Refineries lose N231bn under Buhari amid delayed repairs

Federal Government-owned refineries, located in Port Harcourt, Kaduna and Warri, lost over N231bn in the last four years as the proposed rehabilitation of the plants suffered a setback. The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each. Click here for more.

Petroleum Products Consumption Increase As NNPC Makes N174.6bn

The consumption of white petroleum products across the country increased by about 30 million litres within one month, rising from the 1.33 billion litres consumed in February this year to 1.36 billion litres in March. Click here for more.

NPA Earns N67.19bn Revenue in Three Months

The Nigerian Ports Authority (NPA) has announced a revenue of N67.19 billion for the three months that ended March 31, 2019. This represents 24.8 per cent of the N270.56 billion earned in 12 months ending December 31, 2018. Click here for more.

Investors Lose N282.16bn WoW As NSEASI Dips By -2.05% To Close The Week Negative

Equities market closed Friday on a negative note, as NSEASI depreciated by 0.31% to close at 30,432.13 points as against 1.30% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.18%. Click here for more.

Interbank Money Market To Record N607bn Net Inflow In June

The interbank money market is expected to record net inflow of N607 billion this month as well as frequent liquidity mop ups by the Central Bank of Nigeria, CBN, through treasury bills. Click here for more.

CBN blocks smugglers accounts in textile, rice, palm oil industries

The Governor, Central Bank of Nigeria, Godwin Emefiele,  has said the bank has blocked the accounts of some smugglers sabotaging Nigeria’s economy in the textile, rice and palm oil industry. Emefiele said this, during an interview at the roundtable session on developing a road map for greater growth and job creation in Nigeria, which was attended by eminent personalities in the financial sector on Saturday. Click here for more.

Oando got a fair hearing before penalties – SEC

The Securities and Exchange Commission said on Sunday that Oando Plc was provided sufficient opportunity of being heard before it was penalised. SEC said in a statement that its attention had been drawn to various reports questioning its regulatory authority and insinuating a lack of due process in the investigations of the oil firm. Click here for more.

How absence of SEC’s governing board undermines investors’ confidence

The Investment & Securities Act (ISA 2007) specifically provides for the establishment of a board for the Securities & Exchange Commission (SEC) and outlines its functions. The board is the organ of the commission responsible for policy formulation and decision-making at the highest level. Click here for more.

Techno Oil commences mass production of locally-made gas cylinders

Techno Oil Limited, a leading integrated energy company with interests in oil and gas, energy, infrastructure, and manufacturing, has established Nigeria’s first fully indigenous automated Liquefied Petroleum Gas cylinder manufacturing plant. Click here for more.

Sahel Capital announces investment in Ladgroup Limited

Sahel Capital, fund managers for the Fund for Agricultural Finance in Nigeria (“FAFIN”), has announced that definitive agreements have been executed for an investment in Ladgroup Limited (“Ladgroup”), an indigenous agricultural company that engages in the processing and export of shea butter. Click here for more.

Worsening Trade Wars Pose Risk to World Economy – G20

The world’s top financial policymakers admitted Sunday that trade tensions had worsened, posing a risk for the global economy, after a G20 meeting that laid bare differences between the United States and other nations. Click here for more.