly known as cooking gas, in Nigeria, increased by 600 per cent in the past two years, the Federal Government announced on Thursday.(Source:Punch)


Mobile operators ripped off consumers through forceful subscriptions –NCC:  Mobile operators are illegally deducting billions of Naira from their subscribers’ accounts, an investigation carried out by the Nigerian Communications Commission has shown.(Source:Punch)


SON mops up substandard lubricants nationwide: The Standards Organisation of Nigeria has announced that it was mopping up substandard lubricants in different parts of the country.(Source:Punch)

NSE places full suspension on C & I Leasing: Authorities at the Nigerian Stock Exchange (NSE) yesterday placed full suspension on trading in the shares of C & I Leasing Plc in order to facilitate the ongoing share reconstruction of the leasing company. The full suspension is expected to remain until December 27, 2018 during which there will be no trading and price movement on the shares of C & I Leasing.(Source:The Nation)


Senate okays $1 billion cash for Ajaokuta: The Senate yesterday okayed $1 billion for the completion of Ajaokuta Steel Company. The cash would come from the Federal Government’s share of excess crude revenue.(Source:The Nation)


N330b fine: MTN pays N165b to NCC: The Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta yesterday said MTN Telecommunication Company has paid about N165 billion of the N330 billion fines imposed on it.(Source:The Nation)


NPA board approves old Warri port concession: The Board of Directors, Nigerian Ports Authority (NPA) has approved the concession of Terminal B, Warri Old Port, to Ocean and Cargo Services Limited.(Source:The Nation)


We won’t go on strike, PENGASSAN, NUPENG assure:  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said its members would not go on strike.(Source:The Nation)


NASCON unveils cubes: Management of the NASCON Allied Industries Plc, a subsidiary of the Dangote Industries Limited, yesterday in Kano,  unveiled its new Classic Seasoning Cube  pledging its commitment to ensuring healthy living for Nigerians.(Source:The Nation)


Global debt hits $184trln: The International Monetary Fund (IMF) yesterday updated its publicly available Global Debt Database (GDD).(Source:The Nation)

Nigeria’s active telephone subscription hits 169m: Total number of active voice subscriptions in Nigeria telecom services sector has reached an impressive 169 million, the Nigerian Communications Commission, NCC, has stated.(Source:Vanguard)

Air Peace expands operations to MMA2: Air Peace has said that from on January 2, 2019 it will move a part of its flight operations to the Murtala Muhammed Airport 2 (MMA2) in Lagos to position itself for better service to its customers.(Source:Vanguard)

36 ships conveying petrol, others expected at Lagos Ports: The Nigerian Ports Authority (NPA) on Thursday said it was expecting 36 ships to bring in petroleum products at the Apapa and Tin Can Island Ports, from Dec. 13 to  Dec. 29.(Source:Vanguard)

FG working on implementation of new minimum wage — SGF: The Federal Government is working toward early implementation of new minimum wage which has caused a lot of controversies in recent times, Mr Boss Mustapha, the Secretary to the Government of the Federation (SGF) said.(Source:Vanguard)

FAAN to Guarantee Credit Access to Its Contractors from Banks: In order to ensure that its contractors have funds to execute projects awarded them by the Federal Airports Authority of Nigeria (FAAN), the agency has decided to work with banks to provide credit access to the contractors.(Source:Thisday)


Challenges of Greenfield Seaports Development: Unstable government policies, lack of safety and security of funds invested by promoters are said to be some of the challenges hindering the development of Greenfield seaport in Nigeria. Others include: comfort of investors, non-provision of adequate measures to ensure continuity, lack of infrastructure and efficient transport system.(Source:Thisday)


FAAN, BASL’s Controversial Partnership:  The relationship between the Federal Airports Authority of Nigeria (FAAN) and Bi-Courtney Aviation Services Limited (BASL) is best described as cat and mouse.(Source:Thisday)

W. Africa Crude-Burst of spot trade mops up Nigerian cargoes: A burst of spot activity on the West African market saw a flurry of buying of Nigerian cargoes, after sellers finally cut their offer prices, while more favourable shipping economics added additional support.(Source:Reuters)

Reporting for EasyKobo on Friday , 14 December 2018 in Lagos, Nigeria

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