News

FG tightens security at oil export terminals: Security has been beefed up at strategic oil export terminals and several other oilfields following intelligence reports that terrorists are planning to launch serial attacks on industry installations in the country. Media reports indicate that the military and police high commands had directed that more security personnel be assigned on surveillance around all the export terminals to forestall any form of attacks that could cripple oil exports. (Source: Thisday)

Woolworths plans jv with Nigerian investors: South African retailer Woolworths said it plans to enter into partnership with some local investors in its bid to invest in Nigeria. It said it will open 16 new stores in other Africa countries this fiscal year. Woolworths, which sells high-end food and some clothing, already operates 44 stores in 10 countries that include Botswana and Kenya. (Source: Thisday, Punch)

Zenon, BankPHB set to settle N5.8bn debt dispute: The dispute between Bank PHB, and Zenon Petroleum and Gas Limited over a N5.8bn (US$37.9m) debt allegedly owed the bank is now over as their lawyers have informed Justice Kazeem Alogba at the Lagos High Court that the matter has been settled out of court. (Source: Guardian)

Akwa Ibom withdraws from Amakpe project: The Akwa Ibom State government has announced its withdrawal from the Amakpe refinery project, saying the promoters lacked the capacity to execute the project. Amakpe refinery had been expected to commence production from the 6,000 barrel per day facility more than five years ago. The state government is demanding a refund of US$8.5m, being its investment in the venture from its jv partners. (Source: Businessday)

Pagatech to roll out nationwide by 2015: Pagatech Limited, one of the operators issued a full operating licence by the CBN recently, said it was poised to roll out secure money transfer services to Nigerians with a target to develop 30,000 agents nationwide by 2015. Nigerians will be able to transfer money to anyone via their mobile phone or internet-connected device, or by visiting any retail agent in Paga’s nationwide network. (Source: Businessnews)