Bende Export-Import Limited, a subsidiary of Slok Group, says Nigerian charcoal is in high demand among EU countries because they are of good quality, easy to light and can burn for a long time. Benjamin Kalu, MD/CEO, Bende Export Limited, who disclosed this during a round table discussion organised by the company for exporters in the country, said EU countries like Belgium, Spain, Poland, United Kingdom, etc are biggest buyers of Nigerian charcoal.
Updated 6 Years ago

Shell Petroleum Development Company, SPDC, has announced plans to sell off its 97-kilometer, 150,000 barrels of oil per day Nembe Creek Trunk Line in the Niger Delta region. The company, along with its joint venture partner, is also planning to sell off four more oil blocks — Oil licenses 18, 24, 25 and 29.
Updated 6 Years ago

The country has recorded N6.849tn worth of electronic fund transfers between January and September this year. A document obtained by our correspondent on Wednesday from the Nigeria Inter-Bank Settlement System showed that NIBBS Instant Pay recorded an average volume of 1.13 million transactions so far, with a monthly transaction value of N761bn.
Updated 6 Years ago

The Minister of Power, Prof. Chinedu Nebo, has said over 50 per cent of electricity consumers in Nigeria are still not metered by the electricity distribution companies. Nebo described the development as a challenge to the power sector. He spoke at the headquarters of the Federal Ministry of Power while receiving a Brazilian delegation led by Vice-Minister of Development, Industry and International Trade, Ricardo Shaefer.
Updated 6 Years ago

Skye Bank Plc, Standard Chartered Bank Limited, First Bank of Nigeria Limited and First City Monument Bank Plc, have provided a $100 million refinancing facility for MainOne Company Nigeria Limited to drive the growth plans of the company. MainOne Cable Company Limited provides wholesale broadband and wholesale bandwidth telecommunications services and land cables to telecom operators and Internet service.
Updated 6 Years ago

Central Bank of Nigeria (CBN) by deploying its vast postal network across the country for effective implementation of the cashless policy. The plan of the NIPOST was disclosed by the Postmaster- General and Chief Executive Officer, Mallam Ibrahim Mori Baba, in Akure, Ondo State, in a message to mark the celebration of this year’s World Post Day.
Updated 6 Years ago

The naira depreciated against the United States dollar at the interbank market Wednesday as importers started to lock-in their hard currency needs at favourable rates. The nation’s currency closed at N160.26 to a dollar yesterday, compared to the N159.90 to a dollar it stood on Tuesday. Traders informed Reuters that some importers took advantage of the increased dollar liquidity in the market to buy more hard currency at favourable prices, exerting pressure on the local currency.
Updated 6 Years ago

Investors bullish on the prospects of the successful conclusion of power reforms are sending stocks exposed to the sector to multi week highs. Transnational Corporation of Nigeria (Transcorp), part of a consortium that paid $300 million to emerge as the preferred bidder for the 832 megawatts (MW) Ughelli Power Plant, has seen its stock price surge by 65.7 percent in one year.
Updated 6 Years ago

Shell Nigeria said on Wednesday it had shut down its Trans Niger Pipeline (TNP) owing to reports of leaks, deferring 150,000 barrels per day (bpd) of crude oil just 10 days after the pipeline was re-opened. “The latest leaks were reported at B-Dere, Nonwa-Tai, and Bodo West, all in Ogoniland. (Shell Nigeria) shut the line as a precautionary measure … and has also mobilised a spill response team,” Shell Nigeria spokesman Precious Okolobo said in an email to Reuters.
Updated 6 Years ago

In all the recent coverage about the fall of once-mighty Blackberry (BBRY), something was missing. The press and pundits were all correct that the original smartphone leader paid a heavy price for its continued failure to respond to the iPhone disruption. But former cell phone king Nokia (NOK) also made a remarkably similar series of blunders over the same time frame. Could it be that management at two sophisticated technology companies was that inept? Or is there another way to explain the relentless erosion of two of the world’s most valuable business franchises?
Updated 6 Years ago