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BUSINESS

Dangote Refinery to start selling petrol, diesel, aviation fuel by early 2020

Dangote Refinery to start selling petrol, diesel, aviation fuel by early 2020

The Dangote refinery plans to start selling petrol, diesel and aviation fuel by early 2020, but the fertiliser plant, will start producing urea this year, Edwin Devakumar, the group executive director told Bloomberg. The $10 billion refinery, set to be one of the world’s largest and which can process 650,000 barrels of crude a day, should be near full capacity ...

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Video: Nigeria’s largest steel plant, Ajaokuta is finally starting production 40 years after it was built

Nigeria's largest steel plant, Ajaokuta is finally starting production 40 years after it was built

Nigeria’s largest steel plant will finally start production four decades after it was built. The Ajaokuta mill has cost the country more than $8bn, but has never produced any steel. It is hoped that getting the facility off the ground will save Nigeria billions of dollars in steel imports. Built on a 24,000 hectares (59,000 acres) site in 1979 with ...

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Senate President Bukola Saraki says Petroleum Industry Bill will reform Our Oil & Gas Sector and Encourage Investment

Senate President Bukola Saraki says Petroleum Industry Bill will reform Our Oil & Gas Sector and Encourage Investment

It’s business as usual for the Senate President. Despite the fact that the week started on a controversial note, he is not dropping the ball. On Monday, in Abuja, Dr. Bukola Saraki presided over a 3-day public hearing on the Petroleum Industry Bill (PIB), organized by the Senate Joint Committee. Following months of work and having already passed the Petroleum ...

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CBN orders banks to sell Forex to travelers across the counter

CBN orders banks to sell Forex to travelers across the counter

The Central Bank of Nigeria has given banks the go-ahed to issue forex to all travelers across the counter. A statement released on their website asked banks to grant forex to any traveler whether or not they are customers of their banks, provided they provide the relevant travel documents. The apex bank says any bank that fails to obey this ...

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Nigeria’s first full HD TV station, Hi-Impact TV, launches today

Nigeria's first full HD TV station, Hi-Impact TV, launches today

All roads lead to Hi-Impact Planet amusement park and resort today, May 29th 2018, where the launch of Hi-impact TV will take place. The park and resort, which is located at Ibafo, along the Lagos-Ibadan expressway, will not only house the country’s largest amusement park but also Nigeria’s first full HD television station. Owned by Solution Media & Infotech, the ...

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Nigeria to use biotechnology to improve crops

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Dr Rose Gidado, the Country Coordinator, Open Forum on Agricultural Biotechnology (OFAB), says Nigeria has concluded plans to use biotechnology as tool to improve agricultural produce and spur economic development. Gidado made the disclosure on Thursday to Newsmen in Abuja. According to her, the measure will go a long way to enable Nigeria employ biotechnology to attain Sustainable Development Goals ...

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COSON sues Young Shall Grow Motors, wants N105m for alleged copyright infringement Royalties

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A Federal High Court in Lagos on Thursday fixed March 19 for continuation of trial of alleged copyright infringement by Young Shall Grow Motors Ltd. The Copyright Society of Nigeria (COSON) had taken the company to court to challenge an alleged copyright infringement as guaranteed by the Copyright Act, Cap 28, Laws of the Federation, 2004. COSON is seeking declarative ...

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Seplat refinances $300m revolving credit facility, raises $350m notes

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Seplat Petroleum Development Company Plc, yesterday announced that it has successfully refinanced its existing US$300 million Revolving Credit Facility (RCF) due December 2018 with a new four year US$300 million RCF due June 2022. The Chief Financial Officer, Seplat, Mr. Roger Brown, disclosed this in a statement sent to the Nigerian Stock Exchange, NSE, stating that the RCF carries initial ...

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Investors in cryptocurrencies are gamblers — Emefiele

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Central Bank of Nigeria (CBN) yesterday said that it would not render support to Nigerians investing in cryptocurrency, describing such investment has gambling. The Governor of the CBN, Mr. Godwin Emefiele stated this in Abuja during an interview with Bloomberg. Emefiele’s warning is coming on the heels of increasing transactions in cryptocurrencies in Nigeria. Data from LocalBitcoins, a Bitcoin start-up ...

