LAGOS MAY 6TH (NEWSRANGERS)-The Airline Operators of Nigeria (AON) on Wednesday faulted the decision by the Federal Government to engage foreign airlines for the evacuation of Nigerians abroad. Chairman of AON, Capt. Nogie Meggison in a statement explained that government’s action was disappointing after it had earlier said it would engage two domestic airlines to carry…
LAGOS MAY 6TH (NEWSRANGERS)-Nigeria’s economy is expected to contract by 3.4% this year, government officials said on Tuesday (May 5) as dwindling oil revenues coupled with a world under lockdown forced the country to assume a lower petroleum price of $20-a-barrel. That’s bad news for a sector that, over the past decade, has seen unprecedented…
LAGOS MAY 4TH (NEWSRANGERS)- The Central Bank of Nigeria (CBN) has barred banks from laying off workers due to the coronavirus. The apex bank corporate communications director Isaac Okorafor made the disclosure in a statement on Sunday. “In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods,…
LAGOS APRIL 28TH (NEWSRANGERS)-Tanzania President John Magufuli has decided to cancel the loan worth $10 billion offered by China. Magufuli said that “only a drunkard will accept the terms” of agreement in this loan. The loan in question was signed by Magufuli’s predecessor Jakaya Kikwete to construct a port at Mbegani creek in Bagamoyo. According…
LAGOS APRIL 26TH (NEWSRANGERS)- Nigerian seaport has recorded its first case of Coronavirus through a staff of one of the terminal operators at Tin Can Island Port Lagos. There were initial reports that the COVID-19 patient was a staff of Nigerian Ports Authority (NPA) but this position was refuted by the authority in a press…
LAGOS APRIL 26TH (NEWSRANGERS)- Nigeria’s central bank took 1.47 trillion naira ($3.8 billion) from lenders as additional cash reserves for failing to meet regulatory targets, according to people with knowledge of the matter. The accounts of almost 30 commercial lenders held with the central bank were debited by the regulator for missing thresholds on cash-reserve…
LAGOS APRIL 21S (NEWSRANGERS)-U.S. oil prices plummeted in historic fashion Monday, crashing below zero as traders unloaded positions ahead of the May contract’s Tuesday expiration. West Texas Intermediate crude oil futures for May delivery cratered by 305 percent to -$36.73 a barrel. At a price below zero, buyers would be paid to take delivery as there are costs…
LAGOS APRIL 14TH (NEWSRANGERS)-Heritage Energy Operational Services Limited (HEOSL), the operator of the Trans-Forcados Pipeline said the pipeline is back in operation. The Heritage’s statement issued yesterday Monday, was in response to a recent report by Reuters, wherein Shell Petroleum Development Company of Nigeria Ltd had declared force majeure over the shutdown of Trans-Forcados pipeline …