The Nigeria Liquefied Natural Gas (NLNG) Limited has generated over $50billion for the Nigerian economy since October 1999, when it exported its first LNG cargo. Speaking at the company’s book launch on ‘2014 Facts and Figures’ at the weekend, the Managing Director of the company, Mr. Babs Omotowa, said the company exported its 1,000th cargo in December 2006, 2,000th cargo in October 2010 and 3,000th in January this year.
Updated 5 Years ago

The Federal Government is planning to raise N70bn in three and 10-year bonds in an auction on June 11, the Debt Management Office has said. The debt office said it would issue N35bn each in the papers, maturing in August 2016 and March 2024 respectively. The bonds are re-openings of earlier issues, according to a public notice by the debt office.
Updated 5 Years ago

Honeywell International Inc says it sees a market for readymade mobile refineries in oil producing countries such as Nigeria. Assembling the equipment off-site may help energy companies solve the critical challenge of keeping large construction crews out of harm’s way while erecting infrastructure to tap oil fields in often unstable locations.
Updated 5 Years ago

What could make over 1000 delegates including top foreign business executives attend the World Economic Forum in Abuja recently, at a time the echoes from Nigeria was insecurity. Even the locals from other parts of Nigeria were frightened and cautioned by their relatives to be careful, how much more international investors. Their deep interest boils down to one thing, Nigeria has become a cynosure for investment as return on investment (RoI) looks good. Much attention is now focused on Nigeria. Trevor Ward, principal of the W Hospitality Group, a specialist consultant in the hospitality and leisure industry, said in a report that “Nigeria is where the action is and will continue to be.”
Updated 5 Years ago

President Goodluck Jonathan has commissioned two Diesel Multiple Units (DMUs) and six 68-seater passenger coaches, all air-conditioned, acquired by the Nigeria Railway Corporation (NRC) from China, as part of infrastructure meant to further enhance the revitalisation of the railway system. President Jonathan was represented at the event by Vice President, Namadi Sambo.
Updated 5 Years ago

Equity transactions on the Nigerian Stock Exchange opened for the week on Monday in an upward trend as the market indices improved by 0.19 per cent. The News Agency of Nigeria reports that the appreciation was due to price gains by major equities. As result of the bullish trading, the market capitalisation closed higher at N13.739tn, when compared with N13.712tn posted on Friday.
Updated 5 Years ago

The World Bank says it will invest $50m for the revamping of technical and vocational colleges in Anambra State. A Senior Education Specialist with the bank, Dr Tunde Adekola, made the disclosure when he visited the State Governor, Willie Obiano, at the Government House, Awka, on Monday. The News Agency of Nigeria reports that the visit by the bank delegation followed an inspection of facilities at Government Technical College, Ontisha, by the team.
Updated 5 Years ago

European Central Bank chief Mario Draghi has whetted markets’ appetite for more ECB policy action but investors will have to wait some time before he uses the only real option he has left — a major asset-buying plan, Reuters reports. First he will want to assess the effectiveness of the loosening package he presented on Thursday – rate cuts and measures to pump money into the sluggish euro zone economy. Then he will also have to overcome German resistance if he wants to do anything further.
Updated 5 Years ago

A Lagos-based legal practitioner, Chief Mike Ozekhome (SAN), actually paid N40 million to those who kidnapped him in August last year before he was released. Similarly, a former commissioner in Delta State, Professor Hope Eghagha, who was also kidnapped on September 30th, 2012 on his way from Warri to Asaba, paid N7 million to his kidnappers before he was released. The charges filed at the Federal High Court against the man who masterminded the kidnapping of several people within Edo and Delta States, Mr. Kelvin Oniarah Eziegbe, showed that Ozekhome paid N40 million in United States dollars before he regained his freedom.
Updated 5 Years ago

Troops conducting counter-insurgency operations in North-eastern Nigeria at the weekend successfully averted attempted massive raids on villages in Borno and Adamawa States. Making this known yesterday, the Director of Defence Information, Major-General Chris Olukolade, said the terrorists who were on their way to attack selected communities were ambushed by troops along Bilta, Borno State on receiving intelligence report of the terrorists’ intention.
Updated 5 Years ago