Money

Uncomfortably high oil prices, unsustainable sovereign debt burdens, and Japan's uncertain future cloud the global economic outlook, as world finance leaders gathered yesterday. Group of Seven members, who met behind closed doors in the evening, tried to assess the economic damage from Japan's earthquake to uprisings in the Arab world. "There's very high uncertainty about Japan's outlook," said Naoyuki Shinohara,…

Royal Dutch Shell said on Thursday it had resumed production at its Nigerian Bonga offshore oil and gas facility after routine maintenance which started in February. Bonga has a nameplate oil production capacity of more than 200,000 barrels per day (bpd) -- around 10 percent of total Nigerian output -- but produces less. It also has the capacity to produce…

The Federal Government has paid 45 per cent of the entitlements of workers of the Nigerian Telecommunications Limited, the National Union of Postal and Telecommunications Employees (NUPTE) has said. Sunday Alhassan, president of NUPTE, told the News Agency of Nigeria (NAN) in Lagos on Tuesday that the entitlements included outstanding salaries. Mr. Alhassan said that the government had also given…

The Dangote Group says it will invest 3.9 billion dollars (N585 billion) in the expansion of its cement plants in some Africa countries. Aliko Dangote, chairman of the company, disclosed this on Tuesday in Lagos while signing an agreement between his company and a Chinese firm, Sinoma International Engineering Co. Ltd. He said that the expansion project, expected to be…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to hasten the development of the rail system to enhance effective petroleum products distribution across the country. Olumide Ogunmade, the chairman of south-west chapter of the association, told the News Agency of Nigeria (NAN) in Lagos on Monday that rail system was one of the best and…

The government of India has said it is looking into addressing the lopsided economic relationship between it and Nigeria. Figures of trade released by the country show that bilateral relations between both countries for the year ended March 31, 2010 is $8.7 billion. Nigerian export to the Asia country is around $7.3 billion, while that of India to Nigeria is…

A recent report has shown that many Nigerians still do not know that their debit (Automated Teller Machine, ATM) cards can be used for more than just withdrawing cash from bank ATMs. Over 74 per cent of the respondents surveyed by ThinQThanQ, a research and database unit of financial technology, a financial services technology publication that circulates in 16 countries,…

Following the recent acquisition of billions of shares of the Transnational Corporation of Nigeria (Transcorp) by Heirs Holdings, an investment company, some investors are now “taking position” in the conglomerate’s stock. Transcorp’s shares were the most traded stock at the Nigerian Stock Exchange (NSE) on Tuesday with over 54.208 million volume of shares traded, while the share price rose by…

The Nigerian Accounting Standards Board (NASB) has called for the passage of the Financial Reporting Council Bill by the National Assembly. The passage of the bill would empower the board to implement the International Financial Reporting Standards (IFRS), which Nigeria has already adopted. The IFRS is expected to be implemented over a three year period with effect from January next…

The World Bank yesterday identified fresh threats to efforts by countries to realise most of the Millennium Development Goals (MDGs) set by the United Nations by 2015. In its World Development Report (WDR) 2011 on conflict, security and development, the bank’s team leader, Sarah Cliffe, said though conflict and violence continue to have a huge negative impact on the development…

At least four capesize cargoes of South African coal have been sold back to the original sellers by Chinese buyers during the past month and all are coming to Europe, said sources familiar with the deals. South African coal is being stockpiled in Amsterdam-Rotterdam-Antwerp and at power plants either for sale into Europe or to be burned at the main…

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The financial services industry has witnessed a landmark in the penetration of banking services to rural and urban areas with the introduction and migration of its payment cards and terminals from magnetic to the more secure chip and pin EMV platform. However, despite these achievements, the industry is still faced with the challenge of encouraging about seventy per cent of…