The committee investigating the crude oil pre-shipment inspection contracts yesterday uncovered the payment of $163.750 million to Pre-shipment Inspection Agents (PIAs) and Monitoring and Evaluation Agents (MEAs) since 2009 without appropriation by the National Assembly. Members of the committee raised concerns that based on the documents before them, there was no form of appropriation by the National Assembly on the …

Deutsche Bank AG, a global banking and financial services company with headquarters in Frankfurt, Germany, is considering additional opportunities to expand its Nigerian business and provide wider bouquet of products and services to clients. Head of Trade Finance – Financial Institutions in the Middle East & Africa, Deutsche Bank, Ulf-Peter Noetzel, who spoke at an award ceremony for Nigerian banks …

Chinese Economic and Commercial Counselor, Mr Zhao Linxiang, has said his country promised $6.7 billion to develop Nigeria’s agriculture through training of hundreds of Nigerians to achieve food sufficiency. He spoke at the China-Nigeria Agricultural Modernisation Cooperation Forum in Abuja yesterday. The envoy further stated that China was ready to share its experience in agricultural development with Nigeria in order …

A whooping $2 billion investment by the terminal operators has massively turned around operations at Nigerian seaports since the commencement of the concessioning programme about 11 years ago. The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, who disclosed this recently, commended the Federal Government for its foresight in instituting the programme. Before terminal operations were concessioned …

The orgainsed Labour union said: ‘We have watched with total disbelief government continuous neglect and abandonment of the access roads to the nation’s seaports, the gateway to the nation’s economy, especially the Oshodi-Apapa Dual Carriage Way that leads to the nation’s two major ports of Apapa and Tin-Can. The workers added: ”We have written several letters, made several appeals and …

The Federal Government recorded a deficit of $11 billion (N3.3 trillion using the official exchange rate of $305 per dollar) revenue from crude oil export in 2016. Specifically, the revenue fact sheet released on Monday by the U.S. Energy Information Administration (EIA), revealed that Nigeria’s crude oil revenue fell from the $37 billion recorded in 2015 to $26 billion in …

The Niger State Chamber of Commerce Industries Mines and Agriculture (NACCIMA) on Monday raised the alarm that most companies and business outfits in the state are now downsizing as a result of the downturn in the economy. NACCIMA said the situation had been compounded by the lack of patronage of local industries and companies by governments. The Director General of …

The recent report that Shell Petroleum Development Company (SPDC) has started testing the Trans-Forcados crude export pipeline for a potential restart after months of repair is expected to have positive effects on banks’ earnings, according to analysts at Lagos-based CSL Stockbrokers Limited. The analysts noted that the resumption of production may result in a reclassification of some bank loans that …

The 2017 edition of the Offshore Technology Conference (OTC) that just ended in Houston, Texas the USA may have come and gone but, its enduring memories will linger for sometimes to come, especially for the high power delegation from Bayelsa State led by Executive Governor of the state, Honourable Seriake Dickson. The delegation that was deliberately selected for the purpose …

As Major blue chips record growth on NSE Med-View Airline Plc shareholders on Wednesday lauded the board and management for listing on the Nigerian Stock Exchange  (NSE) in spite of challenging operating environment. The shareholders stated this at the company’s first Annual General Meeting (AGM) in Lagos. They also commended the management for 3k dividend declared for the financial year …