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India Turned To US For Crude Oil…Abandons Nigeria

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crude oil

Nigeria generated N118.49 trillion from crude oil production between 1961 and 2014

India, Nigeria’s largest crude oil buyer has dumped Nigeria for US for the purchase of the product.  The Indian Oil Corporation (IOC) has issued a tender for one Suezmax or VLCC cargo of US crude loading in December, along with one Suezmax or VLCC of West African crude. This was barely a week after it was disclosed that the state-run company expected a second US crude cargo containing around 2.2 million barrels to arrive on the west coast by the end of October.

“International Oil Companies, IOCs, the country’s flagship refiner, has contracted 3.8 million barrels of US crude since July. Indian refiners have purchased heavier MARS crude from the US, as well as light sweet barrels. “Other state-run refiners like Bharat Petroleum Corp. Limited (BPCL) and Hindustan Petroleum Corp. Limited (HPCL), which are also key buyers of Nigerian crude, have also recently purchased US oil.’’

In an interview with S&P Global Platts, the General Manager of Nigerian National Petroleum Corporation, NNPC, Mele Kyari, had said: “In the short term we are not worried about rising US crude exports, because we actually sell into the US today so there is a reverse flow of trade, going from Nigeria to the US. “So far this year, 17 percent of Nigerian crude exports have been to the US, which was a sharp rise from few years ago. Indeed, since the US started exporting crude in 2015, Nigeria’s exports to the US have increased. By comparison in 2014, only 3.1 percent of Nigerian exports went to the US”.

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According to trading sources, “The competition that Nigerian crude oil cargoes have faced from US crude oil grades in Northwest Europe over the past two years has begun to expand into other regions”.  “Crude oil sales accounted for the larger chunk of the oil revenue as N188.15bn was generated from crude oil sales while gas sales generated N29.69bn. The least oil revenue came from rent and gas flared penalty with N0.044bn and N0.184bn generated respectively.” Also, South Korea’s largest refiner, SK Innovation, had made its first purchase of U.S. crude, placed the order for over one million barrels. Nigeria produces light sweet crude, a similar grade with the U.S. WTI that refiners in Asia are now rushing because of favourable price and shorter shipping distance.

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MTN Nigeria: See names of real owners as it goes public

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MTN Nigeria

MTN Nigeria has gone public on Thursday  and therefore the company is under the oversight of those  looking to invest. All its progress  will now be subject to the Nigerian Stock Exchange’s legal and regulatory laws.

In track with the above, the media has a responsibility to track at each and every stage in its administrative history how open or opaque a public company is.

The Cable acquired the investor list, that now owns billions in the Nigerian Stock Exchange’s second most important company. Even though MTN Nigeria is still dominated by MTN Group, the parent country, in the mobile operator, some prominent Nigerians hold billions.

Here is the Full List of the Shareholders.

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Company owners

ShareholderValue (NGN)Hold
MTN Nigeria1.68 Trillion76%
STANBIC IBTC213.7 Billion9.64%
Mobile Telephone Network60.95 Billion2.75%
Gov. Employees Pension Fund38.69 Billion1.75%

Personal Owners

ShareholderValue (NGN)Hold
Victor Odili87.87 Billion3.96%
Pascal Dozie37.07 Billion1.67%
Sani Mohammed Bello28.87 Billion1.30%
Babatunde Folawiyo23.83 Billion1.08%
Gbenga Oyebode19.80 Billion0.89%
Ahmed Dazuki19.35 Billion0.87%
Karl Olutokun Toriola100.1 Million0.005%
TOTAL2.22 Trillion100%
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A Good time to Invest in Cryptocurrency? as Bitcoin drops by 10% in 2 hours.

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Bitcoin Cryptocurrency price in Nigeria Naira #

Bitcoin is at the fore front when it comes to Cryptocurrency. It started out in 2009 as a peer to peer distributed banking network.

Bitcoin slowly gain popularity within the years as people saw the importance of a decentralized network i.e. a network controlled by the people with the elimination of middlemen interference.

After 2 years of operation, 1 BTC was equivalent to $31 which quickly dropped down to $2 after six months showing how volatile the Cryptocurrency market was.

By April 2013, the virtual coin has risen to $266 which rose steadily to $1000 in January 2014.

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The Unstable rise and fall continued until December 2017 when Bitcoin rose to an all time high of about $20,000 for 1 BTC.

Currently, 1 Bitcoin goes for $7100 which is N2.6 Million.

Here is a live Update of the BTC coin

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Although, the market is great for investment opportunity, there is need for Investors to be cautious due to the volatility of Cryptocurrency.

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