Shell Petroleum Development Company (SPDC) and the Joint Venture (JV) partners remitted $42 billion to the Nigerian Government between 2011 and 2015. Royal Dutch Shell’s 2015 Sustainability Report stated the oil giant also paid royalties and corporate taxes worth $1.1 billion to the Nigerian government last year. It added that of the amount, Shell paid $0.6 billion and its subsidiary, Shell Nigeria Exploration and Production Company (SNEPCo), paid $0.5 billion. The report also said that Shell Companies in Nigeria (SCiN) awarded 93 percent of its total contracts during the year under review to indigenous firms and spent $0.9 billion on…
Author: Pride Team
World Bank had raised its forecast for crude oil prices in 2016 to 41 U.S. dollars per barrel, saying that the oversupply in markets is expected to recede, In its latest Commodity Markets Outlook report, the Washington-based global lender raised its forecast for crude oil prices this year to 41 dollars per barrel from its January’s forecast of 37 dollars per barrel. The upgrade reflected the improving market sentiment and a weakening dollar, and the World Bank also expected the oversupply would become eased. “We expect slightly higher prices for energy commodities over the course of the year as markets…
As South Africans celebrate Freedom Day, more of them have fallen into the debt trap made worse by the increase in the general cost of living, said debt counsellor Wendy Monkley. Monkley said for many, debt stood in the way of achieving true freedom. “It has been twenty two years since we stood united as a nation at the country’s first non-racial elections, we now stand united again, but this time with one common enemy that enslaves all races and income groups, and prevents us from achieving true freedom. This enemy is debt,” said Monkley. The latest quarterly reports released…
Ratings agency Fitch had warned that the rapid rise in foreign currency-denominated private sector debt in emerging market countries combined with currency depreciation was increasing risks to their economies. A new report on eight of the largest emerging market economies estimated that median foreign currency debt of the private sector was 20 percent of GDP in the second quarter of 2015, out of a total of local and foreign currency private sector debt of 90 percent of GDP. This implies that foreign currency debt in the eight countries – Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey -…
Shoprite chief executive Whitey Basson has thrown down the challenge to retailers not to use the drought gripping South Africa as a reason to increase food prices. Basson said the Shoprite Group would act “strongly in the interest of consumers and not tolerate food price increases which were not based on fundamentals”. He said, although there was no doubt the drought and the weak rand had pushed up food inflation, there were signs that upward pressure on food prices could be starting to ease. South Africa has been in the grip of a drought that has seen food prices soar,…
Lagos State Government on Wednesday said it had successfully completed the restructuring of its N167.5billion Programme II, Series 1 and 2 Bonds. In a statement signed by the State Commissioner for Finance, Mr. Akinkunmi Mustapha, said the restructuring which was approved by the Securities and Exchange Commission (SEC) last week, was achieved through the finalization of a process through which the State worked to reach an agreement with its bond creditors, on accelerating repayment terms. He said the transaction would generate savings in excess of N40billion for the State over the next five years was approved by 99.6 per cent…
As a follow-up to President Muhammadu Buhari’s recent visit to China, the Chinese Consul-General in Nigeria, Mr. Liu Khan, has visited Governor Adams Oshiomhole of Edo State to explore the investment potentials in the state and locate more Chinese industries in the state. Governor Adams Oshiomhole has strengthened diplomatic relations with China with a view to deepening investment ties with the people and government of China. Receiving the Chinese Consul-General in his office, Governor Oshiomhole thanked him for leading a delegation of investors to his office. He said “Let me thank you, Mr. Khan, for leading a delegation to pay…
In order to institutionalize machinery for quick dispensation of justice on all land appeals and petitions in Abuja, the FCT Minister, Malam Muhammad Musa Bello has inaugurated a 10-member Committee. The FCT Permanent Secretary, Dr. Babatope Ajakaiye, who represented the Minister, inaugurated the Committee in his office to promptly address appeals and petitions from the public. The Minister remarked that it is the intention of this present FCT Administration to nurture and entrench the right machinery to address all land related petitions in the Federal Capital Territory. Malam Bello reiterated that the inauguration of this Committee is expected to mark…
The World Bank Access to Information Committee has asked for more time to reach a decision on the appeal lodged with it by Socio-Economic Rights and Accountability Project, (SERAP) regarding spending of recovered stolen funds by the late General Sani Abacha. The letter addressed to Olukayode Majekodunmi SERAP deputy director and received yesterday by the organization reads in part: “In response to your appeal under Case Number AI3982-A, this is to inform you that your appeal remains under consideration by the Access to Information Committee in accordance with the World Bank’s Access to Information Policy.” “The Access to Information Committee…
President Muhammud Buhari on Wednesday directed Chief of Defence Staff, Major-General Abayomi Olonishakin and Inspector General of Police, Solomon Arase to go after killer herdsmen. Buhari who spoke at the Public presentation of Deputy Senate President, Ike Ekweremadu held at the International Conference Centre (ICC) in Abuja. He condemned in strong term the attacks by herdsmen in Ukpabi Nimbo, a community in the Uzo-Uwani area of Enugu state. Minister of Information, Culture and Art, Alhaji Lai Mohammed who represented Mr. President said the government would not allow this attack to continue directing security agencies to secure all communities in Nigeria.…