..As Oil Prices Hit Over $50 Per Barrel Yemisi Izuora Prices of crude oil has hit $50 per barrel just as export from Nigeria increased with Lekoil showing some improvement in production. LEKOIL, an oil and gas exploration, development and production company disclosed that the first crude cargo produced from the Otakikpo Marginal Field in OML 11 has been lifted from the FSO AilsaCraig by Shell Western Supply and Trading Limited, a subsidiary of Royal Dutch Shell. According to the company, “120,000 barrels of gross production have been lifted. Under the terms of the Crude Sales Agreement with Shell Trading,…
Author: orientalnewsng
Yemisi Izuora Union Bank Plc, has reported a profit after tax (PAT) of N15.4billion on gross earnings of ₦126.6 billion for the financial year ended December 31, 2016. The Chairman of the bank, Cyril Odu who presented the report to shareholders at the 48th Annual General Meeting in Lagos, assured of management commitment to put the bank on steady path of growth. Compared with a PAT of ₦14.3 billion on gross earnings of ₦117.2 billion in the corresponding period of 2015, this represents a growth of eight percent in net profit and in earnings respectively. Other highlights of the bank’s…
Yemisi Izuora Former governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo has challenged the federal government and the CBN to accelerate the momentum of recovery that can make a dent on poverty and unemployment. Soludo in a keynote address at the Renissance Capital Investors Conference in Lagos, said, “Forex and monetary policy must change fundamentally. ‘‘Hot emotions, infantile nationalism or neo-socialist command and control patchworks will not take the country out of its present challenges,’’. He said there is no credible substitute to sound market economy framework for an economy such as Nigeria. He also charged the…
Yemisi Izuora The Lagos State Employment Trust Fund, LSETF, is organizing training workshops for over 1,300 of its beneficiaries during the month of May. These workshops are organized by the LSETF using various training and skill certification partners, who pass on important skills and knowledge to beneficiaries, that aid the success of their businesses. Speaking about the aim of the workshops, the LSETF’s Executive Secretary, Akin Oyebode, said “business development support is a crucial part of what we do. It is not enough to just give individuals funds and have them pay back, but also to instill in them the…
….As 2.2 Million Investors Captured In Platform Yemisi Izuora The Director-General, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has disclosed that 2.2 million investors have so far registered for the e-dividend payment platform. The e- dividend is an electronic means of posting shareholders dividend directly into their bank accounts. SEC in 2016 formally inaugurated the e-Dividend Mandate Management System (e-DMMS) in conjunction with the Central Bank of Nigeria (CBN) and all Deposit Money Banks with the intention to address the ever increasing unclaimed dividends in the nation’s capital market. Gwarzo who spoke at the 2017 first post Capital Market…
…Bags Outstanding Rice Value Chain Award Yemisi Izuora Stallion integrated rice value chain approach has been bequeathed with the Feed Nigeria Summit “Agro Processor of the Year Award” at the just ended Nigeria Agriculture Awards. The award, which is its second, after the IBCA-“Outstanding Projects and Business Leaders of the Year Award” recently bestowed on the company in March was in recognition of Stallion Popular Farms & Mills Limited concerted efforts at integrating rice value chain in Nigeria agrarian economy as well as its dogged resolves to humanize farmed rice and self-sustainability in food production. “We owe this accomplishment to…
Yemisi Izuora The Nigerian National Petroleum Corporation (NNPC) and its partners are working out modalities that will facilitate the boost of gas supply for domestic use by 285 per cent from 1.3 billion standard cubic feet per day, BSCF/D to 5 BSCF/D by 2020. The plan was made public at the 7 Critical Gas Development Projects (7CGDP) stakeholders’ meeting in Abuja. The stakeholders made up of NNPC and seven (7) other oil and gas companies listed the seven (7) projects earmarked for fast-track execution to meet the 285 per cent domestic gas supply growth projection to include: Assa North-Ohaji South…
…As Uncertainty Trails Africa’s FDI Flows Yemisi Izuora/Agency Report Investors are not immune to political and social developments in emerging regions like Africa, which is now being threatened by uncertainty rocking global economic uncertain. With reduced earnings the benchmark emerging market stock index has, according to a statement by African Trade Insurance Agency (ATI), lost approximately 4 percent annually since 2010 from a high of 22 percent annual return in the preceding decade investors are now focusing on more than the bottom line in these markets. “During the boom years of the last two decades, Africa was experiencing unprecedented GDP…
Yemisi Izuora The N2billion long-term facility which the Heritage Bank Plc and Central Bank of Nigeria, CBN, offered to Triton Aqua Africa Limited (TAAL), under the Commercial Agriculture Credit Scheme (CACS), has continued to generate job creation in the country. The Managing Director of Heritage Bank Plc, Ifie Sekibo, disclosed this after he led a team of the bank’s senior management on fact-finding mission to the company’s facilities. He said that the fund was disbursed to enable TAAL expand its aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja; and earthen ponds for catfish and tilapia…
Yemisi Izuora The Kwara State government has said that it is fully up to date with payment of pension and salaries to its pensioners and workers despite the economic situation in the country. The Senior Special Assistant on Media and Communication to Kwara State Governor, Dr. Muyideen Oluwafemi Akorede who made this known, said the state governor was able to achieve this through intense reform of Internally Generated Revenue (IGR) of the state and cutting down the cost of governance by 40 per cent. He stressed that contrary to reports in a newspaper (not this newspaper) that the state is…