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21 Dec 2009
By Moses Ebosele CONOIL Plc at the weekend said it has commenced multimillion naira expansion agenda aimed at boosting distribution of aviation fuel, lubricants and retail outlets. The project, according to the company will entail building new lubricant blending plans in lagos and Port Harcourt , procurement of modern oil filling equipment, consolidating its strength in jet A1 market, upgrading of existing retail outlets and construction of additional one stop mega stations to achieve a wider spread across the country.
21 Dec 2009
From Gordi Udeajah, Umuahia A LAW providing for the development of the Abia State oil producing areas cited as the Abia State Oil Producing Areas Development Commission Law 2009 (ASOPADEC) came into effect on Thursday, consequent upon the bill passed into law by the state House of Assembly and assented to by the state Governor, Dr Theodore Orji. Also signed into law by the governor at the same ceremony in government's house was the Abia State Local Government Law (Amendment No. 2) Bill also passed by the state Legislature.
21 Dec 2009
By Taiwo Hassan THE Shell Petroleum Development Company (SPDC) has announced the temporary shut down of the Soku gas plant in Rivers State in order to carry out urgently needed repairs resulting from damage caused by leakage from the plant's pipelines that conveys gas from the facility to the Nigeria Liquified Natural Gas (NLNG) plant at Bonny.
21 Dec 2009
From Nkechi Onyedika, Abuja THE Executive Secretary, Universal Service Provision Fund (USPF), Mr. Funsho Fayomi, has blamed the low implementation of the 2009 budget appropriated to the fund on the late passage of the budget by the National Assembly. He appealed to the National Assembly to ensure speedy passage of the 2010 budget to enable the agency effectively execute its project in order to meet up with its target on schedule.
21 Dec 2009
A FEDERAL High Court, Lagos has slated January 29, 2010 to take preliminary objections (Pos) filed by the Central Bank of Nigeria (CBN), BankPHB's and its Managing Director and Chief Executive Officer (CEO), Mr. Cyril Chukwuma, on the suit brought against them by a director and vice chairman of the bank's Board, Prof. Pat Utomi. At the hearing of the suit, counsel to Utomi, Mr. Ade Adedeji, alerted the court on the publication of BankPHP's un-audited account by two newspapers despite the pending action.
21 Dec 2009
THE dollar touched a three-month high against the currencies of major United States (U.S.) trading partners as the Federal Reserve said the economy improved while reiterating it will keep borrowing costs low for an "extended period." The euro dropped against the pound as Greece's credit rating was cut by Standard & Poor's and the European Central Bank raised its estimate for writedowns in nations using the single currency by 13 per cent. The dollar posted its biggest weekly rally since June before an economic report next week forecast to show an advance in U.S. durable goods.    
21 Dec 2009
  By Dozie Recently, Mr. Pascal Dozie, ex-chairman of Diamond Plc, frontline economic player in Nigeria, was elected the Co-Chairman of the prestigious Commonwealth Business Council (CBC). He spoke with ENITAR UGWU on wide ranging economic issues, especially on the role of the CBC in emerging economies such as Nigeria's. According to him, CBC's blueprint is the solution for the challenges facing emerging economies. Excerpt: WOULD you give us a brief history of the Commonwealth Business Council (CBC)?
21 Dec 2009
By Wole Shadare and Chika Goodluck Ogazi EXPERTS in the aviation have identified lack of transparency, absence of legal and regulatory frameworks as challenges facing the success of concession in aviation industry. They however stated that public private partnership as encouraged by the president was the only way to develop infrastructure in the sector. Aviation Consultant, Chris Azu-Aligbe at a seminar in Lagos recently listed non involvement of relevant professionals, lack of legislative input or approval, stakeholder disregard and poor returns to government as some of the challenges.
21 Dec 2009
From Emeka Anuforo, Abuja THE United Nations has tasked Nigeria and other countries of the world to explore space science and technology option for development. Director General of the National Space Research and Development Agency, Dr. Seidu Mohammed, who stated this at a national media workshop in Lokoja recently, stressed that in the past five decades, the developed world through the United Nations had devoted so much time to space science and technology.
21 Dec 2009
ORGANISATION of Petroleum Exporting Countries (OPEC), the producer of 40 per cent of the world's oil, will probably maintain its output quotas at next week's meeting as prices trade close to members' $75-a- barrel target, a Bloomberg News survey showed. All 36 analysts surveyed said that the Organisation of Petroleum Exporting Countries would decide for a fourth time this year to maintain its formal limit of 24.845 million barrels a day. The 12-member group meets December 22.
21 Dec 2009
By Roseline Okere THE Cocoa Processors Association of Nigeria (COPAN) has called for an urgent intervention of the Federal Executive Council to obtain early release of year 2007 and 2008 Export Expansion Grant (EEG), currently stalled within the Ministry of Finance in Abuja. A statement jointly signed by the Chairman of the association, Mr. Akin Olusuyi and the Publicity Secretary, Mr. Simon Conway Jarrett stated that urgent release of the grant was vital to avoid the total collapse of the Cocoa Processors Export Manufacturing Sector, which they said had been struggling for survival for some time and could not survive much longer.
21 Dec 2009
By Tosin Fodeke FOLLOWING the Central Bank of Nigeria (CBN)'s pledge to keep the exchange rate value below N150 per dollar, the naira recently remained stable in the days running to Christmas. Tied at N147.6 per dollar at the official market, the naira maintained a stable streak, as it stayed at N147.5 all through the week. Against the Euro, the naira lost its value, losing 17 kobo to drop from N211.93 to N212.10 at the official market, while the British Pound gained 96 kobo to rise from N238.12 to N239.08.

Latest

3 hours ago
With the presidential, governorship and National Assembly primaries of both the All Progressives Congress (APC) and Peoples Democratic Party (PDP) close by, the intense intrigues and political maneuverings by the parties have pushed the opposition PDP away from the Eagle Square to the MKO Abiola Stadium on the outskirts of the Abuja City Centre.
3 hours ago
Poor implementation of the patronage policy, high cost of production, high level of importation, smuggling among other challenges have continued to undermine Nigeria’s textile sector, shrinking the number of viable textile firms to less than 20 from 175 firms in 1985.
3 hours ago
Experts and stakeholders in Nigeria’s payment industry have called for concerted efforts to mitigate the growing menace of digital frauds.
3 hours ago
League Management Company’s (LMC) quest to raise the profile of Nigerian Professional Football League (NPFL) got a boost, yesterday, when Bitnob, a financial services company anchored on bitcoin network, agreed on a three-year sponsorship deal, which makes it the Elite sponsor of the league.
3 hours ago
A landlord at Ekwulobia Street Mile 3, Diobu in Port Harcourt City Local Council of Rivers State, on Sunday, attacked a lady, Comfort Nwagadi and her fiancée, Stanley Nwagadi, with a machete out of perceived jealousy.