Eni, Shell trial begins in Milan over Nigeria kickback scandal
Businessam Staff
March 5, 2018
Oil giants Eni and Shell go on trial in Milan on Monday, March 5, 2018, charged with bribery and corruption in the purchase of an offshore oilfield in Nigeria. Eni CEO Claudio Descalzi, his predecessor Paolo Scaroni and several officials from Eni and Shell are among those facing the judge. Ex-Nigerian oil minister Dan Etete […]
Renewable energy grows globally, especially in China- BP
Businessam StaffMarch 3, 2018
A senior economist at BP said on Friday that rapid growth of renewables is leading to a fuel mix that could be the most diversified ever, with the largest increase in China. Spencer Dale, group chief economist at BP, delivered the report of “BP Energy Outlook 2018” at Baker Institute’s Center for Energy Studies at […]
Nigeria’s state oil firm declines giving details on its finances, says it’s not bound by the freedom of information act
Businessam StaffMarch 2, 2018
The Nigerian National Petroleum Corporation (NNPC) has declined to give information on its own revenue, subsidy payments and other remittances made since the advent of the current administration, saying the Freedom of Information Act does not apply to it as an organisation. The corporation made this known this in its response to an FOI request […]
Crude oil prices still under pressure amid concerns over U.S. production levels
Businessam StaffMarch 2, 2018
Crude oil prices were still under pressure on Friday, amid ongoing concerns over U.S. production levels and fresh worries over U.S. protectionist policies. The U.S. West Texas Intermediate crude April contract, according to investing.com, was down about 0.34% at $60.80 a barrel by 07:45 GMT, just off Thursday’s two-and-a-half week lows of $60.20. Elsewhere, Brent oil […]
Nigerian stocks pare gains as sell-offs in Dangote Cement, Nigerian Breweries, GTB drag NSEASI down 1.1%
Kayode OgunwaleMarch 1, 2018
Nigerian stocks pare gains from previous trade to close lower Thursday as profit talking in market bellwethers dragged benchmark index, NSEASI, down 1.1 percent to settle at 42,843.38 points. Market year-to-date gain thus contracted to 12.0 percent. Profit taking in DANGCEM (-1.8%), NIGERIAN BREWERIES (-3.6%) and GUARANTY (-2.0%) weighed heavily on market performance as market […]
Delay seen in release of Nigeria’s Oando 2017 financials as regulator, FRCN, plans major review
Kayode OgunwaleMarch 1, 2018
A potential delay in the release of the 2017 financial result of Nigeria’s integrated indigenous oil and gas company, Oando Plc, is now certain following plans by the Financial Reporting Council of Nigeria (FRCN) to review the results before publication. The FRCN is believed to have effectively indicated its interest to undertake what is planned […]
Capital flows into Nigeria rise 138.6% to $12.2bn in 2017
Goddey OdinMarch 1, 2018
Total capital flows into Nigeria rose by 138.6% percent year-on-year to $12.2 billion in 2017 from the figure recorded in 2016, according to data released by Nigeria’s statistical agency, the National Bureau of Statistics (NBS) Thursday. The data put the investment inflow into the country as at the end of the fourth quarter of 2017 […]
Barclays plans Nigeria entry as route to African banking dominance
Businessam StaffMarch 1, 2018
Barclays Africa group on Thursday announced its intention to look towards Nigeria as a new market in order to dominate the African banking market. Maria Ramos, The chief executive of Barclays Africa, during a presentation in South Africa, said the lender aims to enter Nigeria as a new market, as it seeks to raise its share […]
Nigeria’s federal mortgage bank disburses N20.24bn mortgages in over 2yrs
Businessam StaffMarch 1, 2018
The Federal Mortgage Bank of Nigeria (FMBN) has disbursed a total of N20.24 billion worth of mortgages in the past two and a half years to assist Nigerians to buy their own homes under the National Housing Fund (NHF). Babatunde Fashola, minister of power, works, and housing, disclosed this Thursday at the inauguration of the […]
Crude oil prices hover near 1-week lows in cautious trade
Businessam StaffMarch 1, 2018
Crude oil prices were hovering near one-week lows on Thursday, as investors remained cautious due to sustained U.S. dollar strength and following news of an increase in U.S. stockpiles last week. The U.S. West Texas Intermediate Crude Oil WTI Futures April contract was up 10 cents or about 0.21% at $61.74 a barrel by 07:35 am GMT, […]