Govt spends N1.5bn to reclaim abandoned mining sites

Our Reporter 05 February 2015, Sweetcrude, Abuja - The Federal Government has announced that it spent N1.5bn to reclaim 20 abandoned mine sites across the country from 2007 to 2014. The Acting Director, Mines, Environmental Compliance Department in the Ministry of Mines and Steel Development, Mr Salim Adegbayega, who disclosed this on Wednesday in Abuja, […] More »

CBN to boost forex liquidity with $30,000 to BDCs

05 February 2015, Abuja - In order to improve liquidity in the Bureau De Change (BDC) segment of the foreign exchange market, the Central Bank of Nigeria (CBN) has disclosed plans to conduct a special intervention in that segment of the forex market this Friday. Specifically, the banking sector regulator said it will sell $30,000 […] More »

Nigeria: Banks slow down on syndicated borrowing

05 February 2015, Lagos - Nigerian banks are pulling back from internationally syndicated dollar loans as falling oil prices and new regulation introduced by the Central Bank of Nigeria (CBN) late last year has pushed up borrowing costs, bankers said. In contrast, international lenders already experiencing excess liquidity and lack of deal flow elsewhere in […] More »

Oil falls on buildup in US crude stocks

05 February 2015 - Brent crude oil fell by almost $2 on Wednesday after a new build in US crude stock levels put a global glut back in focus, cutting short a four session rally that pushed prices up to a high of $59 on Tuesday. The recent rebound had increased speculation that prices may […] More »

OPEC daily basket price close at $51.77/b

05 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 51.77 dollars a barrel on Tuesday, compared with $48.19 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Nigeria: FBN, Zenith bank, two others move up world ranking

03 February 2015, Lagos - First Bank of Nigeria, for the fourth consecutive year, has been ranked number one banking brand in Nigeria by The Banker magazine of Financial Times and Brand Finance, London, United Kingdom in their annual 2015, The Top 500 Banking Brands. A statement by the Country Representative of The Banker magazine […] More »

Finally, govt to release NNPC audit report next week

*We’re committed to oil industry reform through PIB – Jonathan Oscarline Onwuemenyi 03 February 2015, Sweetcrude, Abuja - President Goodluck Jonathan on Monday has given the Office of the Auditor-General of the Federal one week to review and release to the public the report of the forensic audit of the Nigerian National Petroleum Corporation. Jonathan, […] More »