Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

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Elechi’s detour and APC allure

The defection of the immediate past governor of Ebonyi State, Chief Martin Elechi, to the All Progressives Congress (APC) is causing ripples in the state, UCHENNA INYA reports The political situation in Ebonyi State is becoming more interesting. In the last few months, there have been political developments with some politicians defecting to the two dominant parties in the state – the Peoples Democratic Party (PDP) and All Progressives Congress (APC). But, the mother of the defections was that of the immediate past governor of the state, Chief Martin Elechi.…

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Stock market advances on blue chips

The Nigerian equities market yesterday sustained upward trend for the second day following renewed investors’ optimism. This was in despite the transactions on the local bourse have continued to witness lull following unfriendly business environment. Key market indicators, the NSE ASI and market capitalisation advanced by 0.05 per on the back of blue chips companies. Specifically, the All-Share Index gained 13.3 basis points or 0.05 per cent to close at 25.51.01 index points as against 25.496.71 recorded the previous day, while the market capitalisation of equities appreciated by N4 billion…

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Brexit: Nigeria, others to face bleak economic growth

As the Prime Minister of United Kingdom (UK), Theresa May, formally begins Brexit talks next week with European Union (EU), Nigeria and other countries in Africa have been predicted to face bleak economic growth in the near future. The Director, United Nations Economic Commission for Africa (UNECA), Adam Elhiraika, said this at the launch of the Commission’s annual economic report on Africa in Abuja.He disclosed that Brexit could put Africa’s future growth at risk. UNECA warned that countries such as Nigeria, with strong trade and investment links to the UK…

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Stock market halts three days losing streak

Local equities rebounded on resumed bargain hunting activities as overall performance measures, NSE ASI and market capitalisation, grew by 0.07 per cent each, halting three days losing streak. The Nigerian stock market had tumbled for the third day as investors retreated following market apathy. The bullish activities was driven by consumer goods and financial services stocks, which were highly sought after. At the close of business, 18 stocks appreciated, while 17 other stocks declined. Consequently, the All-Share Index gained 18.65 basis points or 0.07 per cent to close at 25,496.71…

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Oil & gas stocks deflate stock market activities

The Nigerian stock market yesterday further closed on the negative trajectory as activities on the shares of oil and gas slowed momentum to give the bears enablement to sustain stronghold in the Nigerian capital market. The dominance led to a further drop of N52 billion in market capitalisation. Two oil firms-Mobil Oil Plc and Oando Plc along with other blue chips fell, dragging the market southwards. This was due to negative sentiment on the part of investors in the wake of the cautious optimism that had prevailed in the market…

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NIPCO reviews business models for $90bn MON deals

Indigenous firm, NIPCO Plc has reviewed business models for Mobil Oil Nigeria (MON), a company it now has 60 per cent stake in through the N90 billion acqusisition of ExxonMobi downstream assets. This, spokesperson for the company, Lawal Taofeeq said in a statement, formed part of the board meeting of the company in Lagos, where vital business and strategic decisions were taken. The N90 billion deals on NIPCO’s takeover of ExxonMobil downstream assets in Nigeria had last Monday led to the re christening of over 250 Mobil filling stations nationwide.…

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