Oil falls following Greek vote

oil price

06 July 2015, News Wires – Oil prices fell sharply early on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of...

Technip plans 6000 layoffs

06 July 2015, News Wires – French engineering giant Technip will lay off some 6000 workers as part of a major restructuring effort aimed at countering an oil and gas market that the company reckons will get even more challenging...

Fuel scarcity persists as banks deny marketers credit

06 July 2015, Lagos – The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks...

Bayelsa’s Petrochemical firm to employ 30,000

06 July 2015, Yenagoa – The Bayelsa Development and Investment Corporation has said the $3.5 billion Brass Fertilizer and Petrochemical project to be sited at Odioma in Brass Local Government Area is expected to generate a turnover...

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Power generation, marketing and distribution updates

Why NERC withdrew financial support for NECAN

06 July 2015, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has provided reasons why it decided to rethink on its proposed financial support for the new consumer advocacy group, the Nigerian Electricity Consumers Advocacy Network (NECAN) it helped initiate its formation. Dr. Sam Amadi NERC said recently in Abuja that its decision to withdraw its financial support for NECAN...

No approval for electricity tariff increase — NERC

05 July 2015, Abuja – No electricity distribution company has received approval to increase tariffs payable by customers, the Nigerian Electricity Regulatory Commission has said. Dr Amadi NERC’s position is in reaction to complaints by consumers who say that some of the Discos have increased...

NECAN kicks against electricity tariff increase

04 June 201, Abuja – The Nigerian Electricity Consumers Advocacy Network (NECAN) has kicked against the plan by the Nigerian Electricity Regulatory Commission (NERC) and the Electricity Distribution Companies (DISCOs) to increase electricity tariff within the...

Canadian firm to spend 185bn Euro in Enugu, Nasarawa in energy

04 July 2015, Abuja – A Canadian based Science company; NH3 in collaboration with Nigeria Renewable Energy and Real Estate firm; Traveri  Group, has said it would access 185 billion euros European Union Fund for renewable energy projects in Enugu and Nasarawa...

Monitoring of ongoing projects undertaken by the Niger Delta Power Holding Company, NDPHC. View More Pictures...

Insurance operators bemoan high company income tax

tax

06 July 2015, Lagos – Insurance industry operators have expressed worry over the heavy tax burden placed on them by the Companies Income Tax Amendment Act 2007 (CITA), which now constitutes a big...

Investors see growing risks in naira devaluation delay

Bundles of N1000 Naira notes.

03 July 2015, Lagos – International investors, dismayed by Nigeria’s decision to delay a naira devaluation they see as long overdue, will hold back from its stock and bond markets, raising...

Trading of stocks below 50k on Nigerian bourse becomes effective

03 July 2015, Lagos – The new par value rule that allows investors to trade shares below 50 kobo has been operative implying that over 40 companies that have been dormant on the Nigerian bourse...

Experts predict naira to dollar at 250…local currency falls further to 232

03 July 2015, Lagos – Economic and financial analysts on Thursday predicted that the naira might crash to 250 against the United States dollar at the parallel market in the next two weeks following...

Insurance operators bemoan high company income tax

tax

06 July 2015, Lagos – Insurance industry operators have expressed worry over the heavy tax burden placed on them by the Companies Income Tax Amendment Act 2007 (CITA), which now constitutes a big...

Insurance industry earned N1.8tn premium in 11 years

Nigeria's Commissioner for Insurance Mr. Fola Daniel

19 June 2015, Lagos – The Nigerian insurance industry earned N1.8tn premium from life and non-life policies underwritten in an 11-year period up to 2014, investigation has shown. Mr. Fola Daniel,...

IEI interim management targets stability, competitiveness

17 June 2015, Lagos – The interim board and management of International Energy Insurance (IEI) has  said  that its target is to stabilise the company  and create  stronger management support...

NCRIB commends LASG on insurance for security personnel

17 June 2015, Lagos – The Nigerian Council of Registered Insurance Brokers (NCRIB) has commended the Lagos State Government (LASG) for approval of upward review of the Group Life Insurance scheme...

Over 200 Chinese firms eye business in mining, agric sectors

Miners 2

06 July 2015, Abuja – Over 200 Chinese companies have expressed interest in the country’s mining, agriculture, confectionary and pharmaceutical sectors. Miners Speaking during the signing of a...

Mining jobs down, modest gains in engineering services – US Jobs Report

USA.Obama

04 July 2015, News Wires – The jobs report for June, released Thursday by the U.S. Bureau of Labor Statistics, shows a continuation of the trend for declining mining jobs. There were 4,000 mining jobs lost in June, making a total of 71,000 mining jobs lost since a recent high in December 2014. Most of these job losses have been concentrated in support...