By Gerard Izuora/Ijeoma Agudosi The Maritime Workers Union of Nigeria, MWUN, has threatened to shut port operations nationwide in an indefinite strike from today (Wednesday) over lingering disputes with government. Ahead of the commencement of the strike, the union had, weekend, notified Nigerian Ports Authority, NPA, the Nigerian Maritime Administration and Safety Agency, NIMASA, and private terminal operators of the looming shut-down of all ports’ formations nationwide. The strike is aimed at forcing government, through the NPA, to address the lingering issue of tally clerks/on-board security, minimum standard for dockworkers and NPA staff welfare matters, among others. It was gathered…
Author: orientalnewsng
By Yemisi Izuora-Lagos The Guaranty Trust Bank (GTB) has notified its teeming customers of its plan to shut operations in preparation for the new year. The management while wishing customers Merry Christmas and prosperous New Year thanked them for their patronage and support in 2014. But For ease in reconciling its book balances for the 2014 financial year, ‘we will close our branches nationwide to all our esteemed customers at 2 p.m on Wednesday, December 31st, 2014’ it said ‘Our ATMs, e-branches and other alternative channels will however be available for you to perform skeletal banking operations. In the light…
By Yemisi Izuora/Ijeoma Agudosi Mutual Benefits today commissioned the ‘Muatual Alpha Courts’ an impressive residential estate located in Lagos. The project which commenced three years ago is made up of four bedroom apartments on two floors with additional two bedroom apartment on the ground floor as service quarters or an income generator if leased to a tenant. Overall, the estate has 18 blocks of 54 units and two blocks of 2 units with easy access to main arterial axis roads to the Island and Ikeja via the Funsho Willaims Avenue/Eko bridge and the Third Mainland bridge. …
Source-Business Day Insurance firms in Nigeria are fast taking to mergers & acquisitions to bolter capacity, as competition from local rivals hots up and foreign players begin to join the fray. Already sizeable operators are merging & acquiring to get even bigger, while the smaller players are getting jittery about their prospects in the midst of rivals who are growing increasingly muscular. Within the last two years, a number of successful mergers and acquisitions have taken place. The latest are the AXA, believed to be the world’s biggest insurance company, taking over majority stake in Mansard Insurance; Greenoaks Global Holdings taking…
By Yemisi Izuora-Lagos With few days to the Christmas, Forty-seven ships containing petroleum products and other consumable products and other commodities are expected to berth in Lagos. The Nigerian Ports Authority (NPA) which revealed this in its daily publication, the “Shipping Position” noted that 21 of the expected ships are to bring in containers, 11 to sail in with food items such as rice, buckwheat, frozen fish and bulk sugar. It indicated that 10 ships would sail in with general cargo, four, petroleum products and a ship, vehicles. The document added that 17 ships had already arrived at the ports,…
By Yemisi Izuora/ Ijeoma Agudosi-Lagos Total Exploration and Production (E&P) Nigeria Limited (Total E&P) whose action on termination of appointment of one of its workers was a major factor to the oil workers strike has called for understanding with the unions. Total said in a statement obtained by Oriental News Nigeria that its attention was drawn to statements on December 14, 2014 by the National leadership of the National Union of Petroleum and Natural Gas Workers (NUPENG) that the three day warning strike is in part designed to press “for the reinstatement of the National Zonal Secretary of the Petroleum…
By Ijeoma Agudosi-Lagos Crude oil jumped the most in two weeks on signs that output may contract from two nations accounting for about 9 percent of OPEC production. Prices remain near a five-year low, and the United Arab Emirates said the 12-nation group won’t rein in production in response to the slump. But that are fears that workers at Nigerian oil platforms and shipping terminals which began an indefinite strike (monday) would soon affect production. But OPEC won’t cut output even if prices fall as low as $40 a barrel, U.A.E. Energy Minister Suhail Al-Mazrouei said. Oil fell into a…
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…
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)…