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…
Author: orientalnewsng
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…
By Yemisi Izuora-Lagos The aviation minister Osita Chidoka has said that new training aircrafts would soon be purchased for the Nigerian College of Aviation Technology (NCAT) to enhance its training capacity. Chidoka who announced this at the occasion marking the 50th anniversary of the college said the college must continue to live up to expectations and that government is at verge of awarding contract to refleet the training aircraft. He said the purchase of B737 simulator for the college was a testimony of President Goodluck Jonathans transformation programme in the aviation sector adding that the country will rely on NCAT…
By Yemisi Izuora-Lagos The Trade Union Congress of Nigeria (TUC) has urged the federal government to address grievances of oil workers unions or brace itself for nationwide industrial action on tomorrow (Monday).This plea was contained in a communiqué issued at the end of the Congress’ National Executive Council’s (NEC) meeting in Lagos. The communiqué was jointly signed by the TUC’s President, Mr Bobboi Kaigama and General Secretary, Mr Musa Lawal. National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) are planning to commence the strike on Monday. The…
By Yemisi Izuora-Lagos The Federal Government would require to spend about $113 billion in the next six years for the development of oil and gas, power and transport sectors which are considers very critical sectors of the economy. Director General of Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki who gave this figure in a paper he presented at the Annual General Meeting of Manufacturers Association of Nigeria (MAN) entitled, “Making Nigeria Work: A Dialogue Between the Real Sector and the Reformer.” explained that to modernise the Nigerian transport system, investments of about $33 billion would be required in six…
By Yemis Izuora-Lagos The Standards Organisation of Nigeria (SON) is exerting energy to improve standardisation with the view to attracting about N20 billion worth of investment into the cable and wire industry to help actualise the country’s dream of diversifying the economy. The standardisation policy, which centres on continual improvement and implementation of specifications for products, has seen the regulatory body successfully reshaping the ceramics, cement, steel and iron industry in recent times. The new N20 billion investment is spearheaded by Coleman Technical Industries, which has pumped N10 billion into the industry, as well as others that have…
By Yemisi Izuora-Lagos The Federal Airports Authority of Nigeria (FAAN) has said its new “Passenger Service Portal’’ has the capacity to handle 15 million passengers at the nation’s airports before the end of 2014. FAAN’s General Manager, Corporate Communications, Mr. Yakubu Dati in a statement in Lagos said that with the use of the portal, the authority had so far recorded 12 million passengers. Dati said the introduction of the portal would further bring a turning point to the country’s passenger’s statistics to increase by three million before the end of the year. He said the aviation sector had braced…
By Ijeoma Agudosi-Lagos Professor Pat Utomi has dismissed the austerity measure of the federal government which it put in place in response to the dwindling oil prices describing it as a “Panic Reaction”. He said the response purely demonstrated lack of leadership in the management of public resources by the present adminitration. Also former CommonWealth secretary general, Chief Emeka Anyaoku lack of character and integrity as the bane of Nigeria’s development. Both men spoke on thursday in Lagos at the 18th Center for Values and Leadership (CVL) colloquim in honour of Dr. Michael Omolayole and Chief Chris Ogunbanjo. Utomi said…