25 ships with petrol, others expected -NPA

No fewer than 25 ships expected with petroleum products, food and other goods will arrive at Apapa and Tin Can Island ports between Tuesday and June 30, Nigerian Ports Authority (NPA) says. The authority noted in its “Shipping Position” bulletin in Lagos that eight of the 25 ships would sail in with petrol, while a ship would bring in aviation fuel. The remaining 16 ships are carrying buckwheat, base oil, container carrying different goods, frozen fish, soya beans, bulk fertiliser,  steel and empty containers. According to NPA, 11 of the ships have arrived at the ports waiting to…

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Union Homes sues Stella Oduah over N385m debt

Another creditor Union Homes Savings and Loans plc, has come knocking at Senator Stella Oduah’s doors, demanding the repayment of N385 million mortgage debt. The mortgage lender’s lawyer Ken Ahia has filed an application before a Federal high court seeking to join as an intervener in the on going debt recovery suit filed against the Senator and her company Sea Petroleum Oil and Gas Group limited by Asset Management Corporation of Nigeria AMCON. Union Homes is contending that Senator Stella Oduah, Sea Petroleum Oil and Gas Company and five Directors…

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2017: Commercial banks rake in N656 billion from fees, commission income

Thirteen commercial banks quoted on the Nigerian Stock Exchange (NSE) raked in N655.669 billion from fees and commission income last year, figures compiled from the full year 2017 audited results have shown. The amount realised by the banks represented an increase by 11 per cent, compared with the N591.987 billion they realised in 2016. Analysts have predicted that the financial institutions would be aggressive in fees and commission income as they continue to contend with the reduced yields on treasury bills. The fees and commission income by the banks were…

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BDC wants Yuan for customers

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the CBN to approve Renminbi (Yuan) disbursements to its members to deepen the China-Nigeria Swap deal. Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria (NAN) in Lagos that the approval would enable BDCs sell Personal and Business Travelling Allowances to its customers in Yuan. According to him, the sale of BTAs and PTAs to China bound businessmen will make them get used to the authentic features of the Yuan to avoid being issued fake currencies…

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Rolls-Royce cuts 4,600 jobs to boost profit

Britain’s Engineering Company, Rolls-Royce, has decided to cut 4,600 jobs over two years in the latest attempt to cut costs and make more profit. The Chief Executive Officer of the company, Mr. Warren East, said on Thursday in London that the aim was also to create a much more streamlined organization. “Rolls-Royce is at a pivotal moment in its history,” East said. “We are poised to become the world leader in large aircraft engines. But we want to make the business as world class as our engineering and technology is….

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Forex: Central bank boosts Retail SMIS with $343.06 million

The retail Secondary Market Intervention Sales (SMIS) has received a boost of $343.06 million from the Central Bank of Nigeria (CBN), following the Bank’s intervention in the Foreign Exchange market on Thursday, June 14, 2018. Figures obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors. Confirming the figures, the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, noted that the continued interventions of the Bank were in line with the assurances made by the…

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African ministers meet on free trade

African trade ministers have deliberated on the protocols to the agreement establishing African free trade area (AfCFTA), and the modalities for tariff liberalization. The 6th African Union Ministers of Trade (AMOT) meeting held in Dakar, Senegal. According to a press release issued Monday by South Africa’s Department of Trade and Industry, “the conclusion of the annexes to the Protocol on Trade in Goods and the annexes to the Protocol on Dispute Settlement is a significant achievement”. “The conclusion of this work enables South Africa to rapidly commence domestic processes for…

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Kenya flags off oil production, export

Many Kenyans have taken to the streets to celebrate as the country become one of the global oil producers. The country on Sunday flagged off the transportation of the first oil barrels. President Uhuru Kenyatta led a host of local leaders to celebrate the feat that enabled the country to join Uganda as the only two oil-producing nations in East Africa. In a historic occasion held at Ngamia 8 oil fields in Lokichar, Turkana County in the north, the President flagged off four trucks ferrying crude oil to the Kenya…

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NNPC trashes rumour on N36b royalty to PH refinery hosts

Nigerian National Petroleum Corporation (NNPC) has dismissed rumours of an approved N36billion compensation said to be due to Alesa-Eleme community in Rivers State as royalty for playing host to the Port Harcourt Refining Company, a subsidiary of the corporation. The corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, traced the origin of the phantom compensation story to a traditional ruler, regarded as a claimant to the Alesa-Eleme traditional stool. According to the corporation, the said traditional ruler went to town with the fake story after a purported…

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Tourism future of Nigeria – UNWTO

The United Nations World Tourism Organisation (UNWTO) has declared tourism as the future of Nigeria as the nation hosts the 61st UNWTO Commission for Africa (CAF) conference. The organisation has promised to support the country in developing the sector. Mr Zurab Pololikashvili, UNWTO Secretary-General, made the declaration in Abuja at a pre-conference media briefing he jointly addressed with the Minister of Information and Culture, Alhaji Lai Mohammed. The News Agency of Nigeria (NAN) reports Pololikashvili and other executives of the organisation arrived in Nigeria early Sunday morning for the 61st…

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