Business News

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Brent dipped on Wednesday but held above $60 a barrel, supported by a rise in Saudi crude prices and air strikes on oil facilities in Libya. In a move widely seen as showing Saudi Arabia’s confidence in a recovery of demand, the OPEC kingpin raised the official selling prices (OSPs) for its oil deliveries to […]

The Federal Government on Tuesday expressed concern over the long queues of motorists at petrol filling stations in Lagos, Abuja and other parts of the country, stating that a Sovereign Debt Note of N100bn had been issued by the Debt Management Office to settle part of the subsidy arrears owed oil marketers. The Minister of […]

Dangote Cement which also constructing major cement plants in Ethiopia, Tanzania, and Zambia, already has a license to prospect for limestone in Kitui County while he revised the upcoming factory’s annual production capacity to three million tonnes from the previous 1.5 million tonnes. According to him, “We are reviewing plans for Kenya with a view […]

First Bank of Nigeria Limited has given a boost to the capability of one of its corporate customers, Petrolog, by funding the firm’s acquisition of a brand new ABS classed Dynamic Positioning (DP2) dive support vessel “DSV Vinnice.” The vessel, which is 85 metres long with a beam of 22 meters is the largest indigenously […]

There has been some level of stability in the foreign exchange market as the persistent free-fall of the local currency has been halted. The naira has been trading between N198 and N200 after the closure of the retail Dutch Auction System (rDAS) window by the Central Bank of Nigeria (CBN). The Central Bank, on Wednesday, […]

The management of Dangote Group, has said, that its focus now is to develop its multi-billion dollar new businesses to appreciable level this year to meet its completion timelines, as the group is putting in place infrastructure for business projects such as Refinery, gas, fertilizer and rice production. Speaking at the International Business Cable Television […]

Britain has sold a 1.0-percent stake in state-rescued Lloyds Banking Group for £500 million ($769 million, 677 million euros) under plans to return it to private ownership, the government said. The Treasury announced in a statement that the sale has trimmed the government’s stake from 24.9 percent to just under 24 percent. Britain still owns […]

Oil fell towards $61 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally was overblown. “The lack of follow-through higher yesterday is a worry and there’s plenty of reason to be neutral here and observe carefully,” PVM Oil Associates director […]

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