Attempt by the Federal Government to douse the tension generated by the claim by the Central Bank Governor, Sanusi Lamido Sanusi, that the sum of $49.8 billion had not been remitted by the Nigerian National Petroleum Corporation to the Federal purse ended in deadlock last night. The meeting, which was summoned on the orders of the Presidency following a strong letter by Sanusi to President Goodluck Jonathan to probe the missing sum, started at about midday and did not end until about 8pm.
Updated 5 Years ago

The controversial Chevron oil bloc bid round for which indigenous oil prospecting company, Brittania-U, reportedly made the highest winning bid of $1.6 billion got messier yesterday with the local firm suing the multinational oil company for breach of the bid arrangement. The defendants in the suit were listed as Chevron Nigeria Limited; Chevron USA, inc; BNP Paribas Securities Corp; Mr. Hermant Patel and Seplat Petroleum Development Company Limited, all of which are involved in the transaction of the assets Oil Mining Lease OMLs 52,53, and 55.
Updated 5 Years ago

Emirates Airline, which has often picked up the Oscars of the travel industry, has swooped into the home of the original Oscars to launch its celebrated A380 service. Packed with Hollywood movies on ice Digital Widescreen, the double-decker aircraft touched down in Los Angeles on Wednesday, becoming the world’s longest A380 service in operation.
Updated 5 Years ago

The National Bureau of Statistics (NBS) last week released some interesting data set on the Internally Generated Revenue (IGR) profiles for Nigeria’s 36 states between 2010 and 2012. At a first glance, the data was not surprising as states in southern Nigeria continue to show dominance in terms of economic activity. The oil producing states also featured prominently in the top ten in terms of states with the largest share of IGR.
Updated 5 Years ago

Honeywell Flour Mills Plc, a leading manufacturer of flour and a range of flour-based products, has unveiled its multi billion naira flour mills in Lagos. Speaking to journalists during the media facility tour organised by the company in Lagos recently, the Executive Vice Chairman/Chief Executive Officer of Honeywell Flour Mills, Mr. Babatunde Odunayo, said the project, which gulped around N10 billion, was built to meet the quality standard for which Honeywell Flour Mills Plc is renowned.
Updated 5 Years ago

No fewer than 53 stockbroking firms at the Nigerian Stock Exchange (NSE) are at risk of being sanctioned for failing to regularise their licences, BusinessDay has learnt. Some of the stockbroking firms so listed are those that were de-registered last year (December 24, 2012) by the Securities and Exchange Commission (SEC). A source close to this development confirmed to BusinessDay that this regulatory move now by the Nigerian Stock Exchange could lead to withdrawal of the affected stockbroking firms’ operating licences.
Updated 5 Years ago

Excited by the news that Oando Energy Resources (OER), the upstream business of Oando Plc will complete the acquisition of ConocoPhillips (COP) Nigerian business by January 2014, some investors have renewed demand for the shares of the company. The renewed demand boosted the shares of Oando last week by 12.3 per cent compared with decline the previous week. Specifically, the share price of Oando had declined by 11.4 per cent the previous, falling from N15.87 to N14.06. However, the stock made a rebound last week, rising by 12.4 per cent to close at N15.80 per share.
Updated 5 Years ago

Nelson Mandela embraced free markets, but thought that "with great wealth comes great responsibility," Sir Richard Branson reflected Friday, as the world remembered the anti-apartheid icon's struggles and triumphs, which serve as enduring symbols of freedom and equality. Mandela died Thursday at age 95. Branson, the billionaire founder of the Virgin Group, told CNBC's "Squawk Box" he met Mandela shortly after the anti-apartheid leader was released from prison. Branson said he and Mandela worked together on a number of projects over the years, and that Mandela was always trying to get wealthy individuals to help the poor.
Updated 5 Years ago

The Ministry of Aviation has shed light on the plan for Nigeria to have a national carrier, saying the federal government has no stake in the airline project and that all its shareholding will be taken over by the public. It also confirmed that Aero and the defunct Air Nigeria would be merged to become part of the new carrier, while Arik Air, for now, is excluded from collaborating to establish the carrier because the owner refused to go public and that the airline has a high, complex debt profile. But Arik Air Chairman, Chief Joseph Arumemi-Ikhide, disputed the claim as he accused the ministry of not carrying the airline along in most of the things it is doing.
Updated 5 Years ago

Warren Buffett isn’t just a great investor. He’s the best investor, an economic study has found. An index measuring returns adjusted by price fluctuations shows the billionaire chairman and chief executive officer of Berkshire Hathaway Inc. has done better than every long-lived U.S. stock and mutual fund.
Updated 5 Years ago