US proposes Atlantic exploration

offshore rig

27 January 2015, News Wires – The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of US waters off the Atlantic Coast. The 2017 to...

Aramco reviewing development projects

drilling rig

27 January 2015, News Wires – Saudi Arabian state company Saudi Aramco plans to review its oil and gas development projects, slowing down some and renegotiating some contracts in response to falling oil prices. “We will have to adjust to the realities of today, we will push some projects into the future, we will stretch some of them, we will...

Oil steadies following OPEC comments

27 January 2015, News Wires – Brent crude oil prices held above $48 on Tuesday following comments from the Organisation of the Petroleum Exporting Countries, OPEC, that prices may have found a floor. OPEC secretary-general Abdullah...

Ex-BP boss loses bid to halt Macondo case

27 January 2015, News Wires – The US Supreme Court on Monday declined to hear an appeal by a former BP executive who contested whether he can be charged with obstruction of Congress for downplaying the severity of the 2010 Gulf...

Petrol subsidy rises to N3.64 per litre

27 January 2015, Abuja – A week after the Federal Government announced the reduction of the pump price of petrol, subsidy on the product has increased to N3.64 from the N2.84 stated on January 16, 2015, statistics obtained from...

Power generation, marketing and distribution updates

Total E&P boosts gas delivery to Alaoji power plant

Oscarline Onwuemenyi 28 January 2015, Sweetcrude, Abuja – Total E&P Nigeria Ltd has announced that a section of its Northern Option Pipeline, NOPL, from Km 38 (at Obigbo) to Km 50 (at Imo River), was completed last week and is now ready for gas flow to the National Integrated Power Plant, NIPP, at Alaoji along the Imo River in Abia State. The announcement was contained in a statement...

Eko Disco moves to generate electricity

27 January 2015, Lagos – The Eko Electricity Distribution Company says it has commenced the tender process for its embedded generation project. The company said on Monday, in a statement signed by the Assistant General Manager, Corporate Communications, Mr. Godwin Idemudia, that it recently...

Egbin Power invests N50bn

27 January 2014, Lagos – Residents of Lagos and its environs may be in for improved power supply going by the investment of N50 billion for the restoration of 220 megawatts of unit six of the Egbin Power Plant. The Minister of Power, Prof. Chinedu Nebo, said...

Govt clears 1,669 ex-PHCN workers for payment

27 January 2014, Lagos – The Federal Government announced last week in Abuja that it has concluded arrangements for the payment of severance package to another batch of 1,669 staff retirees and Next of Kin of the defunct Power Holding Company of Nigeria, PHCN. The...

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

Tin-Can Island Customs generates N284.2bn in 2014

Mobile money, Nigeria

27 January 2014, Lagos – The Tin Can Island Command of the Nigeria Customs Service, NCS, has said it generated N284.2 billion in 2014 up from N240.1 billion recorded in the corresponding period...

Firm predicts further naira devaluation after elections

Naira-notes

26 January 2015, Lagos – A research and financial advisory firm, the WSTC, Financial Services Limited has predicted another adjustment in the naira exchange rate band against the dollar after the...

Falling Oil Prices: No cause for alarm, Oduoza tells investors

26 January 2015, Lagos – The Group Managing Director/Chief Executive Officer, of the United Bank for Africa Plc (UBA), Mr. Phillips Oduoza has urged investors in Nigeria not to panic over falling...

CBN Raises BDCs’ Weekly Dollar Supply to $30,000, Stems Naira’s Free Fall

25 January 2015, Abuja – In line with its resolve to calm the strong volatility observed in the forex market in the past few weeks as well as save the naira from further depreciation, the Central...

Why insurance is hard sell in Nigeria

insurance

21 December 2014, Lagos – Insurance  business remains a hard sell in Nigeria today. This unpalatable news, according to industry stakeholders, is definitely not music in the ears of insurance companies...

Govt targets N1tr in insurance premiums by 2017

Ngozi-Okonjo-Iweala-manag-001

09 December 2014, Abuja – The Coordinating Minster for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday said the federal government was committed to growing the Gross Written...

Level playing field for Local, foreign insurers is necessary – Fashola

24 September 2014, Lagos – Managing Director of Industrial and General Insurance Plc (IGI), Mr. Rotimi Fashola, in this interview with Nnamdi Duru, spoke on the need for a level playing field for...

EI-Anchor Pension targets N3bn share capital

16 September 2014, Abuja – Managing Director of IEI-Anchor Pension Managers, Solomon Okoli has assured shareholders that the company has overcome its teething problems and is now positioned for...

Govt releases new conditions for coal blocks licensing

Coal fossil fuel

20 January 2015, Lagos – Potential licencees willing to engage in the mining of coal across coal belts in Nigeria are now required to possess  bankable and tenable coal-fired power plant to qualify...

6 foreign firms, Dangote to begin mining gold, iron ore in 2015

19 January 2015, Lagos – The Nigeria Mining Cadastre Office said on Monday that six foreign mining companies and Dangote Group of Companies would commence mining of gold, iron ore, coal and lead/zinc in 2015. Alhaji Aliko Dangote, President, Dangote Group The Director-General of the Office, Mr Mohammed Amate, made the disclosure in an interview with...