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Next Oil Downturn? Looming Gasoline Glut Threatens Crude’s Rebound

Next Oil Downturn? Looming Gasoline Glut Threatens Crude’s Rebound

A rebound in oil prices this year from 12-year lows is in danger of coming to a crashing halt, as the main engine of global demand growth for the past several years starts to sputter amid signs of a gasoline glut. Crude oil LCOc1 has rallied more two-thirds from its mid-January nadir on robust demand […]

London Born Ghanaian Entrepreneur Launches World’s First Global African-Owned Stationery Company

London Born Ghanaian Entrepreneur Launches World’s First Global African-Owned Stationery Company

Christopher Osei – Frimpong grew up in South London, UK, and has had an eye for business from an early age. By the of age 16 Chris sold sweets to his peers in college and he went on to project manage major club night, concerts and comedy show events across Europe which attracted a total […]

Nigeria Is Not Sick, We Don’t Need Your Loan – Finance Minister Tells IMF

Nigeria Is Not Sick, We Don’t Need Your Loan – Finance Minister Tells IMF

Nigeria, which is going through its worst economic crisis in years, has not turned to the International Monetary Fund (IMF) for financial assistance because it is “not sick”, its finance minister said. The economy grew 2.8 percent last year, its slowest pace in decades, and in March annual inflation rose to a near four year […]

Angola Overtakes Nigeria As Africa’s Top Oil Producer

Angola Overtakes Nigeria As Africa’s Top Oil Producer

Nigeria has again lost its Africa’s top oil producer status to Angola, as the country’s crude oil production fell by 67,000 barrels per day last month, latest data from the Organisation of Petroleum Exporting Countries have shown. OPEC, in its Monthly Oil Market Report for April, which was released on Wednesday, put crude oil production […]

FG Seeks N3.2tn For Transport Infrastructure

FG Seeks N3.2tn For Transport Infrastructure

The Federal Government will require a total sum of $16bn (N3.15tn) in the next five years to address the challenges of infrastructure in the transport sector. The Director-General, Infrastructure Concession Regulatory Commission, Aminu Dikko, gave the figure on Wednesday in Abuja during a capacity building programme for officials in the Ministry of Transport. Giving a […]

SMEs Big Losers In Chase Bank Mess

SMEs Big Losers In Chase Bank Mess

Businesspeople have been left in shock on learning that they cannot access their money in Chase Bank. For an institution that marketed itself as “the relationship bank”, Chase was the bank of choice for young entrepreneurs and Small and Medium Enterprises mostly run by women and youth. The bank’s popularity was fuelled by its vibrant […]

If Only Industries Could Be Provided With Power, A Lot Of People Will Enjoy — Mrs Adebisi Kuforiji

If Only Industries Could Be Provided With Power, A Lot Of People Will Enjoy — Mrs Adebisi Kuforiji

Mrs Adebisi Kuforiji is the Managing Director/Chief Executive Officer of Hindle Plastics Limited, plastics manufacturing outfit based in Lagos. In this chat with Vanguard, the Abeokuta, Ogun State-born computer scientist-turned-manufacturer, speaks on how she ventured into manufacturing, the challenges, and says getting raw materials is very difficult despite the fact that Nigeria produces oil, their […]

Kenya: Chase Bank Put Under Receivership

Kenya: Chase Bank Put Under Receivership

The Central Bank of Kenya (CBK) has put Chase Bank under receivership for 12 months due to what the regulator termed as unsafe financial conditions. The regulator said the appointment of a receiver manager has been been done in the interest of depositors, creditors and the public. “Chase Bank experienced liquidity difficulties following inaccurate social […]

Fuel scarcity paralyses Lagos, other major cities

Fuel scarcity paralyses Lagos, other major cities

The scarcity of petrol got worse in many parts of the country on Monday despite assurances by the Nigerian National Petroleum Corporation that the situation would improve. Lagos, which traditionally receives more product than other parts of the country, was virtually grounded on Monday as only few vehicles moved about, with many passengers stranded at […]

Interbank rate drops further on increased liquidity

Interbank rate drops further on increased liquidity

The nation’s overnight interbank lending rates fell further on Monday to 4.25 per cent, almost two weeks after it rose significantly to 13 per cent. The overnight placement had risen sharply to around 13 per cent about two weeks ago after the Central Bank of Nigeria withdrew about N400bn from the banking system to meet […]