President Buhari responded to the threat of the Niger Delta situation with the appointment of a seasoned peace and security expert, retired Brigadier-General P.T Boroh, an ethnic Ijaw, from Sagbama Local Government Area of Bayelsa state. Recall Mr Government Ekpemuopolo alias Tompolo had summoned a meeting of former commanders of MEND to appraise the failing amnesty deal last weekend but it took the intervention of the former president, Jonathan and the three governors
- Eni SpA, Italy’s largest oil company is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses. Eni’s wholly owned subsidiary in the country, Nigerian Agip Oil Company, operates under a joint-venture agreement with the NNPC and ConocoPhillips. NAOC also operates two onshore exploration licenses. Depending on what Eni decides to sell, the transaction may raise from $2 billion to $5 billion. Although Eni
- The Port Harcourt and Warri refineries have started preliminary production following maintenance work, the NNPC said on Wednesday. The PHRC is ramping up operation to about 60% of its 210,000 barrels per day capacity, while WRPC is projected to hit 80% of its 125,000 bpd installed capacity. NNPC said that the PHRC is projected to boost local refining capacity with a product yield of 5 million litres of petrol per day, while Warri Refinery will contribute 3.5
- The Nigeria Customs Service has sealed the warehouses and business premises of four major rice importing firms over unpaid rice duty and levies worth ₦24 billion, after it issued several warnings. The NCS said it would not allow the discharge of the affected companies’ imports through any of the nation’s ports. The affected companies are Olam (Amuwo, Lagos), Stallion/Popular Foods/Masco Agro (Iganmu, Lagos) Ebony Agro (Wuse, Abuja) and Conti Agro (Victoria Island, Lagos).
- Nigeria’s foreign debt for half-year 2015 has risen by 10%, standing at $10.32 billion from $9.38 billion in the same period of last year, the Debt Management Office (DMO) said on Monday. Offshore debt showed a 39.1 percent rise to
N2.03 trillion, due to a weaker currency, which weakened by about 20% during the period. Domestic debt stood at N8.39 trillion as
President Buhari’s state visit to Washington was described by aides as a “resounding success”. The success of the visit will be put under more scrutiny in the coming weeks to ascertain whether there are positive outcomes especially on national security.
Meanwhile, Boko Haram welcomed the President back to Nigeria with twin bomb blasts in Dadin Kowa, Gombe. This underscores the ruthlessness of the terror group in recent times, and also the absolute failure
- The Central Bank of Nigeria (CBN) has approved a restructuring of existing bank loans owed by state governments from a short-term repayment period of about 7 years to up to 20 years. This is part of the bailout for financially ailing states. Bank loans acquired for salary arrears will also be extended to a minimum of 15 and not more than 20 years. The loan restructure was one of two options presented to state governments by the CBN governor, Godwin Emefiele,
- US$2.67 billion of fresh capital flowed into Nigeria’s economy in Q1 2015, representing a decline of 40.5 percent and 31.6 percent, in comparison with its level in Q4 2014 and Q1 2014, the Central Bank of Nigeria has said. A breakdown of imported capital showed that inflow into the equities market accounted for 48% or $1.3 billion of the total in Q1 2015. According to the report, estimated total external trade which was recorded at US$26.74 billion, showed a decline of 17.1 and
- Manufacturers in the Food, Beverage, and Tobacco industry are warning that the Common External Tariff (CET) being pursued by countries in West Africa poses more danger to Nigerian manufacturers, especially in the light of higher production costs that are making Nigerian manufactured products uncompetitive when compared to products from other countries in the region. Group Managing Director of Flour Mills of Nigeria, Paul Gbededo, who is also the president of Association of Food, Beverage
Telecom companies operating in Nigeria are seeing an upsurge in interconnect indebtedness. Industry observers have blamed the debt overhang being owed to mobile operators by the service providers, for the wave of poor service delivered to customers. Poor service delivery has come in the form of dropped calls, incoherent transmission and undelivered text messages. Some mobile operators allegedly deny debtor service providers access to their networks by blocking voice calls originating from them.