Hyacinth Chinweuba Southeast Ndigbo-Amaka a socio-political group of all Igbos from the Southeast Geopolitical zone of Nigeria in Lagos has called on Igbos to be part of the democratic process by fully engaging in political activities with the view to ensuring that credible persons are voted into political offices. President, South-East Ndigbo-Amaka Group, Mr. Leonard Ogbonna who made the charged Nigerians particularly the Igbo-speaking communities in Lagos State, to participate fully in the 2015 general elections, urging Nigerians to trust the ability of government to conduct credible polls. He said while addressing over 58 market associations, during the market summit…
Author: orientalnewsng
By Yemisi Izuora-Lagos Nigerian banks have continued to pride themselves as major finaciers of oil and gas asset acquisitions in the country which at the latest calculation is said to have surpassed $2.5 billion or N437.5 billion. These funds were accessed by Indigenous companies to enable them acquire divested assets of major oil companies operating in the Niger Delta oil rich region which included Shell Petroleum Development Company, SPDC. Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, who disclosed this feat at a one-day Marginal Field Sensitization Workshop, organized by the Department of Petroleum Resources, DPR in Lagos said the amount…
Source Vanguard Beginning from this week, the Central Bank of Nigeria (CBN) will commence the withdrawal of N1.2 trillion from the economy in its bid to maintain single digit inflation and reduce demand for foreign exchange. Meanwhile, the Financial Derivatives Company has predicted 200 basis points drop in inflation to 7.9 percent for November, from 8.1 percent in October. In order to achieve its objective of single digit interest rate, the CBN has persistently pursued a tight money supply policy, through aggressive mop up of idle cash (excess liquidity) in the banking system, by selling treasury bills. Treasury bills (TBs)…
By Yemisi Izuora-Lagos The Management of the Nigerian National Petroleum Corporation (NNPC) has assured that the three-day strike action embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) will not dislocate the robust distribution and sale of fuel to members of the public. The Corporation, in a statement on yesterday, noted that it was in talks with the leadership of the unions who gave the assurance that they would not disrupt the fuel supply and distribution system as the strike was basically aimed at…
By Yemisi Izuora-Lagos The National Bureau of Statistics (NBS) has disclosed that Nigeria recorded a decline of about 5.4 percent in the total value of trade in the third quarter of 2014 as a result in the fall in the value of import and export. NBS in the third quarter trade report in Abuja, it said that the total value of merchandise trade in The third quarters of 2014 stood at N6,299.7 billion, adding that this figure indicates a decline of N359.6 billion over the value of N6,659.4 billion recorded in the previous quarter of 2014. The bureau said that…
By Ijeoma Agudosi-Lagos The National electricity generation has dropped to 2,954.51 Mega Watts ( MW) in the latest setback for government to meet the expectations of consumers. The Ministry of Power indicated on its website that 64.01MW of the electricity was stranded on account of the weak and insufficient equipment used in distribution. The ministry said 3,206.09MW was generated as at December 2 only to drop to 2,954.51 by December 11, a reduction of 251.58MW in nine days. The Transmission Company of Nigeria (TCN) from which the power distribution companies source electricity has capacity to transmit 6,000MW. Peak energy demand…
By Yemisi Izuora-Lagos The Naira firmed against the dollar on the interbank market on Monday, supported by dollar sales by two energy companies and a naira cash shortage in the banking system, traders said, adding that they expected further gains this week. The local currency closed at 178.70 to the dollar, 0.66 percent firmer than 179.90 it closed at Friday. A unit of French oil company Total sold $74 million to some lenders, while Nigerian Liquefied natural Gas (NLNG) company sold an undisclosed amount, boosting dollar liquidity. “The market was a bit calmer today because of dollar sales by the…
By Ijeoma Agudosi-Lagos The federal government is coming hard on indigenous oil producers operating the marginal fields relinquished by the oil majors. The ndigenous oil producers who won the 2003 marginal field bid round are currently account for about 2.4 percent of the current 2.5 million barrels daily oil production. Government had licensed 24 operators during the exercise out of which only about nine are currently active contributing 2.4 per cent of the country’s daily production. The beneficiaries faces various challenges including infrastructure deficits around the fields, lack of industry experience, high interest rates on loans; poor oil metering tools…
By Yemisi Izuora-Lagos A turnover of 1.810 billion shares worth N28.918 billion in 20,677 deals were traded last week by investors on the floor of The Exchange in contrast to a total of 1.526 billion shares valued at N24.992 billion that exchanged hands in the previous week in 21,344 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.370 billion shares valued at N13.783 billion traded in 11,742 deals; thus contributing 75.69% and 47.66% to the total equity turnover volume and value respectively. The Consumer goods Industry followed with a turnover of 137.115 million shares worth…
By Yemisi Izuora-Lagos The president of AFARN Kingsley Nwokoma has sought for the expansion of the cargo apron at the Murtala Mohammed International Airport Ikeja for improved services. Nwokoma who spoke at this year’s safety summit of the Association of Foreign Airlines and their Representatives in Nigeria with the theme ‘Aviation Safety Management in Nigeria: Evolution or Revolution? said the expansion of the apron will generate more revenue for the government especially at this time of dwindling oil prices. He noted that one of the positives of the year was the construction of the ultra modern SAHCOL warehouse stressing that…