OPEC members pump less oil in January

OPEC members pump less oil in January

The Organisation of Petroleum Exporting Countries (OPEC) members more than fulfilled their plan to lower oil output in January, a report published by the group of major producers yesterday has said. The OPEC members decided in November to reduce their output at the start of 2017, aiming to boost oil prices and revenues, shortly afterward, 11 non-OPEC producers including Russia joined the effort to pump less. “OPEC’s 13 members pumped 32.1 million barrels per day (bpd) in January, below its target of 32.5 million bpd,’’ the Vienna-based group said. According…

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NNPC to import more petrol

NNPC to import more petrol

The Nigerian National Petroleum Corporation (NNPC) has announced plans to increase the February supply of petrol by six additional cargoes to the existing national sufficiency of over 32 days and import three additional diesel cargoes before the end of February. The corporation also said it has placed an order for massive 250 trucks per day loading of diesel and kerosene from across the three refineries in Port Harcourt, Kaduna and Warri. According to a statement by its spokesman, Ndu Ughamadu, Acting NNPC Group Managing Director, Engr. Saidu Mohammed, disclosed these…

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Vitamin C Weakens Tooth Enamel and Other Facts the Dental Experts Do Not Know

Vitamin C Weakens Tooth Enamel and Other Facts the Dental Experts Do Not Know

We encourage daily supplementation of vitamin C for everyone. It protects against everything from sudden infant death syndrome (S.I.D.S) to scurvy, heart disease, and in some cases, cancer. Two-time Nobel Prize winner, Linus Pauling, recommended a whopping 3 grams of vitamin C every day for the average healthy male, and 6 grams for those at risk of heart disease. There are many methods of vitamin C supplementation, in the form of capsules, powders and syrups. For decades, parents have been providing their children with chewable vitamin C pills. Vitamin C…

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We‘ll avoid pitfalls of 2016 Budget process this year – Senate

We‘ll avoid pitfalls of 2016 Budget process this year – Senate

As the National Assembly opens 2017 budget defence wednesday, the Senate has assured Nigerians that it will deploy all powers within its reach to avoid a repeat of the woes which accompanied the 2016 budget process. The 2016 budget process was the most controversial appropriation process in Nigeria’s history as it was characterised by a range of controversies which began with secret swapping of the budget by the executive, replacement of the initial document by President Muhammadu Buhari, as well as alleged padding of the budget by both the executive…

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NCAA chief says closure of Abuja Airport best option

NCAA chief says closure of Abuja Airport best option

The Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Muhtar Usman, has backed the plan by the Federal Government to close the runway of the Nnamdi Azikiwe International Airport, Abuja for repairs. Usman made the announcement while speaking with aviation correspondents at Ikeja on Monday. The News Agency of Nigeria (NAN) recalls that government had announced a proposal to close the airport for six weeks from March 8 to repair the dilapidated runway. Usman said that after a detailed review of the situation, the closure of the airport remained the…

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NDDC sets 21-point agenda for Niger Delta development

NDDC sets 21-point agenda for Niger Delta development

The Niger Delta Development Commission (NDDC) has reaffirmed its commitment to making the commission’s systems and processes more transparent for sustainable development of the Niger Delta region. This was contained in a 21-point focus set out at the board’s inaugural meeting in Port Harcourt, Rivers State last Thursday as strategic to regional development. NDDC Chairman, Senator Victor Ndoma-Egba, stated that it was imperative to create opportunities “for public participation to engender confidence in the activities of the commission by all stakeholders in the region.” Other points, Ndoma-Egba stated, included curtailing…

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Forcados pipeline set to boost oil exports

Forcados pipeline set to boost oil exports

The Trans-Forcados pipeline, which was shut for most of 2016, is likely to be reopened around the end of the second quarter of 2017, the Chief Executive Officer of Seplat Petroleum Development Company Plc, Mr. Austin Avuru has said. Owned by the Nigerian Petroleum Development Company (NPDC) and operated by Shell Petroleum Development Company (SPDC), the pipeline has been attacked severally by the Niger Delta Avengers (NDA). It was first attacked by the Avengers in February 2016, the first on a subsea pipeline in the country. A spill that occurred…

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Bears return on weak investors’ sentiments

Bears return on weak investors’ sentiments

The stock market closed lower tuesday, ending two days of positive performance with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shedding 0.05 per cent to be at 26,217.54. Similarly, market capitalisation shed N4.8 billion to close at N9.0 trillion. The market had maintained an uptrend since last Friday and closed 0.03 per cent higher on Monday. However, the bears regained control of the market yesterday with 25 equities depreciating, compared with 13 stocks that appreciated. Shares tanked as the Central Bank of Nigeria’s Monetary Policy Committee (MPC) retained the…

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Dangote Tomato Paste Factory Shut Down Due to Shortage of Forex

Dangote Tomato Paste Factory Shut Down Due to Shortage of Forex

A tomato paste factory belonging to Africa’s richest man, Aliko Dangote has been shut down due to shortage of dollars needed to import raw materials. This is the second major tomato paste factory that has packed up in Nigeria under the Muhammadu Buhari administration. “Where the foreign exchange is not available, we are cutting down our operations. For example … we had a tomato-based processing plant, we have shut it down,” Edwin Devakumar, a senior executive with Dangote’s business, told Reuters in an interview. Dangote’s plant opened only last year in…

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Heritage Bank Confirms Mass Sack

Heritage Bank Confirms Mass Sack

Heritage Bank Plc says it is true that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff. The bank, which sacked 400 members of staff in December 2016, said this was done “as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and industry innovative agenda”. In a statement by signed by Fela Ibidapo, its spokesperson, the bank said: “The restructuring processes was to up scale the institution’s activities in the strategic sectors of the economy as well…

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