Business News Politics

LBN News Digest: Okonjo-Iweala Says Terrorism Fails to Dent Investment, Nigeria Naira Climbs as Dollar Sales Outweigh Inflation Concern, Oil Theft in Nigeria Surging

Shell: Nigeria can produce 4M barrels of oil a day
San Jose Mercury News
The speech Tuesday by Shell executive vice president Ian Craig at an oil and gas conference inNigeria’s capital Abuja renews long-running complaints by the multinational firm in Nigeria, where it remains the dominant oil company.

Cost of oil business in Nigeria high — Shell
Nigerian Tribune
Shell Petroleum has said that the reason for its divestment in some rig assets in Nigeria is partly due to the high cost of doing business and the degree of political risks in the country. Speaking at the Nigeria Oil and Gas (NOG) conference in Abuja 

Nigeria Naira Climbs as Dollar Sales Outweigh Inflation Concern
BusinessWeek
“The appreciation is due to dollar sales by oil companies and the low demand for the US currency,” Sewa Wusa, a currency analyst at Lagos-based Sterling Capital Ltd., said by phone. “However, as a rule, an economy with consistent higher inflation 

Oil theft in Nigeria surging
Business Spectator
Oil companies in Nigeria are battling against a rising theft that is costing them an estimated 150000 barrels of crude each day, an oil major official says. Ian Craig, vice president for Shell Exploration and Production Africa said militant attacks on 

Nigeria to Sign Three Oil-Lease Renewals for Exxon Mobil
BusinessWeek
21 (Bloomberg) — Nigeria, Africa’s biggest crude producer, said three oil-producing licenses operated by Exxon Mobil Corp. will be renewed tomorrow as it concludes a review of expired or soon to lapse leases. “We will be signing off on the renewals of 

Nigeria’s Naira Advances to Three-Month High on Dollar Sales
BusinessWeek
“Oil companies were initially supplying dollars only at the end of the month but this has changed due possibly to fear of losses as dollar demand whittles down,” a development that continues to strengthen the naira against the US currency, Edgar Ebinum 

Nigerians held for duping city businessman
IBNLive.com
HYDERABAD: Two Nigerians were arrested on Monday for cheating businessmen on the pretext of starting a business venture. The duo, who had cheated a person from Hyderabad of Rs 20 lakh were lured by the same victim and held when they came here.

Nigerian Content implementation is huge success’
The Nation
Alison-Madueke further directed the Nigerian Content Development and Monitoring Board, international operating companies and service companies to publicise the successes recorded so far in the implementation of the Nigerian Content Act, 

Ex-NNPC boss to banks: Finance local oil firms
The Nation
By Emeka Ugwuanyi 6 hours 45 minutes ago The former Group Managing Director of the NigerianNational Petroleum Corporation (NNPC), Funsho Kupolokun has appealed to Nigerian banks to assist indigenous oil and gas companies by advancing credits to them 

Nigeria Terrorism Fails to Dent Investment, Okonjo-Iweala Says
BusinessWeek
20 (Bloomberg) — Nigerian Finance Minister Ngozi Okonjo-Iweala said increased terror attacks in the country have failed to deter foreign investment as Africa’s largest oil producer presses ahead with plans to sell power companies and keep spending 

Mobile money: A veritable tool?
BusinessDay
Currently, First Bank of Nigeria, UBA/Afripay, GTBank, MobileMoney, Stanbic IBTC, and Ecobank has licenses to partner telecommunications companies to bring about the desired mobile banking. Others are Fortis MFB, Pagatech, Paycom, Chams, E-Tranzact, 

Adopt competitive strategies to survive 2012, businesses warned
Vanguard
By MICHAEL EBOH To navigate and survive the uncertainties expected to overwhelm Nigeria’seconomic environment in 2012 and still deliver improved and reasonable returns to investors and stakeholders, businesses should adopt strategic initiatives