Europe Top News and Analysis Nigeria

  • ABUJA, Aug 21- Nigeria's President Muhammadu Buhari swore members of his cabinet into office on Wednesday, assigning a new minister of state for petroleum in Africa's top producer of crude oil in a cabinet of 43 ministers. Silva replaces Emmanuel Kachikwu who was the country's representative at OPEC meetings. Zainab Ahmed retained the position of finance...

  • ABUJA, Aug 19- Nigeria's central bank will strive to protect the country's currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria's government, the bank's head said on Monday. Such a sum would be one of the largest financial liabilities imposed on Nigeria in its history,...

  • LAGOS, Aug 16- A judge in London said on Friday he would grant a firm called Process and Industrial Developments Ltd the right to seek to seize some $9 billion in assets from the Nigerian government over an aborted gas project. With interest payments, the sum now tops $9 billion- some 20% of Nigeria's foreign reserves. A spokesman for Nigeria's President Muhammadu...

  • LAGOS, Aug 16- A judge in London said on Friday he would grant a firm called Process and Industrial Developments Ltd the right to seek to seize some $9 billion in assets from the Nigerian government over an aborted gas project. The company was awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in Calabar.

  • BRAZZAVILLE, Aug 12- An oil discovery in Republic of Congo could produce nearly 1 million barrels of oil per day, a company involved said on Monday, possibly quadrupling the nation's output and propelling it into the same league as Africa's largest producers. Congo's cash-strapped energy industry has been boosted by major recent finds from Italy's ENI and...

  • LONDON, Aug 9- Nigerian oil has suffered its slowest sales of the year in August, traders said, as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia. Permian basin is pouring ever more into traditional strongholds for Nigerian oil in Western Europe, India and Indonesia. According to IHS Markit, Europe has imported around 46%...

  • *Trading desk in Lagos will have 30 staff. LAGOS, Aug 8- Africa's largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, executives at Dangote, which is building the facility in the Nigerian commercial hub of Lagos, told Reuters. Despite the delays at the congested Apapa and Tin Can Island ports in Lagos, a...

  • *Looking to redeem preference shares in Nigeria. JOHANNESBURG, Aug 8- MTN Group Ltd is on track to meet a divestment target set in March after raising $140 million from asset sales that will slim down Africa's largest mobile phone operator and refocus it on high-growth markets. "So we're well on track for our 15 billion rand," Chief Executive Rob Shuter told...

  • JOHANNESBURG, Aug 8- MTN Group Ltd has raised 2.1 billion rand from asset sales as part of a divestment plan announced in March, Africa's largest mobile network by subscribers said on Thursday after reporting a 9.3% drop in earnings. MTN is reviewing a raft of investments under the three-year, 15 billion rand divestment programme as it moves to focus on...

  • ABUJA, Aug 7- Nigeria's state oil company plans to partner with the huge private refinery under construction on the shores of Lagos to turn the oil-producing nation into a fuel supplier for the region, the new head said in an interview with Reuters. The aim to ink a contract with the Dangote refinery, with a capacity of 650,000 barrels per day, is part of new managing...

  • *Nigeria signed Africa free trade deal in July. LAGOS, Aug 6- Adeleke Adeleye stands in front of a bank of whirring printers spinning out dozens of envelopes a minute in Nigeria's commercial capital of Lagos. But he sees trouble on the horizon in the form of a new African free trade agreement aiming to unlock a market of 1.3 billion consumers- but which many in Nigeria,...

  • ABUJA, Aug 2- One of Nigeria's main oil and gas trade unions said on Friday it had suspended planned industrial action related to a staffing dispute with U.S. oil major Chevron. OPEC member Nigeria is Africa's largest oil producer and crude sales bring about 90% of foreign exchange, but the moribund state of refineries means it imports most refined fuel.

  • In a statement, the Nigeria Union of Petroleum and Natural Gas Workers said the suspension of the plans, which were announced on Thursday in connection with a reduction of the company's workforce, followed talks brokered by the state oil company.

  • NIGERIA OIL UNION NUPENG SUSPENDS PROPOSED INDUSTRIAL ACTION PLANNED OVER CHEVRON STAFF DISPUTE- STATEMENT.

  • Aug 1- Kellogg Co beat Wall Street expectations for quarterly sales and profit on Thursday, and the food maker's shares rose sharply as investments in marketing and product development drove higher demand for snacks, frozen waffles and meatless burgers in North America. Net sales from North America, which accounts for nearly two-thirds of Kellogg's revenue,...

  • Aug 1- Kellogg Co beat Wall Street expectations for quarterly sales and profit on Thursday, boosting the food maker's shares 12% as investments in marketing and product development drove higher demand for snacks and frozen food in North America. The North America unit has not grown sales by this much since the first quarter of 2013, according to J.P.Morgan...

  • ABUJA, Aug 1- One of Nigeria's main oil and gas trade unions on Thursday threatened to take industrial action over a staffing dispute with Chevron. Nigeria, an OPEC member, is Africa's largest oil producer and crude sales make up around 90% of foreign exchange in Africa's largest economy. The Nigeria Union of Petroleum and Natural Gas Workers has accused U.S. oil...

  • ABUJA, Aug 1- One of Nigeria's main oil and gas trade unions on Thursday threatened to take industrial action over a staffing dispute with Chevron. In a statement, the Nigeria Union of Petroleum and Natural Gas Workers said it was prepared to take industrial action if the U.S. oil major did not comply with its wishes within seven days over a reduction of the...

  • NIGERIA OIL UNION NUPENG THREATENS INDUSTRIAL ACTION OVER CHEVRON STAFF DISPUTE, GIVES COMPANY 7- DAYS TO MEET DEMANDS- STATEMENT.

  • *OPEC oil output drops by 280,000 bpd in July. LONDON, July 31- OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The survey suggests Saudi Arabia is sticking to its plan of voluntarily restraining output by...