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The reported wrecks removal initiative by the Nigerian Maritime Administration and Safety Agency (NIMASA) has received wide commendations from industry player and Stakeholder in the maritime sector, Dr. Chris Asoluka. Speaking in Lagos recently, Dr. Asoluka, a former Chairman of Oil and Gas Free Zone Authority (OGFZA), noted that the efforts of the Dr. Dakuku Peterside led Management of NIMASA to reposition the maritime sector is a development long overdue. …

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International Rating Agency, Standard and Poor’s (S&P) assigned its ‘B’ long term and ‘B’ short term global scale counterparty credit ratings to the United Bank for Africa Plc (UBA). These ratings on the pan African financial institution, United Bank for Africa (UBA) Plc, are at par with S&P ratings on the Nigerian Sovereign. S&P’s ‘B’ rating is the highest rating …

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After a pay-out of N2.95 kobo, shareholders of Friesland Campina Nigeria Plc on Thursday in Lagos, approved a final dividend of N7.70 kobo that was proposed by the board of directors for the financial year ended December 31, 2016. The 2016 dividend payout represents 75 percent of the company’s profit after tax, which is in line with its dividend policy …

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said a number of steps have been taken to maintain the pump price of Premium Motor Spirit (petrol) at N145 per litre despite significant challenges in the downstream sector. Kachikwu stated this in Lagos on Wednesday in a keynote address at the Rainoil 20th Anniversary Lecture. The minister, who …

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The Minister of State, Petroleum Resources, Dr Emmanuel Ibe Kachikwu, has given himself a pass mark. Speaking during an interactive session with reporters on the sidelines of the offshore technology conference in Houston, Texas, United States, he listed the opening up of the downstream sector, private investment and diversification of products sourcing through the introduction of Price Modulation Mechanism (PMM) …

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Global oil supply fell by 41,000 barrels per day (bpd) in April, the Organisation of Petroleum Exporting Countries (OPEC) said in this month’s oil market report. The organisation said world oil supply fell by 0.41 million barrels per day (mbpd) in April to average 95.81 mbpd. However, global oil production was 831,000 barrels daily higher than a year ago and …

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The Federal Government’s 20,000 megawatts (Mw) of electricity target is too small for the country, Green Elec Chief Executive Officer,  Mr. Marcel Hochet, has  said. He said the government should rather focus on achieving 40,000Mw to meet its energy need. Green Elec is a solar energy solution firm with offices in Nigeria and Fran In an interview in Lagos, he …

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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 …

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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 …

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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 …

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