Business | Page 8 of 9 | African News Today

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

5Apr

By adminNo Comments

Economy, News, Nigeria

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said oil exploration in northern Nigeria will continue till it is found. He said this will enable the NNPC to do a massive appraisal of the discovery of gas reserves made in 1999 in the region. Dr. Baru who was in Kaduna for the 40th edition of the Kaduna International Trade Fair said the corporation was working on the Kolmani River 2 with optimism and high expectation. He said President Muhammadu Buhari had personally urged the corporation to go back to exploration on the Kolmani River 2 Well and drilling has been going on smoothly and that as of Thursday morning, the corporation had dug 10,075 ft deep with a target to reach 14,270 ft exploration. “The main purpose of this well...

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

27Feb

By Akanimo SampsonNo Comments

Corruption, Crime, Economy, News, Nigeria

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

An alleged disappearance of over $64 million from the vaults of the Zenith Bank has landed the multinational financial services provider in trouble. Zenith bank is rated as a large financial service provider in Nigeria and Anglophone West Africa. As at the ending of 2016, her total assets was N4.7 trillion with shareholders’ equity of N616.3 billion. She is listed on the Nigeria Stock Exchange and the London Stock Exchange. But the Managing Director of Owigs and Obigs, Emeka Okorie, has dragged the bank before the Central Bank of Nigeria (CBN) over an alleged unethical conduct which resulted in the termination of a foreign business transaction of over $64 million, with a Chinese firm, King-Tan Tantalum Industry. Okorie is praying the apex bank for clarification on the validity of...

23Feb

By admin2 Comments

Economy, News, Nigeria

Nigeria: Google Issues a Statement on Inaccurate Currency Converter Issue with the Naira

Following the curious 50% drop recorded in Nigeria's exchange rate on Google's currency converter yesterday, Google has issued a statement. In a tweet, the IT giant twitted that they were aware of the situation and will remove the converter box until the issue is resolved. The rate normalized shortly after but not before sparking off some theories as to what could have exactly happened."We’re aware of an issue causing inaccurate conversions for Nigerian Naira currency, so we will remove the conversion onebox from appearing in search results until we are able to diagnose the issue."

Breaking News: Naira Returns to 361 to a Dollar

22Feb

By admin1 Comment

Breaking News, Economy, News, Nigeria

Breaking News: Naira Returns to 361 to a Dollar

Google currency converter shows naira to dollar has now returned to 361 to a dollar. A few hours ago, Nigerians were shocked to see on Google currency converter that the exchange had dropped to 184 to a dollar and 240 to a pound. See Also: Breaking News: Dollar Exchanges $1 to N184 Though the official rate on CBN did not reflect any of these changes, there are speculations that some heavy transactions might have been done secretly by the government at 184 to a dollar to have triggered this. Following that argument, getting it back to the current rate will also require some heavy transactions. No official statement has however been made by the government on this brief anomaly.

Breaking News: Dollar Exchanges $1 to N184

22Feb

By admin6 Comments

Economy, News, Nigeria

Breaking News: Dollar Exchanges $1 to N184

In a shocking development, the exchange rate today dropped by half across board. Dollar to the Naira dropped from N360 to N184 while the Pound dropped from over N400 to N240. There is no clear indication of why this exchange rate is reflected on internation exchange rate calculators while the Central Bank website does not reflect these new exchange rate. This looks like a move meant to influence the on-going elections. It will be recalled that the Presidency had earlier lamented the amount of foreign currency in circulation in the country. With this drop in the exchange rate, the value of any foreign currency in circulation is automatically halved. We shall await further developments on this issue.

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

31Dec

By admin2 Comments

Corruption, News, Nigeria

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD Recently, a shocking story came out to public knowledge about how Keystone Bank and 9Mobile were acquired in controversial circumstances by the business interests of one Alhaji Isa Funtua, a close friend of President Muhammadu Buhari, via the instrumentality of Asset Management Corporation of Nigeria (AMCON). As the smoke raised by the scandalous story is still swirling in the air, with some public groups challenging the government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire. For starters, it is a confirmed fact that the son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON. Before him, the previous CEO, Chike Obi, was a fi...

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

26Dec

By adminNo Comments

News, Nigeria

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

Despite the fact that privatisation was necessary, the wicked 1999 Constitution actually planned its failure by bringing up agencies, controls and over Lordship that must kill it. So the federal government Electricity Power Sector Reform Act in 2005 (EPSRA 2005) which led to the creation of PHCN, NERC, NBET, NESI, and the unbundling of NEPA into 6 generation and 11 distribution companies. By 2013, NEPA had been privatised. The government did not privatise the Transmission Company of Nigeria (TCN); they held on to it. For easy understanding, TCN is the platform through which the GENCOs and DISCOs relate. The NERC controls them all. Was the privatisation necessary? Yes! Government has no business in business. And no more salaries overhead. Was the privatisation successful? Hell, n...

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

29Nov

By Akanimo SampsonNo Comments

Economy, News, Nigeria

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

The unfolding political crisis in Akwa Ibom State, one of the big oil states in Southern Nigeria that has been relatively very peaceful till the advent of a seeming czarist regime in 2007, could trigger off some dangerous economic consequences for Nigeria if not contained urgently. Though what is playing out in the state is being stoked by a few political demi-gods masking as the face of the All Progressives Congress (APC), President Muhammadu Buhari’s party, the crisis has no ideological basis other than incurable personal greed for accumulation of the common patrimony. From 1999 when the current democracy came into, political gangsterism was alien to the peoples of Akwa Ibom. But a club and dagger politics was foisted on the state when Obong Victor Attah left office in 2007. The po...

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

15Nov

By Akanimo SampsonNo Comments

Economy, News, Nigeria, Security

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

Ahead of the 2019 general elections coming up in a matter of weeks, there are disturbing concerns in the Niger Delta, Nigeria's main oil and gas basin, as the restive circles are considering to return to the creeks to halt continued oil production if Abuja fails to play ball. Before now, President Muhammadu Buhari's administration was said to be locked in a backstage consultation with oil industry operators in the country on the new Petroleum Industry Governance Bill (PIGB) which the Legislative arm of the Federal Government passed and communicated to him for his signature. The outcome of the secret parley is not yet public. But, it will determine whether President Buhari will sign the bill into law. Presidential Villa insiders say there is a political mileage to be gained by the All...

Nigeria: Buhari Replaces Adeosun with a Northerner

15Sep

By adminNo Comments

Economy, News, Nigeria

Nigeria: Buhari Replaces Adeosun with a Northerner

Following the resignation of Nigeria's Finance Minister, Kemi Adeosun over the forgery of her NYSC exemption certificate, Buhari has replaced her with a Northerner, Mrs Zainab Shamshuna Ahmed. Read Also: Breaking News: Nigeria’s Finance Minister, Kemi Adeosun Resigns This is coming a few days after he replaced Matthew Seiyefa, a Southerner as the acting DSS boss with Yusuf Magaji Bichi, a Northerner who had to be recalled from retirement to fill the position. Read Also: Breaking News: Buhari Appoints Another Northerner to Head the DSS Prior to becoming the new Finance Minister, Zainab Shamshuna Ahmed was the Minister of State for Budget and National Planning. She has held several positions including Deputy General Manager in charge of Corporate Treasury, Chief Finance Officer ...