Oil Falls on Increased U.S. Rig Count, China Industrial Slowdown

Oil prices fell by one percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further.

China, the world’s second-largest oil user, reported additional signs of an economic slowdown.

U.S. crude oil futures were at 53.13 dollars per barrel at 0543 GMT, down 56 cents, or 1 percent, from their last settlement.

International Brent crude oil futures were at 61.03 dollars a barrel, down 61 cents, or 1 percent.
Read more at; https://newsbreakers.ng/oil-falls-on-increased-u-s-rig-count-china-industrial-slowdown/


Failed Project: British Firm Drags FG Before US Court, Seeks to Recover $8.9bn

An engineering and project management firm based in the British Virgin Islands, Process and Industrial Developments Limited, has approached the United States District Court of Columbia, seeking to enforce a $8.9bn arbitral award against the Federal Government of Nigeria.

According to the papers filed by the British firm before the US court, a copy of which our correspondent obtained on Sunday, the arbitral award against the Federal Government followed a failed power project for which the Federal Government signed a 20-year agreement with the foreign firm in 2010.

The British firm explained that in 2010 it signed a contract with the Ministry of Petroleum Resources to “help Nigeria harness its abundant natural gas reserves to solve the growing electricity crisis” in the country.
Read more at;https://newsbreakers.ng/failed-project-british-firm-drags-fg-before-us-court-seeks-to-recover-8-9bn/


AMCON Recovered N1tn from Debtors in Eight Years –FG

Since the commencement of operations of the Asset Management Corporation of Nigeria in 2010, about N1tn had been recovered from debtors of banks whose loans were taken over by the corporation.

The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja while inaugurating the board of AMCON under the chairmanship of Mr Muiz Banire (SAN)

AMCON was set up by the Federal Government through the Central Bank of Nigeria to bail out banks through the purchase of non-performing loans and to recover loans from debtors.
Read more at; https://newsbreakers.ng/amcon-recovered-n1tn-from-debtors-in-eight-years-fg/


Reduce Vehicle Import Tariff to 15%, LCCI Urges FG

The Lagos Chamber of Commerce and Industry has joined in the calls for the review of the Automotive Policy, which was proclaimed by the Goodluck Jonathan administration in 2013.

The LCCI made its position known in a statement issued and signed by its Director-General, Mr Muda Yusuf, on Sunday.

The call is coming four days after the Comptroller General, Nigeria Customs Service, Col Hameed Ali (retd.), called for a reduction of the 35 per cent levy on imported vehicles to curb smuggling.
Read more at;https://newsbreakers.ng/reduce-vehicle-import-tariff-to-15-lcci-urges-fg/



Dangote Hails Road Construction Executive Order

Business mogul, Aliko Dangote, says the Executive Order 007 signed by President Muhammadu Buhari on Friday will make businesses run smoothly and more profitably.

Africa’s richest man also said the new order, tagged Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, will reduce the cost of doing business in the country.

Dangote Group is one of six companies selected to construct 19 federal roads in the pilot phase of the new scheme.
Read more at; https://newsbreakers.ng/dangote-hails-road-construction-executive-order/