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Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa


Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues ...

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Nigerian Oil Workers Threaten Strike in Abuja


The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three billion naira terminal benefits allegedly ...

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Nigeria: Retirement Savings Account Holders Rise By 96,346


The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year. They country’s total working population stood at 69,470,901 as at the fourth quarter of 2016. The National Bureau of ...

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MTN shares take a 7% dive as trading update disappoints


The cellphone operator has returned to profit, as it puts its enormous Nigerian fine behind it, but investors seem to have been hoping for a stronger rebound. MTN’s share price fell 7% to R110.08 on Thursday morning after it said it expected to report on August 3 that headline earnings per share (HEPS) for the six months to end-June would ...

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Shell shuts Trans Niger pipeline due to leak


Shell’s Nigerian subsidiary has shut its 180,000 barrel-per-day Trans Niger pipeline in Nigeria due to a leak, the company said in a statement on Monday, effectively shutting in exports of Bonny Light crude oil.     The Shell Petroleum Development Company (SPDC) said it shut the pipeline on July 21 after a leak at B-Dere, Ogoniland. The company said it did ...

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Nigeria: Foreign Reserves Hit U.S.$30.5 Billion On Rising Oil Prices


The nation’s foreign reserves reached U.S.$30.5 billion last week as a result of increased global oil prices, checks by LEADERSHIP on the Central Bank of Nigeria’s website have revealed. Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at $47.48 per barrel last week from $45.21 a barrel it opened in July. Experts said ...

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Nigeria: We’re Interested in Nigeria’s Oil, Gas – Britain


Britain has expressed its interest in Nigeria’s oil and gas industry. It expressed its readiness to invest in pipeline infrastructure, renewable energy, gas and power of the Nigerian Oil and Gas Industry. British High Commissioner, Mr. Paul Arkwright, made this promise when the Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, visited the ...

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Nigeria: Telecoms regulator approves Etisalat name change


Nigeria’s telecoms regulator has approved Etisalat Nigeria’s name change after its Middle East parent pulled out following regulatory intervention to save the local company from collapse due to debt, the company said. The Nigerian Communications Commission (NCC) has been notified of the new name, 9mobile, the company said, adding that Etisalat Nigeria had started the process of rebranding. The company ...

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U.S. seeks to recover $144M in bribes to former Nigerian oil minister


The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister. The civil lawsuit, filed in federal court in Houston, alleged that ...

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Nigeria, Libya Oil Output Threaten Global Market


The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to ...

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