Nigeria Business News

Oando to acquire 40 per cent stake in Qua Iboe oilfield

BusinessNews Staff — Mon, 28 May 2012 07:14:48 +0000

OANDO Exploration and Production Limited (OEPL), a subsidiary of Oando Plc, with 13 exploration and production assets, has sealed a farm-in agreement with Network Exploration & Production Nigeria Limited (NEPN) for the acquisition of 40 per cent participating interest in the Qua Iboe field (OML 13) subject to the consent of the Minister of Petroleum [...]

Oando to acquire 40 per cent stake in Qua Iboe oilfield

“Break NNPC…We will Support You” – Rotimi Amaechi

BusinessNews Staff — Mon, 28 May 2012 07:09:30 +0000

The Chairman of the Nigerian Governors Forum, Rotimi Amaechi has called for the dismantling of the oil behemoth – NNPC. Speaking at a retreat organized by the House of Representatives Committee on Constitution Review last weekend, the Rivers State government listed abuses perpetrated by the National Oil Company which largely centered on failure to remit revenue [...]

“Break NNPC…We will Support You” – Rotimi Amaechi

N 155 billion Oil Block Scam: We merely acted as Facilitators – FG

BusinessNews Staff — Mon, 28 May 2012 06:45:58 +0000

After remaining silent for nearly a week as more and more shocking revelations surfaced in the Nigerian media, the Federal Government has finally issued a statement on the N 155 billion oil block scam. In a statement released by the Attorney General of the Federation (AGF), Bello Adoke, the Senior Advocate said government merely acted [...]

N 155 billion Oil Block Scam: We merely acted as Facilitators – FG

Private Sector Calls on Government to Suspend Electricity Tariff Hike

BusinessNews Staff — Mon, 28 May 2012 06:21:20 +0000

The Organized Private Sector (OPS) has called on the government not to implement its proposed tariff hike scheduled for launch in a few days. Speaking to journalists in Lagos over the weekend, the Chairman of Manufacturers Association of Nigeria (MAN), John Aluya, stated that government has not yet gotten the power generation, transmission and distribution [...]

Private Sector Calls on Government to Suspend Electricity Tariff Hike

China Increases Orders as US Reduces Demand for Nigerian Crude Oil

BusinessNews Staff — Mon, 28 May 2012 06:03:48 +0000

Due to surging output and refinery closures in North America, the United States has cut back its orders for supply of Nigeria’s crude oil. Nigeria was the 5th largest supplier of crude to the USA and the loss of volume from one of its major trading partners has caused Nigeria to have to seek out [...]

China Increases Orders as US Reduces Demand for Nigerian Crude Oil

US Government Report Highlights 13 Ways the Nigerian Government is Similar to Boko Haram

Niyi Ayiri — Sun, 27 May 2012 10:21:08 +0000

Boko Haram, with its campaign of incessant bombing commits murder and slaughters the lives of countless innocents without mercy. The Nigerian government, with its campaign of mindless corruption, diversion of public resources into private bank accounts, conversion of the Nigerian judiciary into its pockets and other crimes based on greed, and selfishness, also slaughters the [...]

US Government Report Highlights 13 Ways the Nigerian Government is Similar to Boko Haram

In Lagos, merriment can land you in trouble!

PHILLIP ISAKPA — Fri, 25 May 2012 11:43:38 +0000

Forget that the word merriment is a correct English word. In the Nigeria we live in today, there are certain proper words that lose their ‘properness’ once they find their way into the mouths of certain groups of people. And we have many of these groups across the length and breadth of this country. I [...]

In Lagos, merriment can land you in trouble!

FG Yet to Pay for SURE Buses Delivered During Protests – Supplier

BusinessNews Staff — Fri, 25 May 2012 11:23:45 +0000

The Federal Government has yet to pay the supplier of the mass transit buses it acquired in February under the Subsidy Reinvestment and Empowerment (SURE) scheme. The supplier of the buses, VON Automobiles Nigeria Limited has alleged that the government is in debt to it to the tune of N 1.6 billion and has even [...]

FG Yet to Pay for SURE Buses Delivered During Protests – Supplier

Banks in Imo embark on strike over huge taxes

Abiodun Badejo — Fri, 25 May 2012 07:47:39 +0000

Banks in Imo State yesterday embarked on s strike following an alleged imposition of huge tax on them by the government. The industrial action which is said to be an indefinite strike, came up following the refusal of the government to reduce the excessive tax. Government was said to have disagreed with the bank Labour [...]

Banks in Imo embark on strike over huge taxes

Airtel ranked amongst top 100 global brands

BusinessNews Staff — Fri, 25 May 2012 06:45:49 +0000

BHARTI Airtel, a leading global telecommunications company with operations in 20 countries across Asia and Africa, yesterday, joined the elite club of most valuable top 100 global brands. With an overall ranking of 71 and brand value of $11.5 billion, Airtel has been ranked ahead of top global brands such as Citi (82), Sony (86), [...]

Airtel ranked amongst top 100 global brands