Tag Archives: Business and Finance

Petrol marketers face fresh hurdles over $950m debt

Uncertainty is looming over the supply of petroleum products for local consumption in the country as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million, The Guardian reports. It was discovered that unless the…
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Buhari allegedly appoints new board for NNPC, replaces Kachikwu as GMD

President Muhammadu Buhari has approved the composition of the Board of the Nigerian National Petroleum Corporation (NNPC), as provided for under Section 1(2) of the Nigerian National Petroleum Corporation Act of 1997, as amended, Premium Times reports. President Buhari also removed Dr. Emmanuel Ibe Kachikwu as group managing director of the corporation, a statement by…
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World Bank raises 2016 oil price forecast to $41/barrel

The World Bank has raised its 2016 oil price forecast up from the previous level of $37 per barrel to a new height of $41. The World Bank yesterday said the crude oil market rebounded to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organisation of the Petroleum Exporting…
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