Oil and Gas Free Zones Authority Nigeria

Business

Forex: FG Orders CBN To Abolish Parallel Market

As the gap between the value of the Naira at the interbank and parallel market continues to widen, the Federal Government has announced plans to converge the rates by abolishing the parallel market. The gap between the interbank and parallel market rates has grown to N184.75 as at yesterday, as the naira was sold at N490 to the dollar at ...

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Why FG Won’t Increase Tax In 2017 – Udoma

The federal government yesterday gave a breakdown of how the proposed N7.28 trillion appropriation for 2017, tagged “Budget of Recovery and Growth” would be funded, ruling out tax increase and retrenchment of workers as funding options. The government explained that rather than increase the tax burden on the people, it planned to fund the proposed budget by borrowing from internal ...

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Dangote Cement is most Capitalised Firm on the Nigerian Stock Exchange

Dangote Cement remains the most capitalized company on the Nigerian Stock Exchange (NSE), as at December 16, 2016, with a market capitalization of N2.9 trillion. This represents 31.56 per cent of the whole stock market capitalization as at December 16, 2016. Nigerian Breweries and Nestle Nigeria, all in the manufacturing sector, trailed Dangote Cement with market capitalization of N1.13 trillion ...

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FG: 2016 Revenue Projections Failed

Over half of this year’s capital projections have failed due to shortfall in expected revenue, the Federal Government revealed yesterday. The Federal Government budgeted about N1.8 trillion for capital projects in 2016 but only N753.6 billion was released as at October, Minister of Budget and National Planning, Senator Udo Udoma said yesterday. Government had expected that the N6.06 trillion budget ...

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2016: Market Still Under Pressure, Equity Investors Lose N662bn

With only about eight trading sessions left before the end of the year, it is almost certain that investors in the Nigerian stock market may well end this year again in losses, repeating the same scenarios in the two previous years,as investors in the Nigerian stock market have so far lost N662 billion this year. The stock market had moved ...

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Forte Oil Plc: A Slightly Tougher Year Ahead

Forte Oil

By Folakemi Emem-Akpan Projections/Future outlook We predict that the 2016 financial year will not be as profitable for Forte Oil and by extension its shareholders as 2015 was. In 2015, it was able to control its cost of sales and therefore turned out a decent profit. For the nine years already recorded out of 2016, it was unable to do ...

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FG Confirms Discovery Of Crude Oil In Borno

The federal government yesterday confirmed the discovery of crude oil in Borno State, North East Nigeria, thus raising the hope of the region joining the league of oil producing areas in the not-too-distant time. The disclosure was made by the permanent secretary, Ministry of Petroleum Resources, Dr. Jamila Shua’ra, when she presented her welcome address at the presentation of the ...

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N7tr Budget: DisCos, Contractors, others to Smile

Contractors are to smile in the New Year — if the Federal Government keeps its word to pay them. They and others are being owed about N2 trillion, details of which President Muhammadu Buhari said were being compiled . The President spoke yesterday at the presentation of a N7.298 trillion budget for the 2017 fiscal year. Also to be cleared ...

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Unremitted Revenue: FG Recovers N793m From MDAs

kemi adeosun

The federal government yesterday  announced that it has recovered additional sum of N793billion from three  agencies. The funds were recovered by the Recovery Committee set up two weeks ago by the Minister of Finance, Mrs.  Kemi Adeosun. According to a statement that was signed by director of information in the ministry of finance, Salisu Dambatta, the recoveries were made from ...

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NPDC Loses N1.5tr To Attacks On Pipeline Vandalism In 12 Months – Baru

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru, yesterday revealed that its exploration and production subsidiary, the Nigerian Petroleum Development Company (NPDC), lost N1.5 trillion to attacks on its facilities from January till date. Dr. Baru disclosed this at the opening ceremony of the 2016 NNPC Security Awareness Week with theme, “NNPC Security: A ...

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