Yemisi Izuora The World Bank Group has said that growth in Nigeria alongside other African nations will stay at 4.6 per cent in 2015, eventhough growth in the region picked up moderately in 2014 to 4.5 per cent as a result of a slowdown in several of the region’s large economies, notably South Africa. The bank in its latest Global Economic Prospects (GEP) report hinged its prediction largely on the softer commodity prices, adding that the continent’s growth would rise gradually to 5.1 per cent by 2017, supported by infrastructure investment, increased agriculture production, and buoyant services. It pointed out…
Author: orientalnewsng
Source-Punch The National Assembly (NASS) is coming up with what looks like a realistic benchmark to guide the 2015 budget appropriation. A few members of the House of Representatives are suggesting that the crude oil benchmark price for the 2015 budget should be between $40 and $45 pointing that this was a difficult time to make realistic projections on the price of crude. Government had proposed $65 per barrel as the oil benchmark for the N4.3tn budget proposals it sent to the National Assembly on December 17, 2014. The $65 was a drop from the $78 the Federal Government initially…
Ijeoma Agudosi The Federal government has retained fifty four coal titles after revoking forty-four others out of a total of one hundred and nineteen initially listed for revocation. The Mining Cadastre Office in a statement indicated that thirteen coal titles have also been relinquished while four others are still under processing stating that the revocation was based on the companies’ non-compliance with the Nigerian Minerals and Mining Act, 2007, dormancy, non-submission of statutory report and non-payment of annual service fees. Western Goldfield Group Limited, Dome Minerals Nigeria Limited and Nifex Limited were among the top three on the list whose…
Joseph Bakare The Federal government may revoke the licenses of the operators of non-perfoming or idle fields, especially the marginal field owners, in March this year. The country has 315 oil fields in total but out of this number, only 218 are currently productive with about 97 oil fields lying idle. This is despite dwindling production figures and falling oil prices which has put a lot of pressure on the national economy. The Director, Department of Petroleum Resources, Mr. George Osahon, blamed infrastructural deficiency, insecurity and communal unrest, ownership and partnership problems, contracting and procurement issues, and technology deficit as…
Ijeoma Agudosi The All Progressives Congress (APC) Presidential Campaign Organisation (APCPCO) has said General Muhammadu Buhari will lift the veil of secrecy and shadiness that have characterised the transactions of the Nigeria National Petroleum Corporation, NNPC, if he is elected. In a statement signed by Director of Media and Publicity, Garba Shehu, the campaign organisation assured that if elected into office, Buhari would promote credible bookkeeping in the day-to-day workings of the NNPC. The statement read in part: “Buhari will create a level playing field for all operators and investors in the oil and gas industry. There is an urgent…
By Yemisi Izuora The Chief Executive Officer (CEO) of Ethiopian Airline Mr. Tewolde Gebremariam in this interview with journalists speaks on the airlines expansion plan, among wide range of industry issues, Yemisi Izuora captures the discussion’ Exerpt How would ou assess the continents aviation sector and industry growth in Nigeria We would like to see Nigerian aviation sector grow faster than it has been so far and to see also a very strong national carrier in Nigeria. Nigeria Airways used to be one of the best in Africa in the past. We are ready to help, partner and…
Yemisi Izuora The Nigerian Civil Aviation Authority [NCAA] said it has begun the review of the operations of some Domestic Airlines in pursuit of its oversight responsibilities as stipulated by law, The Agency said it has also issued letters of warning or suspension of Air Operator’s Certificate[AOC] on defaulters. A statement by Sam Adurogboye deputy general manager, public relations [DGM PR] of the NCAA said ‘A case in point is an Airline that failed to carry out certain corrective actions within one week from the 1st to 7th of January, 2015 as raised in an earlier letter to the operator.…
Yemisi Izuora Transcorp Hotels Plc (THP) is planning to list on the Nigerian Stock Exchange after the conclusion of the company’s initial public offering in which its raised N4.2 billion. THP last September issued its shares to the investing public to raise funds to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt as part of its broader expansion plans. The company said the shares would be listed on the NSE at the conclusion of the IPO and in fulfilling that promise to investors, the NSE will on Thursday admit the…
Yemisi Izuora Nipco plc, an integrated indigenous downstream operator has won the best safety compliant terminal award for the fourth consecutive year at the preeminent Nigeria Ports Authority honours’ event for tank farm and jetty operators in the nation’s coastline in 2014. The HSE recognition provides veritable avenue for the authority to showcase role models in the oil and maritime industry that have been operating within the context of international best practices in their different fields of endeavour. Speaking at the event, NPA HSE committee chairman, Engr Emmanuel Abazie listed the notable achievements of the company to include…
Yemisi Izuora In keeping with its mandate of promoting and influencing the economic growth and development of Nigeria, The Nigerian Stock Exchange (NSE) has concluded plans to organize its first investor forum for Nigerian Diaspora. The forum which is expected to take place on Monday, January 19, 2015 in Switzerland, is targeted at Nigerian Diaspora in Switzerland and across Europe. The Chief Executive Officer of The NSE, Mr. Oscar N. Onyema, OON, explained that the Exchange recognizes Nigerian Diaspora as a rich resource with unlimited investment potential. “Diasporas present wonderful opportunity to help the development of the Nigerian economy by…