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”Nigeria to ban rice importation this year” President Buhari

President Buhari says people responsible for the fuel scarcity during this festive period will not go unpunished

President Buhari in his New Year speech delivered in a live broadcast this morning, disclosed that the Federal government will stop the importation of rice beginning from this year. ”Two years ago I appealed to people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the government’s effort to re-structure the economy. ...

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Kogi Rice, a success story – Fanwo

Kogi Rice, a success story – Fanwo

The Director General on Media and Publicity to the Governor of Kogi State, Kingsley Fanwo has hailed the emergence of Confluence Rice as “a huge success by the Governor Bello Administration”. Addressing a section of the media at his Takete Ide country home, Fanwo said the release of the rice to the market is a “fulfillment of the promise by ...

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Nigerian Ports Authority made 118billion in just three months

Nigerian Ports Authority made 118billion in just three months

The Managing Director of the Nigerian Ports Authority, Ms Hadiza Bala Usman has disclosed that the agency enjoyed a productive year and is set to exceed its revenue target. She made this known at the merit service award in Lagos where she also revealed that the agency raked in 118billion in the first quarter of the year. The director gave ...

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Gov. Ibikunle Amosun and Godwin Emefiele lead stakeholders to unveil Unilever Nigeria’s new manufacturing plant

Gov. Ibikunle Amosun and Godwin Emefiele lead stakeholders to unveil Unilever Nigeria’s new manufacturing plant

Ogun State Governor, Senator Ibikunle Amosun, Governor, Central Bank of Nigeria, Godwin Emefiele, Commissioner of Commerce and Industry, Ogun State, Otunba Bimbola Ashiru, were among the stakeholders that joined executives and staff of Unilever Nigeria to officially open the innovative Blue Band manufacturing plant in Agbara, Ogun State. During the launch, The Executive Vice President, Unilever Ghana Nigeria, Yaw Nsarkoh, ...

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2 oil wells in Shell’s field shut down in Bayelsa by community members

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Some members of a community in Bayelsa on Wednesday disrupted oil production at Adibawa Oil field operated by Shell Petroleum Development Company (SPDC), shutting two oil wells. A reliable source, who pleaded anonymity, that the protesters were from Tanbiri II, Biseni in Yenagoa who were demanding power supply from the nearby oil facility. NAN gathered that two oil wells, Adibawa ...

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Made-in-Aba products have rejuvenated our economy — Ikpeazu

Made-in-Aba products have rejuvenated our economy — Ikpeazu

Governor Okezie Ikpeazu of Abia State yesterday said that with the increasing patronage of Made- in- Aba products, the city would rise again and reclaim its lost glory as a centre of trade and manufacturing. The governor, who spoke at the investiture of the 15th President of the Aba Chamber of Commerce, Industry, Mines and Agriculture, ACCIMA, Mr. Andy Uba ...

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Edo boosts IGR with tourism

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Edo State Government has revealed plans to excavate the historic Benin Moat, which is the world’s longest man-made earthwork, and develop more than 58 other tourist sites in the state to boost earnings from the tourism sector. The Commissioner for Arts, Culture and Diaspora Affairs, Osaze Osemwegie-Ero, who disclosed this in Benin City, said part of the state’s investment potential ...

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Facebook constitutes Africa’s first SME Council in Nigeria

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IN its continuing bid to help boost small and medium enterprises (SMEs) in Africa, Facebook, last week, launched the Nigerian SME Council, first of its kind in the continent. Abi Williams, Facebook’s SMB Sales Manager, EMEA, noted at the launching that the Nigerian SME Council brings together Facebook Africa’s SME team and Nigerian business owners from a range of industries, ...

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Breaking: FG to commence crude oil tracking by 2019

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The Federal Government, Moday, stated that from 2019, the country would begin tracking Nigeria’s crude oil and would be able to account for every drop of the commodity produced in the country. Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, in a podcast distributed to newsmen in Abuja, disclosed that the Federal Government was already working with the Department ...

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Nigeria loses $13.7bn annually to farmers, herdsmen conflicts, says Abdulsalami

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A former Military Head of State Abdulsalami Abubakar says Nigeria loses 13.7 billion dollars annually as a result of farmers-herdsmen conflicts in Benue, Kaduna, Nassarawa and Plateau states. Abubakar made the disclosure at a forum organised by Search for Common Ground, Nigeria, in collaboration with Abdulsalami Abubakar Institute for Peace and Sustainable Development. The forum, with the theme, Amplifying the ...

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Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year. “We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the sidelines of an ...

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