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Economy

States’ foreign debts rise by 26% in 18 months
States’ foreign debts . Lagos, Bauchi, Kaduna top debtors’ list Lagos, Bauchi and Kaduna are the biggest foreign debtors among the 36 states in the country, according to official data analysed by Daily Trust. Records posted on the Debt Management Office (DMO) website shows that the foreign debt stock of some.....
Jonathan Inaugurates Ovia’s $1.5bn Petrochemical Plant
 L-R: Founder and Chairman, Quantum Petrochemical Company Limited, Mr. Jim Ovia; President Goodluck Jonathan; Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke; and Governor of Akwa Ibom State, Godswill Akpabio, at the ground-breaking ceremony of the $1.5 billion methanol and petrochemical plant in Ibeno, Akwa  Ejiofor Alike and Okon Bassey     In furtherance.....
Nigeria to earn N672m daily from Shell’s new oil well
Nigeria’s crude oil production is expected to rise by 40,000 barrels per day, as Shell Nigeria Exploration and Production Company Limited, SNEPCo, yesterday commenced production from the first well at the Bonga North West deep-water development offshore Nigeria. This translates to a crude earnings of N672 million accruable to the.....
Jonathan appoints new CEOs for NNPC and NPDC
President Goodluck Ebele Jonathan has approved the following appointments and changes in the management of the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC): The Federal Government, Friday, announced the appointment of Dr. Joseph Thlama Dawha as Group Managing Director of the Nigerian National Petroleum Corporation, NNPC. The.....
FG tasks firm on embedded generation in South-East
The Federal Government has challenged the Genesis Electricity Company, to take advantage of the enormous gap in energy need of industries especially in the area of embedded power generation to light up the South-East zone. The Minister of Power, Prof. Chinedu Nebo, who said this when he was presented with.....
Zenith Bank appoints Jim Ovia chairman
One of the nation’s second generation bank, Zenith Bank Plc, on Tuesday, appointment Mr Jim Ovia, board chairman and non- executive director of the bank. Ovia, the Pioneer Managing Director and Chief Executive Officer of Zenith Bank Plc, appointment was contained in statement issued by the bank and obtained in.....
Pinnacle wins digital broadcasting licence with N618.75m
Pinnacle Communications Limited on Tuesday beat Phase3 Telecoms to win a carrier licence made available by the Federal Government for transition from analogue to digital broadcasting. Although Phase 3 had submitted a superior technical proposal, Pinnacle got the edge when it offered to pay N618, 750,000 against N100m offered by.....
We paid FG $44bn in five years – Shell
Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC), Mr. Mutiu Sunmonu The Shell Petroleum Development Company of Nigeria Limited has said it contributed about $44bn to the Federal Government’s coffers between 2009 and 2013. According to the company, the Federal Government also received about 95 per cent.....
Emefiele to blacklist fraudulent bank debtors,
The Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele, yesterday, unveiled his agenda, vowing to blacklist all fraudulent bank debtors and block them from obtaining further access to bank loans. He also directed banks to stop, with immediate effect, all cash deposit charges and maintained that CBN would work.....
Shoprite Lands in Owerri as Govt Promises to Support Private Developers
The South African conglomerate, Shoprite, has concluded plans to open its second shop in the South-east, this time in Owerri, capital of Imo State as the ground breaking ceremony of the “Owerri Mall-Shoprite” took place yesterday at the former proposed site of Owerri Shopping Complex, otherwise called Somachi Complex. The.....
CBN Directs Banks to Destroy Cards Trapped in ATMs
The Central Bank of Nigeria (CBN) has directed banks to render payment cards of other banks trapped in their Automated Teller Machines (ATMs) ineffective by perforation them before returning same to the issuing bank. The central bank gave the directive in its approved “Guidelines for Card Issuance and Usage in.....
Card fraud: CBN issues deadline for banks, others
CBN headquarters, Abuja To combat the electronic card-related frauds, the Central Bank of Nigeria has given banks until November, 30 2014 to comply with the Payment Card Industry Data Security Standards. The CBN also mandated switches and processors companies to become PCIDSS-certified on or before the date. Banks and companies.....

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