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Author Archives: admin

World Bank Projects 5 Percent Growth for Nigeria, others in 2021

The World Bank has projected a five per cent growth for emerging market and developing economies in 2021. Nigeria is a developing economy and the financial institution’s projection was contained in its January 2021 Global Economic Prospects report. “Growth in emerging market and developing economies is envisioned to firm to five per cent in 2021, but EMDE output is also ...

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FCMB to Appoints Yemisi Edun as Acting Managing Director

The Management and Board of First City Monument Bank (FCMB) Plc is to name Yemisi Edun as Acting Managing Director, subject to regulatory approvals which will be subsequently announced in the coming days. The planned appointment has been reported by several online sites and widely circulated on social media. This is also confirmed from a reliable source within the bank ...

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DPR Sensitises Filling Stations, Gas Plants on Safety Measures in Bauchi

The Bauchi office of the Department of Petroleum Resources (DPR) has embarked on a one-week sensitisation tour of filling stations and existing Liquefied Petroleum Gas plants (LPGs) on strict adherence to safety measures during the harmatan season. Malam Abdullahi Iliyasu, the operation controller of the department, made this known in Bauchi on Tuesday. He said the exercise would sensitise operators ...

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Insecurity: IPMAN Threatens to Shut Down Petroleum Stations in Oyo State

…..by Abisoye Shola…….. Independent Petroleum Marketers Association of Nigeria, (IPMAN), Oyo State branch said in Ibadan yesterday that it may be forced to shut down all petroleum stations in Oyo State. IPMAN said that the security situation in the State is becoming worrisome The petroleum products marketers saidt the killing of innocent citizens in some parts of the state is ...

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Atiku Sold his Shares, Collected $5.4m Balance from Us – Intels

Intels Nigeria Limited has explained why it severed ties with former Vice President Atiku Abubakar, who was one of its major shareholders. Intels said it severed ties with Atiku and his family after the former Vice President sold off his shares and exited the company in 2020, the statement titled ‘Intels severs ties with Atiku’ read. In another statement, the ...

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Most OPEC+ Producers Don’t Favor Another Output Increase

Most of the members of OPEC+ are reportedly favoring delaying another 500,000 barrels per day (bpd) increase in collective production from February due to the surging COVID-19 cases and the new lockdowns imposed to fight them According to sources from OPEC as of this January 2021, the group is already easing the collective cut by 500,000 bpd, and producers’ cuts ...

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Minister Dismises Increment in Electricity Tariff as Committee was Not Consulted

…….by James Ikenna…….. The Minister of State for Labour and Employment, Festus Keyamo, has dismissed the purported increment in electricity tariff saying there was no agreement on such increase between the members of the committee set up to look into new tariff in which his ministry and the organised labour are members. According to him what was agreed was the ...

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PIB Should Create a Competitive Environment for Investiment – LCCI

The Lagos Chamber of Commerce and Industry said on Sunday that there is the need to create a competitive environment to attract investment to the oil and gas sector using the Petroleum Industry Bill (PIB) which is before the National Assemy According to LCCI some provisions in the Petroleum Industry Bill, currently in the National Assembly, could adversely affect the ...

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LPG: NLNG Begins Domestic Supply of 450,000 MT Yearly

Consumers of the Liquefied Petroleum Gas, LPG, would have more domestic supply, as the Nigeria LNG Limited, has started the supply of 450,000 metric tonnes, MT in 2021. A company source, who confirmed the development, said the product would be delivered to designated destinations, including Lagos. Earlier, Managing Director, NLNG Limited, Mr Tony Attah, had promised to increase its allocation ...

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Oil Tumbles After Hitting $53, OPEC+ Delays Decision

The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known as OPEC+, met on Monday but ended discussions without any agreement on production levels for February. The meeting was adjourned till Tuesday ...

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