Business

Delta invests in housing development

The Delta State Government has invested N2.5 billion recapitalization funds into the Delta Trust Mortgage Finance Bank Limited as part of efforts to ensure that locals enjoyed sustainable housing development. The State Commissioner for Finance and Economic Planning, Chief Kenneth Okpara, told media the funds were secured from the investment arm of the Ministry of Finance Incorporated (MOFI). According to ...

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Lagos to fund 70% of budget with taxes

Governor Babatunde Fashola of Lagos State has said that 70 percent of the state’s 2014 budget of N489.6 billion would be funded with taxes. The governor made the plan known at the 7th Lagos State Annual Stakeholders Conference on Taxation in Ikeja. He said that the remaining 30 percent would be financed through other sources, including the monthly federal allocation. ...

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CBN Governor Condemns NNPC for Retaining $10.8bn

The recent announcement by the Nigerian National Petroleum Corporation (NNPC) that, the alleged missing $10.8 billion oil revenue was spent on pipeline repairs, fuel subsidies and reserve fuel has been condemned by the Central Bank of Nigeria governor, Sanusi Lamido Sanusi. Sanusi said the corporation had no right to retain the money that should have gone to the federation account,adding ...

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Petroleum fund suspends e-loading scheme

The Petroleum Equalization Fund (PEF) has suspended the electronic loading system after it accused petroleum marketers of frustrating the scheme. Announcing the suspension of the e-loading system known as Project Aquila, management said marketers who felt the system was laying bare their alleged fraudulent activities and enthroned transparency, caused the failure of the system. Executive Secretary of the Fund Management ...

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Power Africa Draws New Investment to Region

The U.S. initiative that aims to double access to electricity in sub-Saharan Africa has drawn new investments to the fast-growing region, according to representatives of three key agencies that support the project. “We are seeing developers investing for the first time in power in emerging markets. We’re seeing developers we’ve never seen before. We are also seeing with the private ...

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Weights and Measures Act set for February

The country will start full implementation of the Weights and Measures Act in the oil and gas sector on February 1. This was disclosed by the Director of Weights and Measures at the Federal Ministry of Industry, Trade and Investment, Joseph Sikuade, in a technical meeting in Abuja between the Ministry and officials of NNL, who are consultants to the ...

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Capital market indices appreciate further by 0.31%

Transactions on the Nigerian Stock Exchange (NSE) ended on a positive trend on Thursday as the market indicators appreciated further by 0.31 percent. The appreciation was a result of recorded growth by highly capitalized companies. The market capitalization rose by N42 billion or 0.31 percent to close higher at N13.36 trillion as against N13.32 trillion achieved on Wednesday. Also, the ...

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IPMAN threatens to down tool in Kwara

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has alerted members of the public of another round of hardship arising from petrol scarcity following the activities of vandals along the Ogbomoso-Ilorin oil pipelines. The IPMAN observation is coming just as members of the Odua, a local security group engaged to protect oil pipelines in Ogbomoso, withdrew their services in protest ...

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PPMC spends N1.321 billion on pipelines right-of way

The Pipelines and Products Marketing Company (PPMC) said it spent N1.321 billion on clearing and grading of the Pipelines Right of Way (PROW) between 2011 and 2012. PPMC’s Executive Director, Services, U. Musa, made this known in a “PPMC 2011-2012 Performance Report’’. The report stated that the amount was paid to different contractors who executed the projects in some critical ...

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Shell concerned at local insecurity challenges

Shell, the international oil firm, lamented the insecurity affecting its operations in the country. Chief Executive Officer Ben van Beurden, raised concern as he presented the company’s unaudited financial results for the fourth quarter of 2013. “Compared with the fourth quarter 2012, upstream earnings excluding identified items were impacted by higher exploration expenses and lower volumes. A high level of ...

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