Yemisi Izuora Nigerian workers union have extended a strike to oil majors Chevron , Shell and Eni subsidiary Agip in protest over the sacking of members from Exxon Mobil Corp , the union’s general secretary said. Nigerian labour unions have held a number of strikes in the last few months in protest at the sacking of workers by oil companies. Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) began a strike at Exxon Mobil last week. PENGASSAN General Secretary Lumumba Okugbara said the union’s 10,000 members were taking part in the three-day nationwide strike which…
Author: orientalnewsng
…Offers 45 Marginal Fields For Open Bidding Yemisi Izuora/Agency Report The federal government has asked oil companies to renew expired oil mining leases, OML, while also serving notice that 45 marginal oil fields would be offered in a competitive bid round before the end of May 2017. Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources made the disclosure in Houston, Texas while speaking with some journalists on the sideline of the just concluded Offshore Technology Conference. He disclosed that the government had written to holders of all expired OMLs to come forward and update their licences. The…
Yemisi Izuora The Bank of Industry (BoI), is planning to assist Small and Medium Enterprises (SMEs) with N376 billion before the end of 2019. The Acting Managing Director, Waheed Olagunju, spoke in Makurdi while presenting a paper entitled; “Target Financing for SMEs’’ at a management retreat for officers of the ministry and its parastatal agencies. The conference had as its theme, “Implementing the Economic Recovery and Growth Plan (ERGP) through Industry, Trade and Investment’’. According to Olagunju, disbursement to SMEs increased from a record of N5.64 billion in 2015 to N8.02 billion as at end of 2016, while for 2019 we…
Yemisi Izuora A global banking and financial services company with headquarters in Frankfurt, Deutsche Bank AG, has rewarded Ecobank Nigeria Limited, Access Bank, Sterling Bank Plc, Stanbic IBTC and Zenith Bank, for excellence in payment efficiency, cash management and trade finance. The banks were rewarded at an impressive award night, held in Lagos at the weekend. Deutsche Bank in a statement issued in Lagos, congratulated the winning financial institutions and reflected on its continued commitment and development of the West African region’s financial markets. According to Mr. Andreas Voss, Deutsche Bank’s Regional Head in West Africa and Chief Representative Officer…
Yemisi Izuora Chairman/Chief Executive Officer of Air Peace, Barr. Allen Onyema has disclosed that efforts are in the offing to procure aircraft that will help the airline resume operations to Warri and Asaba. Onyema gave the assurance when members of the National Association of Niger-Delta Students visited Air Peace office in Lagos to show appreciation for the airline’s efforts to transform air travel experience in Nigeria and provide jobs for the people. He explained that currently the status of the airports in the two cities did not guarantee safe landing of the carrier’s B737 aircraft. Air Peace, he said suspended…
Yemisi Izuora The Central Bank of Nigeria (CBN) has given fresh assurances that it will continue to intervene in the inter-bank market. The CBN said it is determined to ensure that the gains made by it in recent times, with regards to the stability of the exchange rate, are not eroded. While disclosing that the Bank did not make major interventions all through the week ending May 12, 2017, because there was a surfeit of foreign exchange in the system, the CBN would continue to make necessary interventions to ensure the stability of the naira. Already, the windows established by…
Yemisi Izuora AXA Mansard has won the “Most Innovative Insurance Company of the Year” at the maiden edition of Top 25 Most Innovative Companies & Institutions in Nigeria Awards 2017, which held in Lagos. The event was organised by the BusinessDay to celebrate leading organisations and institutions advancing the frontiers of innovation and inspiring the new generation of innovators in shaping Nigeria and Africa’s future. The firm was also recognised for its AutoFlex, an innovative motor insurance digital media campaign it ran in 2016, which gave customers the flexibility to customise their motor insurance covers instead of the traditional approach…
Source- Guardian Before the potential in the insurance sector can be fully realised, there is a need for governments at all levels to insure all their assets, as this will also enhance the financial capacity of the sector in many ways. This, the Director General of the Chartered Insurance Institute of Nigeria (CIIN), Richard Olutayo Borokini, in an interview with The Guardian, said would help cushion the effects of losses in the event of fire outbreaks and building collapses in the country. To achieve this, Borokini also urged sgovernment to enforce a law that will bind all professionals to appreciate…
Yemisi Izuora As part of efforts to enlarge its membership, the African Trade Insurance (ATI) has opened talks with Nigeria’s insurance industry to consider being part of the group. ATI is also holding talks with countries like Ghana, South Sudan, Angola, Cameroon, Sudan, Djibouti and Sierra Leone, to become members. ATI’s Chief Executive Officer, George Otieno, who noted that some of the discussions are in top gear with the countries, said, “We have opened talks with Nigeria, Ghana, South Sudan, Angola, Cameroon, Sudan, Djibouti and Sierra Leone. Some of the talks are at an advanced stage. For example, we expect…
Yemisi Izuora/Ijeoma Agudosi Zenith Bank Plc,is planning to raise $500 million under its global Medium Term Notes programme established in 2014, that will help it boost operations. The proceeds of the second tranche of the notes would be utilised for its general banking purposes, it said. “As was done in the first tranche notes, the bank intends to issue the second tranche notes directly but will retain the flexibility to issue through an offshore special purpose vehicle where market conditions require and allow same,” the bank said. The bank had established a $1 billion global medium term note programme in…