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…
Author: orientalnewsng
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…
Source-Thisday Investors in Seplat Petroleum Development Company Plc and Caverton Offshore Support Group Plc (Caverton), two companies that got listed on the Nigerian Stock Exchange (NSE) are now counting losses in their investments following persist declined in the share prices of the firms. Seplat, the only oil exploration and production firm on the NSE, got listed in April both on the Nigerian bourse and London Stock Exchange (LSE) after a successful $500 million initial public offering (IPO). The stock got listed at N576 per share at a ceremony witnessed by Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, and the Minister…
Source-Thisday For the nation’s capital market to achieve the desired growth and play its capital formation role in the Nigerian economy, there must be a synergy among the regulators in the financial sector. Group Chief Executive Officer, UBA Capital Plc, Mrs. Oluwatoyin Sanni, stated this at the weekend at the annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos. Speaking on the topic, “Sustaining Capital Market Recovery,” Sanni said there must be a regulatory synergy among the different arms of financial markets and industry regulators to avoid another crash of the nation’s capital market. According to…
By Yemisi Izuora-Abuja The federal government has challenged the insurance industry on premium generation and has therefore set a target of N5 trillion gross written premiums (GWP) for the sector in the next 10 years. Economy and finance minister, Dr Ngozi Okonjo-Iweala, who disclosed this in Abuja expressed disappointment that the sector which has enormous potential of contributing significantly to national economic growth has a ratio of premiums to the gross domestic product (GDP) of only 0.4 per cent in Nigeria. She said the country ranks the lowest compared with 1.1 per cent in Ghana; three per cent in…