…Berates Unions For Plotting To Distabilise Operations Yemisi Izuora As part of on-going transformation initiatives aimed at strengthening the operational capacity of Neconde Energy Limited, the E&P subsidiary of the Obijackson Group, the operator of the OML 42, the company’s management has affirmed commitment to responsible business and employee management practices. The company whose production had gone down from 52,000 barrels per day production to 15,000 bpd says it hopes to up production to 70,000 bpd this August. The declaration was made by the company’s Managing Director, Engr. Frank Edozie at an interactive session with the media on the successes…
Author: orientalnewsng
Shareholders of Sterling Bank Plc. – the “one-customer bank”, commended the Bank’s Board and Management for reporting a profitable performance for the year ended December 31, 2016, despite the harsh macroeconomic environment that characterised the year under review. This took place at the Bank’s 55th Annual General Meeting (AGM), which held at Eko Hotel & Suites, Victoria Island, and Lagos on Thursday May 11, 2017. Rd. Faruk Umar, President of the Association for the Advancement of the Rights of Shareholders (AARNS) praised the Bank for being prudent and responsible, and also took the opportunity to offer his congratulations to…
Yemisi Izuora Oando Plc is taking investment decision in crude oil refining by seeking government understanding to help fix the country’s ailing refineries. Mr. Wale Tinubu, the Managing Director, of the company said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries. This new investment outlook is coming as the company announced a profit after tax of N3.5 billion, in 2016 financial year against a loss after tax of N47.6 billion posted in the preceding period of 2015. The Company’s facts behind the figures at the…
Yemisi Izuora Oando Plc. today disclosed plans to raise N40 billion from the nation’s bourse. The Group Managing Director Oando Plc. Wale Tinubu made the disclosure while presenting the firm’s Facts Behind the Figure at the Nigeria Stock Exchange (NSE). Tinubu stated that the need to raise the fund became necessary the enable the firm settle debts as well woo strategic and foreign investors coming to the market. According to him, the firm would hit the market once the volatility in market fully come down and Forex intervention by the Central Bank of Nigeria (CBN),…
Yemisi Izuora/Agency Report Recent report says that pirates and armed robbers attacked 43 ships and captured 58 seafarers in the first quarter of this year. This is slightly more than the same period last year, according to the latest ICC International Maritime Bureau (IMB) piracy report, which says Yemen’s worsening conflict is contributing to a spike in regional piracy. The IMB global report highlights persisting violence in piracy hotspots off Nigeria and around the Southern Philippines where two crew members were killed in February. Indonesia also reported frequent incidents, mostly low-level thefts from anchored vessels. …
…IMF Puts Such Transactions At $50Bn Yemisi Izuora/Hyacinth Chinweuba The European Union has signified its preparedness to cooperate with African countries in stemming the illicit financial flows from the continent. This emerged during the debate at the fourth session of the Pan African Parliament currently underway in Midrand, north of Johannesburg. In 2015 African leaders decided to launch an investigation into illicit financial flows because of the impact it has on the funding of socio-economic development programmes. Africa needs massive capital injection to address challenges such as poverty eradication and job creation. …
Yemisi Izuora China’s trade with African countries in the first quarter climbed by nearly a fifth from a year earlier, while its direct investment in the continent soared 64 percent, the Chinese commerce ministry said. China’s total trade with the continent rose 16.8 percent to $38.8 billion in the first quarter, its first year-on-year increase since 2015, Sun Jiwen, spokesman at the ministry said in Beijing. Trade cooperation between China and Africa is “off to a flying start” in 2017, thanks to policy benefits from a cooperative framework laid down by the Chinese and African leaders…
Yemisi Izuora The Consolidated Hallmark Insurance Plc. have approved a total dividend of N120 million for financial year ended 31st December, 2016 to be paid to the shareholders at the rate of two kobo per share. The chairman, Consolidated Hallmark Insurance Plc, Mr Obinna Ekezie, at the company’s Annual General Meeting (AGM), said the dividend is the firms’ commitment of ensuring that shareholders are handsomely rewarded. Ekezie said, “The board is recommending a dividend of N120 million for your approval. This will translate to two kobo per share. This gesture is to further demonstrate the commitment of the company…
..New Law To Jail Energy Thieves Yemisi Izuora The Lagos state government is considering electricity projects that will enable it generate and distribute about 3,000 Mega Watts of electricity across the metropolis under its embedded power project. To further safeguard electricity infrastructure, the government is considering promulgating a law that will empower it prosecute and jail electricity vandals in place of payment of fines as a deterrent. The government promised to threat such people as criminals, noting that criminalising power theft will go a long way in tackling the menace headlong. The Commissioner for Energy and Mineral Resources, Olawale Oluwo,…
Agency Report We attended a briefing in Lagos yesterday, hosted by Moody’s Investors Service. The agency’s projections for Nigeria’s economy are favourable. Following the -1.5% y/y contraction in GDP last year, it projects GDP growth at 2.5% y/y in 2017 followed by 4% y/y in 2018. The growth forecast is on the back of positive base effects for the oil economy, government measures to expand specific non-oil sectors, the FGN’s commitment to fund large infrastructure projects post-2017 budget passage as well as expected uptick in global oil prices. Moody’s oil price projection for 2017 is between US$40/b and US$60/b. We…