Yemisi Izuora The Federal Government has confirmed that the United Kingdom has returned $85 million as part of the stolen funds from the Malabu $1.1 billion oil deal. It also said that negotiation with Switzerland on the return of $321 million recovered from the late Sani Abacha family had been concluded. It stressed that with the conclusion of negotiation, the Memorandum of Understanding will be signed by parties at the Global Forum on Assets Recovery meeting coming up from December 4 – 6, 2017 in Washington and that the repatriation would follow within weeks as agreed by the parties. Abubakar Malami, Attorney…
Author: Orientalnews Staff
Yemisi Izuora Oil prices inched up in early Asian trading today with Brent continuing to hover near its highest in 27 months, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts. International benchmark Brent crude futures were up 9 cents at $59.39 a barrel 0.15 percent, from their last close, the highest close since July 3, 2015. U.S. West Texas Intermediate (WTI) crude futures were up 4 cents, or 0.08 percent, at $52.68 per barrel. Saudi Arabia’s Crown Prince Mohammad bin Salman told Reuters on Thursday that the kingdom would support the extending the output cut…
Yemisi Izuora The current period of climate changemay be unparalleled over the last 100 million years, warn scientists who discovered a flaw in the way past ocean temperatures have been estimated up to now. According to the methodology widely used by the scientific community, the temperature of the ocean depths and that of the surface of the polar ocean 100 million years ago were around 15 degrees higher than current readings. However, researchers, including those from the French National Center for Scientific Research (CNRS), have found that ocean temperatures may, in fact, have remained relatively stable throughout this period,…
Yemisi Izuora Oando PLC’s Official Statement on the Securities and Exchange Commission’s Alleged Findings following their Investigation of the Company and their Penalties / Implications Lagos, October 24, 2017 On October 18, 2017 the SEC issued a public notice stating amongst others that it had: Issued a directive to the Nigerian Stock Exchange (NSE) for a full suspension in the trading of Oando shares for a period of forty-eight hours followed by a technical suspension until further directed and; Announced that a forensic audit into the affairs of the Company be conducted by a team of independent professional firms Oando is…
Yemisi Izuora Royal Exchange Plc, is set to unlock new growth potentials that will increase consumer value and better returns on investment to its teaming shareholders. The company with interest in general insurance, life insurance, asset management, healthcare as well as micro finance banking is taking advantage of synergies, as a financial conglomerate in its new drive for growth. This is going to be supported with a new inroad into agric insurance, the country’s new expanding goldmine, having secured approval to underwrite agric-business from the National Insurance Commission (NAICOM). Speaking to shareholders at its 48th Annual General Meeting in Kano, Mr.…
Yemisi Izuora Twenty three outstanding insurance and pension operators as well as the insurance and Pension regulators won the 2017 National Association of Insurance and Pension Correspondents(NAIPCO) Awards for their outstanding performance in their respective sectors. At the 2nd NAIPCO National Conference, which took place in Lagos yesterday, the National Insurance Commission (NAICOM), National Pension Commission (PenCom) and Pension Transitional Arrangement Directorate(PTAD) were given recognition Awards for discharging their duties creditably well, while the Recognition Award for the Best Insurance and Pension Consumer of the year went to Lagos State Government. Prof. Joe Irukwu, Mr. Fola Daniel and Lady Prisca…
Yemisi Izuora The Federal Government has confirmed that the United Kingdom has returned $85 million as part of the stolen funds from the Malabu $1.1 billion oil deal. It also said that negotiation with Switzerland on the return of $321 million recovered from the late Sani Abacha family had been concluded. It stressed that with the conclusion of negotiation, the Memorandum of Understanding will be signed by parties at the Global Forum on Assets Recovery meeting coming up from December 4 – 6, 2017 in Washington and that the repatriation would follow within weeks as agreed by the parties. Abubakar Malami, Attorney General of…
Yemisi Izuora With Agency Report With an estimated demand for Liquefied Natural Gas, LNG in Africa about to grow up 42 million tonnes per year, African energy ministers are considering creating appropriate pricing index to promote investment in the sector. The increase in LNG consumption is being prompted by the desire of African governments to boost power generation by 30,000 megawatts by 2030. The ministers said Africa should develop a gas pricing index based on the cost of electricity set midway between existing global benchmarks to ensure fairer pricing in new export projects on the continent. Statistics shows…
Yemisi Izuora Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation (NNPC). Group Managing Director of the Corporation, Dr. Maikanti Baru, announced this development during a visit to the Governor of Nasarawa State, Alh. Umaru Tanko Almakura in Lafia yesterday. Dr. Baru stated that the visit was in fulfillment of the Presidential mandate which directed NNPC to resume oil exploration activities in some of the nation’s inland basins which include the Chad Basin and the Benue Trough. He said the Presidential mandate…
Yemisi Izuora Mobil Producing Nigeria Limited (MPN), operator of the Nigerian National Petroleum Corporation (NNPC)/MPN joint venture, today announced it has reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the transfer of ownership of the Qua Iboe power project and the supply of gas from the NNPC/MPN joint venture offshore facilities to the power plant. QIPPL is a joint venture between Black Rhino, a wholly owned subsidiary of Blackstone Group, and NNPC. The transfer includes the ownership and financing of a gas-fired power plant and a 58-kilometer transmission line. The NNPC/MPN joint venture will retain its responsibility to fund and build the 53-kilometer…