Business articles

Nigeria loses $21b on oil Production Sharing Contract

Minister of State for Petroleum Resources Ibe Kachikwu said yesterday that Nigeria has lost $21 billion to oil Production Sharing Contact (PSC) in the 20 years. According to him, previous governments failed to exploit the opportunity of the Deep Offshore Act that made provision for premium element to be shared once the price of crude exceeds $20 a barrel.

Nigeria remains investor destination of choice, says IMF

The International Monetary Fund (IMF) has described Nigeria as an investment haven, urging the nation’s monetary and regulatory authorities to roll out policies that would reduce inflation rate and increase access to domestic funds to ensure the economy attains further growth in 2018. The Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary

Nigeria lost $21bn on oil Production Sharing Contract – Kachikwu

… No plan to hike fuel price – Minister The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said on Wednesday Nigeria has lost $21 billion on oil Production Sharing Contact (PSC) in the last 20 years. The minister said previous governments failed to exploit opportunity of the Deep Offshore Act that made provision for

Fayemi must account for N2.75bn bond cash – Ekiti panel

Snippets of the report of the Ekiti State Judicial Commission of Inquiry raised to probe financial transactions by the former Governor Kayode Fayemi’s administration were released late on Wednesday. The seven-member panel submitted its report to Governor Ayo Fayose at the Executive Chambers of the Governor’s Office in Ado-Ekiti. The panel led by Justice Silas

NNPC threatens to shut stations hoarding fuel

The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC) Dr. Maikanti Baru, yesterday said the Federal Government would adopt an “aggressive measure” to tackle the artificial scarcity of petroleum products in parts of the country. He said part of the approach is the directive to the  Department of Petroleum Resources (DPR) to not only

Naira appreciates to N360.37 in I&E

The naira Tuesday appreciated by 13 kobo to N360.37 per dollar in the Investor and Exporter (I&E) window. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I & E window, known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N360.37 per dollar, yesterday, from N360.5 per dollar