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Oscarline Onwuemenyi Power sector development requires coordinated progress on all four legs of the development process, namely political, macro-economic, sector and financial. The failures in reform and private investment mobilization in the nation’s power industry highlight the fact that electric power,...

Nigerian investors are expected to dominate at the “Investour Sao Tome e Principe Seminar 2011” scheduled to take place in Sao Tome, the capital of Sao Tome e Principe from September 1-6 this year, expected to attract government agencies, policy makers and private sector participants. The islands of São Tomé and Príncipe lie in the Gulf of Guinea , some 500km south...

Nigerian businessmen and women have been flocking to Sao Tome and Principe since it became known that the small islands country in the Atlantic Ocean could be sitting strategically on top of oil and gas. In 2009, for instance, 110 Nigerian business men and women were in the archipelago nation exploring business opportunities at the behest of the Nigeria Sao Tome and Principe...

Rivers State in Nigeria ‘s oil-rich Niger Delta plans to issue a N250 billion ($1.63 billion) bond in October to fund infrastructure projects in the region, the state governor’s office said on Sunday. A similar issue two years ago by Lagos State , the major commercial hub in Africa ‘s most populous nation, was well subscribed by investors. “The...

…To obtain $2bn from Japanese consortium George Frankling In a bid to diversify sources of funding its projects, the NNPC is to obtain a soft loan...

International News · USD: The dollar enjoyed a relief rally against the yen and Swiss franc on Monday as leaders in the U.S. Congress agreed on a deal to trim fiscal spending, easing concerns of an imminent U.S debt default and prompting traders to unwind safe haven plays. . JPY: The yen pulled back from last week’s four-month peak against the dollar hitting, a rise...

French oil major Total Friday posted a 6% drop in second-quarter adjusted net profit as higher crude oil prices and the integration of Novatek’s production failed to offset lower overall output and weaker refining margins. The company reported EUR2.79 billion in the closely-watched adjusted net profit figure, somewhat short of the EUR2.84 billion projected by analysts....

Chevron reported earnings of $7.7 billion ($3.85 per share – diluted) for the second quarter 2011, compared with $5.4 billion ($2.70 per share – diluted) in the 2010 second quarter. Sales and other operating revenues in the second quarter 2011 were $67 billion, up from $51 billion in the year-ago period, mainly due to higher prices for crude oil and refined...

ExxonMobil has announced its estimated second quarter 2011 results. ExxonMobil’s Chairman Rex W. Tillerson commented, “ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand. “Second quarter earnings of $10.7 billion were...

International News EUR: Euro falls more than 40pips after Moody’s rating agency says it placed Spain’s AA2 credit rating on review for possible downgrade, fuelling fears about the euro zone’s debt problems. USD: The dollar came under broad pressure on Friday, sinking to a four-month low against the yen while risk currencies faltered after the House of Representatives...