Business articles

OTC no longer jamboree says Baru

OTC no longer jamboree says Baru

The Group Managing Director of the Nigeria’s National Petroleum Corporation, (NNPC), Dr. Maikanti Baru said Nigeria’s participation at the annual Offshore Technology Conference (OTC) in Houston, Texas, United States of America, had grown from mere jamboree-like activity in the 1990’s to a fully-fledged engagement where indigenous oil services companies parade their competencies and proven job

Tinubu, Adenuga, Elumelu, others own 49 expired oil block licences — Investigation

Nigerian billionaires, international oil companies and other operators have been identified as owners of the 49 oil block licences some of which expired since 2010. Our correspondent gathered that nine Oil Mining Leases (six of which are currently producing) and 40 Oil Prospecting Licences, many of which were awarded during the administration of President Olusegun

Okonjo-Iweala chairs Commonwealth session attended by world leaders — including three African presidents

Ngozi Okonjo-Iweala, former coordinating minister of the economy, chaired a session of the Commonwealth Business Forum attended by many world leaders. Some of the presidents at the session tagged ‘Is the Africa growth story still alive?’ were Paul Kagame of Rwanda; Cyril Ramaphosa of South Africa; and Uhuru Kenyatta of Kenya. On Friday, she took

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” In tweet, Trump said the cartel’s pricing cycle “will not be accepted” as there is no scarcity of oil supply to warrant such “high prices.” Looks like OPEC is at it again. With record amounts

Oando shareholders want Adeosun sacked

Some Oando Plc shareholders on Sunday demanded the immediate sack of the Minister of Finance, Kemi Adeosun, accusing her of “unwholesome interference in the smooth operation of the capital market.” The aggrieved investors also accused Mrs Adeosun of meddling with the functions of the Securities & Exchange Commission (SEC), causing “severe damage to the capital

Adeosun reassigns portfolios in SEC, as Mary Uduk takes over as Acting DG

The Honourable Minister of Finance, Mrs. Kemi Adeosun, on Friday approved the reassignment of portfolios in the Securities and Exchange Commission (SEC). 2.  Ms. Mary Uduk will assume the position of Acting Director-General of the Commission. Uduk’s appointment is governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service

SEC Affirms Removal of Suspension of OANDO Shares

The Securities and Exchange Commission of Nigeria has affirmed that the 6-month old technical suspension on Oando PLC, a leading Nigerian energy company listed on the Nigeria and Johannesburg Stock Exchanges has lifted. This was contained in a letter from the SEC Nigeria to the management of Oando Plc. The share price of Oando Plc

Shell paid N1.5trn to FG in 2017

Royal Dutch Shell paid a total of $4,322,742,582 (about N1.5 trillion) to the Federal Government in 2017, according to its annual payments report. The amount is broken down as $3,197,530,557 for production entitlement, $765,526,389 in taxes, $245,769,306 in royalties and $113,916,331 in fees. By comparison, Nigeria earned a total revenue of N10.6 trillion in 2017

Malabu Scandal: UK govt authorised transfer of $875 million to Etete – JP Morgan

The UK anti-money laundering unit, Serious Organised Crime Agency (Soca), gave authorisation for the transfer of $875 million to accounts linked to a former Nigerian oil minister and convicted money launderer in the controversial Malabu scandal, JP Morgan has said. The shocking revelation is contained in High Court documents filed by U.S. banking giant, JP

US, UK Envoys Meet with Otedola, Discuss Investment Opportunities

United States Ambassador to Nigeria Stuart Symington and his UK counterpart Ambassador Paul Arkwright have paid separate visits to the Chairman of Forte Oil Plc, Mr. Femi Otedola, during which the parties held discussions on the Nigerian economy and the role of businesses in the country in exploring partnerships with international businesses to create more

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