IPMAN consults JP Morgan, KPMG on N600bn refineries

01 June 2015, Abuja – The Independent Petroleum Marketers Association of Nigeria is in talks with JP Morgan and KPMG with respect to its plans to build two refineries in Nigeria worth $3bn (about N600bn at N200 per dollar). This is coming as the Managing Director, Capital Oil, Mr. Ifeanyi Ubah, has urged President Muhammadu Buhari […] More »

Gas producers thwarted Jonathan’s stable electricity programme – Nebo

01 June 2015, Abuja – Immediate past Minister of Power, Prof. Chinedu Nebo, at the weekend disclosed that the outgone government of former President Goodluck Jonathan was unable to meet its target to upgrade Nigeria’s power generation from its current state because gas producers failed to live up to their supply commitment to the sector. […] More »

Subsidy removal’ll reduce pressure on Naira — FDC

01 June 2015, Lagos – Analysts at the Financial Derivatives Company Limited have expressed support for the removal of fuel subsidy saying it would reduce the pressure of the exchange rate of the naira and lead to long term appreciation of the national currency. “More importantly, because there is an inflated import bill due to […] More »

CBN releases 2013 controversial report

01 June 2015, Lagos – The Central Bank of Nigeria (CBN) weekend released the 2013 annual report that led to suspension of former governor, Sanusi Lamido Sanusi. The Financial Reporting Council of Nigeria had raised issues with the accounts, saying it needed some detailed explanation as required in the International Financial Reporting Standards. It was […] More »

OPEC daily basket price close at $60.47/b

01 June 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 60.47 dollars a barrel on Friday, compared with $59.33 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 »

Financial market products & services update

01 June 2015, Sweetcrude, Houston – Local and international financial market products and services update. FX: Intervention rate was maintained at $/NGN 197.00. We expect this week to be busy with most looking to see the immediate returns from the transition committee – swift kick off of the Buhari led government with key reforms and […] More »

Subsidy removal’ll reduce pressure on Naira — FDC

01 June 2015, Lagos – Analysts at the Financial Derivatives Company Limited have expressed support for the removal of fuel subsidy saying it would reduce the pressure of the exchange rate of the naira and lead to long term appreciation of the national currency. “More importantly, because there is an inflated import bill due to the […] More »