$100m oilfield chemical investments at risk

The over $100 million investments in oilfield chemical sub-sector of Nigeria’s oil and gas industry is on the brink of collapse, New Telegraph has learnt. Investigations revealed that stakeholders in sub-sector are rising against this major threat to business exasperated by longerthan- necessary tendering cycle in Nigeria, which is six times longer than that of its rival oil producer in Africa, Angola. Former President, Nigerian Society of Chemical Engineers, Dr. John Erinne, has also confirmed this challenge. He told this newspaper on the side-line of Second National Oil and Gas…

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CBN injects additional $250m for forward market

Central Bank of Nigeria

             …offers $100m on spot market   In line with its efforts to boost dollar liquidity and bolster the naira, the Central Bank of Nigeria (CBN) yesterday released additional $250 million for 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials. The banking watchdog also called for bids for wholesale spot for $100 million for basic/personal travelling Allowance, medicals and tuition fees. CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, confirmed the bank’s directive yesterday. He said the lender has commenced heavy injections into the spot…

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Nigeria auctions fresh $100m, shortens FX settlement period

In continuation of its efforts to inject liquidity into the official market and boost value of the naira, the Central Bank of Nigeria (CBN) yesterday auconed $100 million to be settled between one week and 30 days, as against 60-day contracts it had written previously, traders said. According to traders, the new move by the apex bank to sell shorter-dated dollar forwards was an indication that the regulator was stepping up its intervention in the forex market and bolstering the naira. The local currency initially fell to N328.50 on the…

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Forex: CBN offers fresh $100m for wholesale

The Central Bank of Nigeria (CBN) yesterday offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window. The Acting Director, Corporate Communications De  partment, CBN, Mr. Isaac Okorafor, who confirmed the offer in a statement, disclosed that no interventions were made in the retail auction window for forex. He also confirmed that the apex bank made special intervention of $10,000 to dealers in the Bureaux de Change (BDC) segment yesterday. Okorafor had said last Wednesday that the special intervention of $10,000 for…

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$100m guarantee: UK Supreme Court grants reprieve to NNPC

United Kingdom Supreme Court has, in a unanimous judgement, granted a reprieve to the Nigerian National Petroleum Corporation (NNPC) over a $100 million bank guarantee emanating from a dispute on the construction of Bonny Export Terminal (BET) project in Port Harcourt, Nigeria. The case was of protracted face-off between NNPC and a service company, IPCO (Nigeria) Limited, over the multi-billion contract. The reprieve, NNPC said in a statement yesterday, was the latest in the dispute. IPCO had referred its claims to arbitration in Nigeria and obtained an Arbitral Award of…

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NNPC gets $100m bank guarantee reprieve from UK court

The Supreme Court of the United Kingdom has granted the Nigerian National Petroleum Corporation (NNPC) $100 million bank guarantee reprieve in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. The UK Court of Appeal had ordered NNPC to provide a $100 million security, as a condition of being entitled to advance a defence that enforcement of Award of $154 million to IPCO should be refused because the award had been procured by IPCO fraudulently.  The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu in…

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CBN to sell $100m forward at auction

Nigeria’s central bank plans to offer $100 million in currency forwards on Monday to be delivered within the next 60 days, traders say. The bank has consistently been selling foreign exchange to importers since February in a move to increase dollar supply in the market and narrow the margin between official and black market rate. The local currency was quoted at 307.50 to the dollar on the interbank market at 1256 GMT compared with 307 a dollar closed on Friday, while it was quoted at 445 on the black market,…

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