Business

Oil prices surge on output cut pledge, US-China deal

Oil prices soared on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.

Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman "have agreed to extend our agreement" to limit production as prices slump on global markets.

An existing deal committing OPEC and non-members to cuts expires this year.

Judgment on $3.6b Bonga oil spill fine by NOSDRA not binding on us - Shell

 The Shell Nigeria Exploration and Production Company (SNEPCO) operator of the Bonga oil field says the court judgment on the $3.6 billion fine for the December 20, 2011 oil spill is not binding on it.

  Shell had approached the courts to challenge the powers of National Oil Spills Detection and Response Agency (NOSDRA) to impose fines on it.

  Mr Bamidele Odugbesan, the Media Relations Manager at Shell, stated on Tuesday that the judgment merely clarified that NOSDRA had  powers to impose fine but did not compel it to pay the fine.

Drama in Edo as Governor Obaseki walks BEDC MD out of his office

A mild drama occurred at the office of the Edo State Governor, Mr. Godwin Obaseki, on Tuesday morning as the governor walked the Managing Director (MD) of the Benin Electricity Distribution Company (BEDC), Mrs. Funke Osibodu, out of his office.  

Illegal importation of 1570 rifles: Court denies bail to defendants, trial commences

The trial of the defendants; Ayogu Great James, Ifeuwa Moses Christ and a company, Great James Oil and Gas Limited charged with illegal importation of firearms commenced on Thursday before Justice Saliu Saidu of a Federal High Court sitting in Lagos, even as the court refuses to grant them bail.

At the commencement of trial of the defendants, a witness, Nwaiwu Chibuzor Ginikanwa, a Deputy Superintendent of Customs, Intelligence Unit, Tincan Island Command, told the court how the defendants who imported arms into the country through the Tincan Island Port, Lagos were arrested.

Atiku promises to boost oil investment, cut subsidies if elected

Nigeria's main opposition candidate Atiku Abubakar said on Monday he will boost oil sector investment, cut costly fuel subsidies and double the size of the economy by 2025 if he wins next year's presidential election.

The businessman and former vice president portrayed himself as a champion of the private sector as he released his manifesto and set out his plans to stop incumbent Muhammadu Buhari securing a second term in February.

Banks confiscate 79 filling stations, nine tank farms over debt

Oil marketers, depot owners plead for N800bn subsidy payment

IPMAN laments kidnap of members, bad roads

By Ummi Ismaeel,
Minna
Independent Petroleum Products Marketers Association of Nigeria (IPMAN) has decried incessant attack and kidnap of its members.
It also lamented the deplorable road conditions nationwide, which it said was one of the major challenges of the association in ensuring uninterrupted supply of petroleum products to Nigerians.
Besides, it pleaded to the Federal Government to intensify efforts at repairing the affected roads.

NNPC, Total empower 21 farmers in Enugu

By Mary Okoh

Enugu

Nigerian National Petroleum Corporation (NNPC) in collaboration with Total Upstream Nigeria Limited (TUPNI) has trained 21 smallholder farmers on agribusiness sustenance and value chain addition in Enugu State.

  At the graduation ceremony in Enugu on Tuesday, the Executive General Manager of TUPNI, Mr Vincent Nnadi, who was represented by Delight Sunday-Anecho, Head CSR partnership, lamented that lack of agricultural storage facilities and knowledge has made farming in Nigeria a less attractive venture for the smallholder farmers.

MTN to apply for banking license in Nigeria

Africa’s largest mobile carrier, MTN Group, says it will apply for a mobile banking license in Nigeria and will begin the service in the second quarter of 2019, Rob Shuter, its CEO said Tuesday at a telecoms conference in Cape Town.

  The announcement is coming on the heels of the $10 billion sanction imposed on the wireless carrier by Nigerian authorities. Both parties have been in talks over the penalty.

Customs Impounds 12 exotic cars valued at N240m in Owerri

The Federal Operations Unit (FOU) Zone ‘C’ of Nigeria Customs Service in Owerri says it confiscated 12 illegally imported cars and contraband with Duty Paid Value (DPV) of N240 million recently.

The Unit Controller, Compt. Kayode Olusemire, made this known on Friday in Benin while taking journalists round the goods confiscated along Benin axis. He said that three suspects were arrested in connection with the seized items that are helping customs with information.

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