Yemisi Izuora/Ijeoma Agudosi Traders at the Balogun Market, in Lagos Island are now counting loses after fire razed six buildings in the market on monday. Officials of the state and federal fire service and other agencies deployed to the scene had frenzied task gaining access to the building to put out the fire. About 100 shops were said to be affected by the fire in the newly built Balogun Market . An eye witness said “ Not less than 100 shops were affected by the fire. Look at those buildings, six of them were affected. The least among them is…
Author: orientalnewsng
Yemisi Izuora The Central Bank of Nigeria (CBN) has announced upward review of the daily foreign currency trading positions of banks from zero per cent to 0.1 per cent saying that banks are now required to utilise funds purchased from the autonomous foreign exchange market within 72 hours instead of 48 hours. The apex bank gave the directives in a circular titled: “Daily Foreign Currency Trading Positions of Banks and Period for Utilisation of Funds,” dated June 12, 2015, a copy of which was posted on its website. The circular signed on behalf of the Director, Trade and Exchange Department,…
Yemisi Izuora Executive Commissioner of the Securities and Exchange Commission (SEC) in charge of operations, Mr. Mounir Gwarzo,has assumed position as the acting director general (D-G) of the commission following exit of Ms Arunma Oteh. Oteh handed over to Gwarzo as acting DG pending the appointment of a substantive DG for the commission. The management of SEC said in a statement that while speaking at the handing over ceremony, Oteh described her five-year tenure as absolutely outstanding attributing it to the co-operation she received from every member of staff. She said: “When I joined SEC in January 2010, I was absolutely…
Yemisi Izuora The Nigerian equities market on Monday recorded its first gain of the year after shedding 13 per cent last week. The market had recorded persistent decline in the first trading week of the year, leading to a dip of N1.49 trillion in capitalisation. However, the trend was reversed on Monday following gains by Dangote Cement Plc, Seplat Petroleum Development Company Plc among others. The Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.30 per cent to close at 30,234.72, while capitalisation added N30.36billion to N10.01 trillion. Although the market appreciated, the number of losers still outstripped gainers. Eighteen…
Yemisi Izuora/Ijeoma Agudosi The federal government has resolved to end importation of petrochemical products into the country. The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, said by 2018 the importation would seize. He said with the Nigeria Industrial Revolution Plan (NIRP) launched by government, the importation of petrochemical products which currently costs the nation about $10 billion annually will be a thing of the past. The minister stated this during a courtesy visit to power solutions company, Mikano International Limited, stressing, “The message of this administration is very clear. We can no longer be a country that is…
Source-Business Day As bidding for major oil, gas and aviation risks for the 2015 financial year heats up, insurers are signing new treaties to back their capacity for high premium accounts. This is as treaties have become mandatory for insurers wishing to play in high risk sectors, which form a major source of industry premiums. For instance, companies such as the Nigerian National Petroleum Corporation(NNPC), Chevron and other oil majors, stipulate that insurers wishing to underwrite their risks must have strong reinsurance backing ( treaties) to be enlisted. Industry sources say that underwriting companies have been holding strategic meetings with…
Ijeoma Agudosi/Reuters Oil fell 5 percent to its lowest in nearly six years on Monday, extending the second-deepest rout on record, after Goldman Sachs warned that prices would fall further and Gulf oil producers showed no sign of cutting output. An unusual spate of major refinery glitches across the U.S. East and Midwest added to the concerns, threatening to accelerate a buildup of surplus crude, said Reuters report. Brent LCOc1 fell $2.68, or more than 5 percent, to settle at $47.43 a barrel, its third-largest one-day decline since 2011 and its lowest close since March 2009. The decline was the…
Joseph Bakare/Ijeoma Agudosi-Agency Report Oil tumbling price has thrown global financial markets into turmoil and for fragile oil-dependent West African states like Nigeria, this situation could spell disaster with serious consequences for international security. If the falling crude price means cheaper petrol at the pump for oil-importing European states, the outlook for their oil industry is rather gloomier. In the short to medium terms, companies will need to adjust by axing jobs and investments. For oil-exporting economies, adjusting could prove far more problematic. It is worth recalling that the crash of the oil price in 1985 was one of the…
Ijeoma Agudosi APM Terminals has placed an order for sixteen new advanced Rubber-Tire Gantry cranes (RTGs) as part of an ongoing program of upgrading and expanding container handling capabilities and capacities throughout the APM Terminals Global Terminal Network. Twelve of the high-performance RTGs are scheduled for delivery to APM Terminals Algeciras, in Spain, while the remaining four are destined for APM Terminals Apapa, Nigeria, with delivery in one year. The new 16-wheeled RTGs, to be manufactured by Konecranes, will offer a lifting capacity of 41 tons, and the ability to maneuver containers into stacks five containers high. APM Terminals Algeciras,…
Yemisi Izuora/Agency Report Indonesian search crew looking for the crashed AirAsia Flight QZ8501 has found the crashed aircraft’s fuselage. The fuselage was detected after the team scoured the area using sonar detection equipment. According to Supriyadi, an operations coordinator for the National Search and Rescue Agency of Indonesia, a sonar scan of a specific area of the sea floor has revealed an object that measures 10 meters by four meters by 2.5 meters, which he thinks is most certainly a major part of the fuselage of the crashed AirAsia flight QZ8501. The doomed AirAsia flight crashed into the Java Sea…