News Reports

Fuel station

How NNPC covers petrol cost amid forex crisis — Officials

Officials say between N20 and N25 is paid per by the national oil company.

Umana Umana [Photo: Nairaland]

Nigeria to establish new oil, gas free zone in Delta

The Authority is working on establishing three more in Ibaka, Ibeno and Ikot Abasi in Akwa Ibom state.

NNPC-Towers (1)

NNPC recorded N197 billion loss in 2016

The corporation recorded a loss of N17.01 billion in December 2016.

Vice President, Yemi Osinbajo

Osinbajo, governors appoint six board members for NSIA as agency gets fresh $250 million

The agency says it will invest in social Infrastructure such as affordable housing and specialist hospitals.

Acting President Osinbajo speaks at the Niger Delta town-hall stakeholder's meeting in Rivers State. 13th Feb 2017. Photo: Novo Isioro.

As consultations continue, Nigeria records 58 per cent decrease in pipeline vandalism in Niger Delta

The NNPC also reported a 13.4 per cent rise in oil and gas sales in December 2016 over sales in November 2016.

Central bank of Nigeria

CBN directs banks to file forex returns in dollars

The CBN was alleged to have sold naira at ridiculous rates of N18, N25, N100 to the dollar.

Godwin Emefiele, CBN Governor

How we shared forex in December, January – CBN

Manufacturing, agriculture and raw materials got the lion’s shares.

Lenovo Laptop [Photo Credit:

Lenovo net profit falls 67%

Profit fell to 98 million dollars over three months through December.

Cooking gas [Photo credit: Business Daily]

Kano, Oyo, Abuja residents paid highest for cooking gas in January

The average price of cooking gas went up across Nigeria.

nigerians-in-a-tight-queue-to-buy-kerosene-at-nnpc-station

Price of kerosene in Nigeria rose by 87.12 % in January – NBS

Sokoto buyers paid the highest for the product.

Bureau De Change

Naira in steady fall at parallel market

Traders blame the activities of speculators and currency hoarders.

Arik Air. (Photo Credit: Punch)

How Arik Airline accumulated huge non-performing loans –AMCON

The asset corporation defends its decision to take over Arik

nigerian_stock_exchange

NSE All-Share Index, Market Capitalisation increase

Forte Oil led the gainers’ table for the day, appreciating by N5.80 to close at N62.50 per share.

Fuel station

Abuja, Bayelsa, Borno, pay highest prices for diesel in January

Nigerians also paid more per litre of petrol in January than December.

Naira notes

Nigeria’s inflation rate increases, hits 18.72 per cent

Food index increased by 17.82 per cent (year-on-year) in January, up by 0.43 per cent points from rate recorded in December.

Naira notes

Less than one per cent of Naira notes are fake – CBN

“Twenty percent of currency circulating in Nigeria is fake,” a former CBN official had said.

Arik Air. (Photo Credit: Punch)

Arik suspends flights to London, Johannesburg

AMCON took control of Arik last week.

Minister of Budget and National Planning Senator Udoma Udo Udoma [Photo Credit: Channels TV]

No plan to increase taxes — Nigerian govt

That does not rule out expected increased tax on luxury items.

Umana-Okon

Head of Nigeria’s Oil, Gas Free Zones Authority wants agency’s establishment law amended

Attempt to amend the laws has come at the right time when government is focused on diversifying the economy.

Arik Airline

KPMG to audit Arik, AMCON says

Part of KPMG’s mandate is to ascertain the true status of the airline’s finances.

OPEC [PHOTO CREDIT: Zero Hedge]

OPEC members produce less oil than production limit in January

“OPEC’s 13 members pumped 32.1 million barrels per day (bpd) in January.”

Niger Delta Militants

Forcados trunkline attack responsible for Nigeria’s gas supply shortage – NPDC

The pulverization of the Forcados trunk line by militants in 2016 gravely impacted gas production.

Arik Airline

Why Nigerian airlines are failing –  Operators

AMCON took over Arik, Nigeria’s largest domestic airline, last week.

Arik Air. (Photo Credit: Punch)

Arik Air was ‘huge mess’, very poorly managed – AMCON

The airline does not have money to procure aviation fuel for its nine operational aircraft.

dana-airline

Dana Airline grants 50 per cent discount on govt flight tickets

To reduce the cost, the Efficiency Unit sought discounts from airlines operating in Nigeria.