Cabals, Cartels now in control of port access roads — AMARTO boss
Businessman StaffDecember 25, 2019
The President, Association of Maritime Truck Owners, Chief Remi Ogungbemi, has said that different cabals and cartels have been established to control and determine who can have access to the Lagos ports. He added that it is only those that belong to these groups that have preferential access to the ports and can break through […]
FG spent over N12bn on fuel subsidy in five days
Businessam StaffDecember 25, 2019
The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N12.69 billion to subsidise Premium Motor Spirit, PMS, in five days, between Monday, December 16 and Friday, December 20, 2019. This was contained in data obtained, yesterday, from the Petroleum Products Pricing Regulatory Agency, PPPRA. In the pricing templates for PMS, also known as […]
Negative stock market index harms PFAs in 2019, says Nigeria’s pension czar
Businessam StaffDecember 24, 2019
By Omobayo Azeez Director general of National Pension Commission, Aisha Umar-Dahir has lamented that poor performances in the Nigerian capital market complicated the operating environment for Pension Funds Administrators (PFAs). She noted that the market contribution to the difficult operating environment was felt more as the market failed to provide PFAs with viable investment […]
Sell-offs on blue-chip companies cost equities N197bn
Businessam StaffDecember 24, 2019
By Omobayo Azeez
FG revenue fell by N388bn in November – CBN
Businessam StaffDecember 24, 2019
Federally-collected revenue dipped by N388bn in November, latest statistics from the Central Bank of Nigeria have revealed. Part of the CBN’s report on ‘Monthly economic report for the month of November’, read, “At N858.92bn, the estimated federally-collected revenue (gross) in November 2019 fell below both the monthly budget estimate of N1.24tn and the preceding month’s […]
Nigeria’s oil, gas export sales indicate significant increase by 52.84% in one month – NNPC
Businessam StaffDecember 24, 2019
The Nigerian National Petroleum Corporation (NNPC) has announced crude oil and gas export sale of $355.93million in September 2019, indicating a significant increase of 52.84 per cent, compared to the August, 2019 figure of $232.87million, a release by the corporation’s Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, has said. The NNPC […]
Bonny Light experiences price drop to $67.00 per barrel
Businessam StaffDecember 24, 2019
The price of Bonny Light, Nigeria’s premium oil grade, which surged to $67.82 last week, has dropped slightly to $67.02 per barrel in the global market. Investigation showed that the drop in price was attributed to the international Energy Agency’s speculation that the market was still in custody of excess supply. In its report obtained […]
CBN imposes N2m fine, others on banks over depositors’ complaints
Businessam StaffDecember 24, 2019
Any bank that failed to acknowledge the complaints from depositors, will pay a fine of N2m, guidelines from the Central Bank of Nigeria, stated. Besides, each week the bank refused to address customer’s complaints within the prescribed timelines, it would also attract a fine of N500,000 per week. The CBN stated this in its guidelines […]
No date yet for border reopening – FG
Businessam StaffDecember 23, 2019
The federal government had yet to decide a terminal date when the country’s border would be reopened to neighboring countries. The federal government had in August closed its borders to neighboring countries in an exercise code-named operation Exercise Swift Response. The action which had resulted in joint border operations by a combined team of security […]
Oil prices fall as Russia touts easing OPEC+ output
Businessam StaffDecember 23, 2019
Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year, but prices held near recent three-month highs on hopes for a trade deal between the United States and China. Brent crude LCOc1 was down 19 cents, or 0.29 per cent, at 65.95 dollars per barrel by 1010 GMT […]