Oando a major player in the downstream sector of the oil industry with a vast network of infrastructure and large distribution footprint, says it will take advantage of opportunities offered by the recent review of petrol pump price to boost its activities. The company said it will be able to leverage on its strong export trading business and achieve operational efficiencies through economies of scale. Oando said it is more significantly positioned to gain strong financial control with the elimination of fixed allocations and petroleum subsidies, to essentially improve its revenue base, cash flows and subsequently its bottom line. The…
Author: Pride Team
South Africa’s navy has detained three Chinese ships with around 100 crew on board on suspicion of illegal squid fishing, officials said. The ships were spotted on Friday having entered South Africa’s 200 nautical mile economic exclusion zone without permits. When South African officials asked the ships to sail to port they attempted to flee but were eventually captured. “We cannot tolerate the plundering of our marine resources, which are a source of food security,” Agriculture and Fisheries Minister Senzeni Zokwana said in a statement. “We are also looking into the sudden influx of these vessels in our waters.” The…
Climate activists seeking to pull investors into their camp are pushing Exxon Mobil and Chevron to limit money spent on exploration in favour of higher dividends and more share buybacks. Shareholders will vote Wednesday on proposals that would urge the two biggest US oil producers to cut what they spend opening up new oil fields and instead hand the money to investors. Environmental critics say future climate rules will soon make it unprofitable to pump. The companies say demand will grow for decades, even if carbon limits are imposed. “The business model that worked for the last century won’t work…
African governments must take urgent steps to ensure they can finance their debt after borrowing heavily in recent years when interest rates were low, the head of the African Development Bank (AfDB) had said. “Increasingly many African countries, taking advantage of the low global interest rates, have rushed to international capital markets by issuing bonds,” Akinwumi Adesina said in a statement. He said they now faced a challenge with rising interest rates. Africa, which issued Eurobonds amounting to $12 billion last year alone, must leverage sovereign wealth funds, domestic tax revenue, private equity funds and pension funds. “There is need…
MTN said organic revenue gained 1 percent in the four months through April as regulatory pressure in Nigeria led to falling sales in the South African phone company’s biggest market. The performance was also impacted by lower revenue growth in Uganda and Cameroon, the Johannesburg-based company said in a statement on Wednesday. The margin on earnings before interest, taxes, depreciation and amortisation remains “under pressure”, the wireless operator said. “We expect the group’s performance to be impacted by the weak macro environment in key markets as well as by tough competition,” Chairman Phuthuma Nhleko said in the statement, which he…
Deputy Governor of Rivers State Dr. (Mrs.) Ipalibo Harry Banigo has advised students to shun cultism and other vices that are inimical to attaining their full potentials as future leaders. Dr. Banigo gave the warning Monday when the leadership of National Union of Bonny Students (NUBS), paid her a courtesy visit in Government House, Port Harcourt. The Deputy Governor who was represented by her Special Assistant on Security, Elder Emmanuel Ibama, advised the students to engaged themselves in useful activities to avoid being lured into unwholesome ventures that would affect them and the name of their family. She enjoined them…
Rivers State Governor, Chief Nyesom Wike, has been told to apologise and refund the N10 billion from the State coffers, which he wasted on last Saturday’s inconclusive National Convention of the Peoples Democratic Party (PDP). The State Chapter of the All Progressives Congress (APC) made the demand in a statement signed by its Chairman, Dr. Davies Ibiamu Ikanya, and issued on Tuesday in Port Harcourt. Rivers APC said: “The well advertised PDP National Convention in Port Harcourt has come and gone with its disastrous outcome. With the party now factionalised into three, the demise of the once greatest political party…
Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday said the plan of his administration to transform Oshodi into a world class transport interchange in the next 13 to 16 months would go a long way to depict the regeneration plan of the State, just as he said that the project would also totally remove all notorious activities associated with the area. Governor Ambode, who spoke at the Lagos House, Ikeja during a meeting with key stakeholders on the planned transport interchange, said by the time the project is delivered, the fear of insecurity must have been totally removed from the…
Governor Okezie Ikpeazu of Abia State has advised the federal government to provide adequate resources on the policing of the country’s borders. The Governor who disclosed this at the Government House, Umuahia when he received in audience from the house committee on Army led by the chairman, Hon Rimamnde Shawulu, said there is need for the country to step up intelligence about criminals by properly equipping the police and other security agencies. According to him, the country requires a holistic programme on intelligence, stating that Nigeria cannot make headway economically except the issue of security is adequately addressed. He stated…
Tiger Brands said the risk of higher inflation will place pressure on South African consumers as the nation’s biggest food producer is raising prices to try to offset cost pressures following record corn prices. Headline earnings per share from continuing operations, which exclude one-time items, were R9.78 ($0.62) in the six months ended March 31 from R9.75 a year earlier, the Johannesburg-based company said in a statement. Tiger sold its unprofitable Nigerian business to Dangote Industries with effect from February 25, treating this as a discontinued operation. The interim dividend rose 7 percent to R3.63 a share. The weak rand…