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Oil Companies Urged to Relocate Bases

Captains of industry and commerce have endorsed calls by the Nigerian government for oil companies to relocate their headquarters to their areas of operations. The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) said this would be a major step in quelling the under development, poverty and associated …

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Nigeria central bank to offer $150 mln in forwards

Nigeria’s central bank said on Tuesday it will sell $150 million in currency forwards on the interbank market through commercial lenders. The central bank, which has been intervening on the official currency market over the past two weeks, told lenders that Tuesday’s sale will be settled within 60 days. The …

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Nigeria plans to sell oft-bombed assets

Stakes in oil fields. Bids from world class energy companies preferred. Pipelines and terminals associated with the deposits only blown up about a dozen times in the past year. Deal may depend on crude prices. Nigerian President  Muhammadu Buhari’s government on March 7 proposed a plan to jump start the …

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Nigerian govt’s savings bond will boost financial inclusion

The bond, which will be opened for subscription exclusively on the Nigeria Stock Exchange, is targeted at retail investors. The Nigeria Stock Exchange, NSE, on Thursday said the Nigerian government’s Savings Bond will boost financial inclusion among Nigerian investors. Haruna Jalo-Waziri, the Executive Director, Capital Market Division of NSE, made this …

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Nigeria Leads in Cowpea Production

Findings have revealed that the nation’s citizens record deficit in consumption. Kano — Experts in cowpea production, processing and consumption have unanimously agreed that despite the fact that Nigeria has been leading in pulses and cowpea production, The experts made this known during the joint programme organised as part of …

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Etisalat in N377bn Debt, 13 Banks to Meet Today

The Nigerian Communications Commission (NCC) yesterday said that the Central Bank of Nigeria (CBN) and the 13 Nigerian banks with exposure to Etisalat to the tune of N377 billion ($1.2 billion) would meet today to deliberate on how to restructure the telcos’ debts. Mr. Tony Ojobo, the Director of Public …

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At parallel market: Naira inches up against dollar

The Naira on Thursday marginally appreciated against the dollar at the parallel market, The Nigerian currency gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively. At the Bureau De …

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Bureaux Nigeria retail currency to bid for $25 mln at 381

Nigeria retail currency bureaux will on Thursday bid for $25 million from international money transfer firm, Travelex, at 381 per dollar, the association president told Reuters. Thursday’s amount is an increase from the $18 million sold weekly by Travelex, Aminu Gwadabe said, adding that the central bank had approved more …

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Nigeria banks on NLNG expansion

According to Reuters, Nigeria Liquefied Natural Gas Company (NLNG) could create hundreds of thousands of jobs by unlocking three times as much gas as the country’s proven reserves if it goes ahead with a proposed expansion plan. NLNG is a venture between state-owned Nigerian National Petroleum Corporation (NNPC), Royal Dutch …

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