By Ijeoma Agudosi-PH Nestoil said its daily production of crude oil has risen from 7,000 barrels to 30,000 barrels per day adding that it was one of its numerous achievements in 2014. The Chief Executive Officer/Group Managing Director of Nestoil Plc, Dr. Ernest Azudialu-Obiejesi, made the disclosure attributed the achievement to hard work and dedication. He said, “This year has been a very important year for the company and the group as a whole. You see, we had a lot of achievements this year; and one of the achievements have been in the E&P business. “We were able to grow…
Author: orientalnewsng
By Yemisi Izuora-Lagos The Bank of Industry has commended the efforts of SecureID for being the first integrated card manufacturing firm in sub-Saharan Africa. Managing Director, BoI, Mr. Rasheed Olaoluwa who made the commendation in Lagos said the feat is a major pride for Nigerians, adding “The significance of this to Nigeria as a country is that we are making progress. I think we need to believe in ourselves. There is a lot that is happening very quietly in this country,” he said. Olaoluwa added that by carrying out backward integration, the firm had ensured that all personalised smart cards…
By Ijeoma Agudosi-Lagos Oil production by the organisation of petroleum exporting countries (OPEC) plummeted less than 1 percent in December, the first month after the group refused to cut output as crude prices tumbled. Output by the OPEC fell 122,000 barrels a day, or 0.4 percent, to 30.239 million during the month following declines in Saudi Arabia, Libya and the United Arab Emirates, according to Bloomberg survey of oil companies, producers and analysts. However, Nigeria’s production climbed 110,000 barrels a day to 2.08 million, which was its second-biggest increase. Nigeria’s production is often marred by unrest in the Niger Delta,…
By Ijeoma Agudosi/Yemsi Izuora-Lagos Shale oil production is said to be going up to 3.5 million barrels per day and has created a glut in the Atlantic basin, according to Alex Schindelar, Dubai bureau chief of Energy Intelligence. He said countries that export oil to the US such as Algeria, Nigeria, Angola, Libya are finding fewer markets in the US. “This is resulting in a massive shift in the flow of North African and West African crude, which used to go to North America and is now being redirected to other places. They are finding markets in Europe and some…
By Yemisi Izuora-Lagos It was another brief trading week as NSE records a turnover of 1.245 billion shares worth N15.898 billion in 12,018 deals which were traded this week by investors on the floor of The Exchange in contrast to a total of 1.860 billion shares valued at N12.760 billion that exchanged hands last week in 13,469 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.006 billion shares valued at N6.860 billion traded in 5,992 deals; thus contributing 80.78% and 43.15% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed…
Source Businessday Investors and market strategists are betting on a rebound in frontier markets like Nigeria which have sold off aggressively this year. Heidi Richardson a global investment strategist at BlackRock Inc. expects stocks to climb in Kenya and Nigeria. “For longer-term investors, I like the frontier markets very much,” San Francisco–based Richardson says, singling out Argentina, Kuwait and Nigeria as well as Kenya. “Those are the truly emerging of the emerging markets.” Exchange-traded funds are an easy way into those four markets, Richardson says, although she cautions that the liquidity is critical. Investors who have been out of the…
By Yemisi Izuora-Lagos It was another brief trading week as NSE records a turnover of 1.245 billion shares worth N15.898 billion in 12,018 deals which were traded this week by investors on the floor of The Exchange in contrast to a total of 1.860 billion shares valued at N12.760 billion that exchanged hands last week in 13,469 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.006 billion shares valued at N6.860 billion traded in 5,992 deals; thus contributing 80.78% and 43.15% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed…
By Ijeoma Agudosi/Reuters The first two bodies from the AirAsia plane that crashed off the coast of Borneo arrived on today (Wednesday) in the Indonesian city of Surabaya, where relatives have gathered to await news of their loved ones. Rescuers believe they have found the plane on the sea floor off Borneo, after sonar detected a large, dark object beneath waters near where debris and bodies were found on the surface. Ships and planes had been scouring the Java Sea for Flight QZ8501 since Sunday, when it lost contact during bad weather about 40 minutes into its flight from Surabaya…
By Yemis Izuora/Beluchi Chinweuba-Lagos There is pressure in global oil landscape as shale oil production increased in 2014 a scenario that is forcing countries like Nigeria to step up marketing strategies in the Asian region. Shale oil production is said to be going up to 3.5 million barrels per day and has created a glut in the Atlantic basin, according to Alex Schindelar, Dubai bureau chief of Energy Intelligence. He said countries that export oil to the US such as Algeria, Nigeria, Angola, Libya are finding fewer markets in the US. “This is resulting in a massive shift in the…
By Yemis Izuora-Lagos Fola Daniel-Nigeria’s Commissioner For Insurance Foreign Direct Investment (FDI) so far attracted by the insurance sector has been put to about $750 million. This significant single industry feat happened in one year. The major driver behind the significant investment is traceable to the decision by the Central Bank of Nigeria (CBN) to reverse universal banking licenses, which forced banks to divest insurance subsidiaries unless they opt for the holding company structure. In August 2010, the CBN directed banks under its supervision to divest from their subsidiaries including insurance companies to enable them concentrate on their core…
