Nigerian Banks Raised $2.5bn To Fund Acquisition Of Shell Oil Blocks

   Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has stated that his bank and some other Nigerian banks accounted for about $2.5 billion used by some Nigerian independent firms to acquire assets during the recent divestment of onshore assets by Shell Petroleum Development Company (SPDC), Total and Nigerian Agip Oil Company (NAOC). This is coming...

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When Oil Becomes Optional

 Is this the beginning of the end for oil’s long, tyrannical reign? Amid turmoil in two of the world’s largest oil-producing regions, Russia and the Persian Gulf, the price of oil has declined from $110 in last summer to below $70 last week. Explanations for the drop are many, ranging from an oil glut resulting from booming U.S. shale oil production to a Saudi plot to make U.S. shale unprofitable...

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