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Oil prices collapse as glut fear triggers heavy selling

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said.   The WTI futures contract, the New York commodities markets’ benchmark, and its European counterpart Brent Crude both fell more than six percent on the day.   High global oil production compared


The leading opposition political group- Peoples Democratic Party (PDP) has fingered the “harsh economic policies” of the President Muhammadu Buhari administration in the recent withdrawal of General Electric (GE) from a $2.8 billion railway concession deal. In a statement yesterday in Abuja by its national publicity secretary, Kola Ologbondiyan, PDP urged

Over 50 SMEs benefit from MTN – Microsoft Training in Lagos

MTN Nigeria, in partnership with Microsoft recently held the first session of the MTN-Microsoft Training Program in Lagos, aimed at empowering Nigeria’s fast-growing SME segment to streamline their financial and business processes, improve customer interactions and make better decisions with integrated intelligence. Doubling the number of training events in response to

Chinese firm to secure $2.38bn for Ajaokuta-Kano pipeline project

China National Petroleum Corporation says that it will secure the financing required for the execution of the Ajaokuta-Kaduna-Kano pipeline project. The boost for the project was revealed during a high-level meeting between the Nigerian National Petroleum Corporation and CNPC’s management held on the sidelines of the Forum on China-Africa Cooperation Summit

Nigeria’s external debt rises by $11.77bn in three years

Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown. According to debt statistics obtained from the Debt Management Office, the country’s external debt rose from $10.32bn in June 30, 2015 to $22.08bn as of June 30 this year. This means that the country’s external debt commitment

Customs intercept N1.5bn smuggled petroleum products

The Nigeria Customs Service, Federal Operations Unit,, Zone ‘A’ Ikeja, said that it had intercepted N1.5bn worth of petroleum products about to be smuggled out of the country to Benin Republic. It added that the petroleum products in about 12 wooden speed boats had about 11,000 jerry cans set to be

NCAA warns travellers against patronising unregistered travel agencies

The Nigerian Civil Aviation Authority has advised all intending travellers to stop patronising unregistered travel agencies. According to the aviation industry regulator, the warning became necessary in view of a recent increase in reports of fraudulent ticketing practices by unregistered travel agencies. In a statement signed by its General Manager, Public Relations,

Dr. Onu woos Nigerian investors in US

The Minister of Science and Technology, Dr Ogbonnaya Onu, will on Monday begin a tour of the United States where he is expected to meet and discuss with Nigerians in the Diaspora and advance a case for returning home and exploring opportunities in the country. In a statement issued in Abuja