In the news: Nigeria’s gas production rises
The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country.
The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country.
Gas production in Nigeria has gained more momentum following the completion of a key project in the Niger Delta by the Shell Petroleum Development Company of Nigeria Limited Joint Venture.
The $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector.
The African Export-Import Bank (Afreximbank) yesterday announced the launch of its $300million equity offering, using Depositary Receipts (DRs).
Access Bank Plc yesterday recorded a profit before tax of N52 billion for the half year (H1) ended June 30, 2017, showing a growth of 18 per cent above the N43.9 billion in the corresponding period of 2016.
The Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Mr. Adesonubi Adebisi, has stated that Nigeria has recorded growth in mobile banking, compared to some African countries.
Affirming their position as the weakest link in Nigeria’s electricity chain, the 11 electricity distribution companies (Discos) in the country rejected 9,310.64 megawatts (MW) of electricity from the generation companies (Gencos) in the last one week because their distribution facilities could not take up all the electricity.
In its drive for self-sufficiency in sugar production, the Dangote Group yesterday, signed a Memorandum of Understanding (MoU) with Niger State Government for the establishment of a N166-billion state-of–art and fully integrated sugar complex.
Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue chip stocks appreciated in price, resulting to a further rise in market capitalization of N34billion.
Nigerian naira fell on the black market on Wednesday, pressured by demand for dollars from Muslim pilgrims travelling to Saudi Arabia for the haj and individuals paying for school fees abroad.
Nigerian fuel distributor Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent.
Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.