Author: citibusinessnews
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SA’s Clover halts invest in Nigeria
South Africa’s Clover Industries will no longer invest in Nigeria due to a financial crisis there, the dairy products company said on Wednesday. “The current financial crisis experienced in Nigeria which is fuelled by the low oil price is a further cause of concern, thus the group has decided to withdraw from future investments in…
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FPSO Prof. JEA Mills arrives in Ghana
The second FPSO Professor John Evans Atta Mills, which was constructed in Singapore has finally arrived in Ghanaian waters today. The vessel is expected to produce and store oil from Ghana’s Tweneboa-Ntomme-Enyenra (TEN) offshore oil fields. Citi Business News gathers the FPSO Professor John Evans Atta Mills will move directly to the installation phase when it…
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(Audio) Food Tales: Tomato vendors ask for protection
Citi Business News this week commences its all new series dubbed, “Food Tales”. Food tales explores the difficulties players in the food stuff supply chain go through to get us the produce. In the first episode, Citi Business News’ Jessica Aryee, explores the tomato retail industry and has come through with this report. By: Jessica…
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Strike over high taxes: Gov’t to meet businesses’ demands
The three day strike by the Joint Private Business Sector Consultative Forum enters the third day despite government’s assurance of reviewing some of the taxes. It follows a meeting with Deputy Minister of Trade and Industry, Mutala Mohammed yesterday. Citi Business News has gathered that government failed to convince the business operators to call off…
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FPSO Kwame Nkrumah to shut down for maintenance
The main vessel used in collecting and processing crude oil from the jubilee field, the FPSO Kwame Nkrumah, will be shut down for 14 days Citi Business News has gathered. According to Tullow Ghana Limited, lead operators of the Jubilee Partners field, the shutdown is to allow routine maintenance works on the vessel to be undertaken on…
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MD of GCB to resign from the bank
Citi Business News can confirm that the Managing Director of GCB, Simon Dornoo, will part ways with the bank on Thursday March 3, 2016. According to sources familiar with the development, Simon Dornoo is bowing out of the bank to pursue other interests. Simon Dornoo assumed the role of MD of the bank in the second…
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Oil prices “totally unacceptable”, Nigerian president tells Qatar’s ruler
The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s biggest oil producer which earns around 90 percent of its foreign exchange earnings from crude oil exports, has been hit hard by the erosion of…
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Vodacom S.A and Neotel end deal talks
Vodacom announced that its proposed acquisition for a majority stake in Neotel’s fixed line business assets has been terminated “due to regulatory complexities”. The voluntary statement reads that certain conditions were not being fulfilled “accordingly, the parties have agreed that the proposed restructured transaction can no longer be progressed”, it said. Vodacom and Neotel appeared…
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South Africa regulator allows Eskom to raise tariffs by 9.4 pct in 2016/17
South Africa’s Energy Regulator said on Tuesday it had allowed state-owned power firm Eskom to raise tariffs by 9.4 percent in the 2016/17, less than what had been requested by the cash-strapped utility. The National Energy Regulator of South Africa (NERSA) announced that it would not grant Eskom the 22.8 billion rand difference it requested…
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FPSO Prof. JEA Mills to arrive this week
The second Floating Production, Storage and Offloading (FPSO) vessel which was christened FPSO Prof. John Evans Atta Mills, is to arrive this week. The FPSO Prof. John Evans Atta Mills is expected to produce and store oil from Ghana’s Tweneboa-Enyenra-Ntomme (TEN) offshore oil fields. With a nominal production capacity of 80,000 barrels of oil per…