By Yemisi Izuora/Joseph Bakare-Agency Report A renowned Chartered Economist, Dr. John Gatsi, has warned that if the trend of the falling oil crude prices on the international market continues into the second quarter of this year, it will pose a challenge to the 2015 budget. He explained to The Chronicle in a telephone interview that: “we are exporting crude oil which is projected to fall in the regime of $90 per barrel. But it is now being sold around $50 per barrel, implying that if the trend continues into the first and second quarters of 2015, then revenue from petroleum…
Author: orientalnewsng
Yemisi Izuora The Director-General (D-G) of Securities and Exchange Commission (SEC) Arunma Oteh today (Monday) officially exits office after spending the mandatory five (5) years. Oteh is expected to hand over office to any of the commissioners on the board of SEC in Abuja. Nigeria’s SEC currently has five (5) commissioners on its board three (3) of whom are executive commissioners, while the other are non-executive commissioners. The five of them in January 2010 were appointed the three (3) executive commissioners are Mounir Gwarzo (operations); Zakawanu Garuba (finance and administration), and Sa’adatu Bello (legal and enforcement). Also, Oteh in June…
Compiled By Yemisi Izuora A turnover of 2,013 billion shares worth N23.377 billion in 20,902 deals were traded this week by investors on the floor of The Exchange in contrast to a total of 1.245 billion shares valued at N15.898 billion that exchanged hands last week in 12,018 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.687 billion shares valued at N16.107 billion traded in 11,626 deals; thus contributing 83.82 percent and 68.90 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with a turnover of 156.585 million shares worth…
By Our Correspondent/Agency Report Goldman Sachs Asset Management Former Chairman Jim O’Neill has predicted that voting out Jonathan in the coming general election may be the beginning of emancipation journey for Nigeria. According to him, If Nigerian President Goodluck Jonathan doesn’t get re-elected, and its because of Nigerian people wanting something different and something better, I think the markets would be happy with that. A loss by Nigerian President Goodluck Jonathan in general elections next month may be viewed “positively” by foreign investors and probably won’t rattle markets, according to Jim O’Neill, former chairman of Goldman Sachs Asset Management. While…
Yemisi Izuora/Agency Report The International Air Transport Association has announced an outlook for improved industry profitability in its Economic Performance of the Air Transport Industry report. Airlines had posted a collective global net profit in 2014 of some $19.9 billion up from the $18 billion projected in June but this looks set to rise to $25.0 billion in 2015. Lower oil prices and stronger worldwide GDP growth are the main drivers behind the improved profitability and consumers will benefit substantially from the stronger industry performance as lower industry costs and efficiencies are passed through because the airline industry is highly…
Joseph Bakare-Ilorin The Chairman, Senate Committee on Environment and Ecology, Senator Bukola Saraki, has commended the Shell Petroleum Development Company of Nigeria Limited, SPDC, for accepting to compensate the Bodo community in Ogoniland over two massive oil spill incidents that occurred in the area in 2008. Saraki in a statement released in Ilorin commended Shell’s decision, noting that he had in October, 2012 led members of the committee on an unscheduled oversight visit to the Niger-Delta region to inspect and assess the impact of oil spills in the area. He also recalled that “after seeing first hand the level of…
Yemisi Izuora The Central Bank of Nigeria (CBN) has urged commercial banks to put in place adequate risk mitigating techniques for the management of their Oil and Gas risk exposures which it said is subject for review during its regular risk-based supervision activities. The charge is coming on the strenght of deferement of the application of its regulation on “Oil and Gas Industry Credit Risk Mitigation” as a result of the on-going implementation of the Basel II/III capital adequacy framework. The bank via a letter to all banks dated January 7, said a new date would be communicated to…
By Our Correspondent The Movement for the Emancipation of the Niger Delta (MEND) has described President Jonathan’s campaign rally speech as the most outrageous and ridiculous speech by any President. The President was quoted as openly accuseing Mr Henry Okah of being “paid to assassinate” him. In a statement by Jomo Gbomo, MEND spokesperson, the President merely vindicated MEND in its recent statement of endorsement of General Muhammadu Buhari and for also solidifying “your status as a clueless, inept and bare face lair.” MEND said its endorsement of the All Progressive Congress (APC) Presidential candidate, has absolutely nothing to do…
Ijeoma Agudosi The Centre for Rights and Grassroots Initiative (CRGI) has condemned in strong terms, Mr. Jimi Agbaje, governorship candidate of the Peoples Democratic Party’s statement in London at a parley when he reportedly said people of the South-South will shutdown Nigeria if president Goodluck Jonathan should lose the presidential election next month. CRGI, in a statement signed by Nelson Ekujumi, its Executive Director described Agbaje’s statement as reckless, provocative, inciting, irresponsible, undemocratic, assault to human sensibilities and threat to national security. “We at CRGI regards this statement as not only a threat to democracy, national unity and peaceful conduct…
Yemisi Izuora Juliet Chukkkas-Onaeko ITF D-G The Director General of ITF Dr. Juliet Chukkas-Onaeko has observed dearth of vocational skill as a major factor inhibiting development in the country. She said the Nigerian population is growing in leaps and bounds, and there is urgent need to harness this potential stressing that shortage of technical and vocational skills is constraining enterprise development and restricting employment, Speaking at the signing of a Memorandum of Undersstanding, (MoU )with the Oil and Gas Free Trade Zones Authority (OGFTZA) Onne for the purpose of capacity building, the D-G stated that “Evidences from developed and…