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…
Author: orientalnewsng
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…
By Yemisi Izuora-Lagos World Finance has named First Bank and FBN Insurance, the banking and Insurance subsidiaries of FBN Holdings Plc as the 2014 Best Private Bank in Nigeria and Best Life Insurance Company for the Nigerian market respectively. The awards are part of World Finance series of Award competition which rate companies that demonstrate innovative risk management strategies and client services. According to the organisers of World Finance Awards, First Bank was adjudged winner based on its attention to client services and it’s ‘Best in Class’ private banking hubs located in Abuja, Lagos, and Port Harcourt as well…
By Gerard Izuora-Lagos Nigerian senior oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSON) says it has finalised plans to shut down all oil and gas installations in the country to protest the delay in the passage of the Petroleum Industry Bill and anti-labour activities of some employers in the oil sector. A statement released by the union in Lagos today, listed other grievances of the union as retardation of staff promotion in the Petroleum Technology Development Fund; non-standardisation of nomenclature and collective bargaining agreement of the Nigerian Nuclear Regulatory Agency with…
By Ijeoma Agudosi-Lagos ONDO Plc, an integrated energy company operating in Nigeria has raised its commitment to the Lady Mechanic Initiative (LMI) a Non Governmental Organisation (NGO) established to empower vulnerable girls and women in the areas of mechanical and technical skills. Through the philanthropic efforts of donor agencies and multinational organisations the LMI has been able to train about 700 Lady Mechanics. The Initiative celebrated its 10th anniversary in Lagos with corporate support from OANDO which has contributed significantly toward sustenance of the program under its corporate social responsibility (CSR). Also MacArthur Foundation which is the first to…