By Yemisi Izuora-Lagos Nigeria’s PZ Cussons crashed almost a tenth of their value after its London-listed parent reported a drop in half-year profit. The crash was attributed to tough trading conditions in the west African country and a devaluation of its currency. PZ Cussons, the Nigerian unit of British soap and shampoo maker PZ Cussons Plc, fell 9.72 percent to 29.82 naira per share, underperforming the local bourse which was down 2.1 percent. The stock had previously shed 10.7 percent this year as foreign investors have been selling out of the Nigerian banking, consumer and oil sectors as the price…
Author: orientalnewsng
By Our Correspondent Fuel scarcity has hit Lagos and some parts of Ogun as long queues resurfaced leading to long queues across the states, few hours after oil workers issued statement about their warning strike. Our correspondent observed that long queues emerged in some filling stations across the city of Lagos even when some were not selling the products after exhausting their stock. Forte Oil filling station at Igbosere and Total filling station at Okesuna, Mobil at Maryland in Lagos Island were not selling due to non available of premium motor spirit, otherwise called petrol. Oando filling station and Conoil…
By Yemisi Izuora-Lagos The Industrial Training Fund, (ITF) said it has trained 37,000 youths in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI) in two years. According to the agency, the training was carried out under the National Industrial Skills Development Programme, (NISDP) which was introduced by the Federal Government 2012. ITF director-general, Dr. Juliet Chukkas-Onaeko, made this known in Lagos, during interactive forum with industry stakeholders organised by the Fund. She disclosed that the theme of forum, ‘Moving forward and succeeding together’ is apt and a clarion call for…
By Yemisi Izuora-Lagos The Lagos Chamber of Commerce and Industry (LCCI) has opposed the Private Companies Coversion and Listing Bill. Saying that it will not only discourage foreign investment but will also negatively affect the business environment. The chamber said it undertook a review of the Bill and found out that it would create undesirable and unnecessarily cumbersome regulation and scrutiny on the companies under Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) rules and regulations. The Bill seeks to provide for the private companies whose shareholders funds exceed forty billion Naira or its annual turnover exceeds…
By Yemisi Izuora-Lagos The Minister of Aviation, Chief Osita Chidoka has given the management of the Federal Airports Authority of Nigeria (FAAN), a two week ultimatum to evict touts from the airport environment. The Minister who gave this directive today at the launching of the Anti-Corruption Intervention in the Aviation Sector, an ICPC Initiative said that “a mobile court for the airport would be requested for from the Lagos state government, where defaulters of airport rules would be tried and sanctioned immediately”. He promised to provide more CCTV cameras at the airports, to enhance security surveillance. The Minister, who described…
By Ijeoma Agudosi-Eket The Department of Petroleum Resources (DPR) said it will enforce standards in the petroleum industry such that law breakers would be shown the way out. With this warning beginning from 2015 the oil industry regulator will de-register petroleum retail outlets that fail to meet up with standard requirements in the sector. It vowed to be strict on enforcing regulatory standards on the sales and storage of petroleum products. The Controller of Operations, Mr. Eyo Antai Asuquo gave the warning in Eket, Akwa-Ibom state during an Annual Marketing Meeting with the Independent Petroleum Marketers Association of Nigeria (IPMAN).…
By Yemisi Izuora -Lagos There are indications which now suggest that Nigeria’s financial system may face stress going by the scenario at the international crude oil market. Already analysts are convinced that if the price fall persists, banks may nbe distressed. At Afrinvest notable analysts predict serious challenges and have raised an alarm of an impending doom in the Nigerian financial system, saying that a number of banks in Nigeria are faced with the fear of losing their capital base due to continued crude oil price decline. According to a report, titled, ‘Recalibrating Market Sentiment: Macro and market resilience,’ the analysts…
By Gerard Izuora-Lagos The Department of Petroleum Resources, (DPR) the government agency which regulates the oil and gas industry has disclosed that Nigerian independents oil companies currently account for the Nigeria’s gas reserve portfolio of 46 trillion cubic feet, (TCF). The Director of the DPResources, Mr. George Osahon who made the disclosure at the Lagos Oil Club further said that indigenous blocks account for 45 TCF, while marginal fields account for one TCF. The DPR director who was represented by the Deputy Director, Upstream, Mr. Emmanuel Bekee explained that out of the 76 indigenous blocks, Nigeria has 10 billion barrels…
Source GhanaWeb The VRA has said that it will be able to receive and utilize the full volume of gas produced from the Jubilee Field when TICO thermal plants in Takoradi become operational by close of the year. The operation of TICO, which is also expected to run solely on gas from the Jubilee Field, will add about 340 megawatts of power to the national grid and help to ease the current energy supply challenges. Gas supplied by the Ghana Gas Company — an entity whose merger with the Ghana National Petroleum Corporation (GNPC) — has been endorsed with approval…
By Ijeoma Agudosi-Lagos Royal Dutch oil giant the Shell Petroleum Development Company,(SPDC) said it loses on the average some 30,000 barrels of crude oil every day. The company said oil thieves operating in the Niger Delta region are stealing its crude oil and has expressed worries over the increasing rate of oil theft in the area. Pipeline Asset Manager of the company, Mr Jurgen Jansen, in Port Harcourt, Rivers State, said last month that some oil thieves tampered with one of the company’s major oil export pipelines, a 24 inch TNP around Okolo lounge, adding that the development resulted…