More petroleum products vessels sail into Nigerian waters

Crude oil tanker

31 October 2014, Lagos – More vessels laden with several petroleum products are in Nigerian territorial waters heading to Nigerian ports. The 10 vessels arrived the nation’s seaports in Lagos...

Seplat to pay interim dividend In spite of profit decline

31 October 2014, Lagos – Seplat Petroleum Development Company Plc Thursday announced an interim dividend of $0.06 per share for the nine months ended September 30, 2014 despite a decline in its profit for the period. The company reported nine months gross revenue of $592.5 million (N92 billion), compared with $642.9 million (N99.9 billion)) in the corresponding period of 2013. Profit after tax fell by 48 per cent from $442.2 million in 2013 to $227.9 million (N35.4 billion) in 2014. Notwithstanding the decline in bottom-line, the directors recommended an interim dividend of $0.06 per share.  According to the company, the dividend will be paid on or shortly after 24 November 2014 to shareholders on the register at the close of business on November 6, 2014. The company explained that...

Sale of Nigerian Unit lifts ConocoPhillips Q3 profit

31 October 2014, Lagos – ConocoPhillips, the largest United States independent oil and gas company yesterday reported higher third-quarter profit from the sale of its Nigerian unit but lowered its fourth-quarter production outlook. Over...

Ghanaian oil workers strike; claim expatriate workers are better treated

30 October 2014, Accra – Forty Ghanaian technicians working on the FPSO Kwame Nkrumah, the biggest facility at the Jubilee oil fields at Cape Three Points have laid down their tools to protest poor working conditions. The technicians...

Statoil eyes Hansteen probe

30 October 2014, News Wires – Statoil has applied to the authorities to drill a wildcat near its under-development Aasta Hansteen gas field in the Norwegian Sea as it pursues more resources to shore up the project’s economics. The...

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Power generation, marketing and distribution updates

Lagos needs 200,000 energy technicians to stop power failure

01 November 2014, Lagos – Governor Babatunde Fashola of Lagos State, last Wednesday, commissioned the 8.8 Megawatts, MW, Mainland Independent Power Project, MIPP, expected to supply constant power supply to both Federal and state government establishments, just as it was revealed that Lagos would need 200,000 energy technicians to address its power challenge. The MIPP project which is the...

Chinese firm to construct new power grid – Govt

31 October 2014, Abuja – A Chinese firm, Shandong Power Equipment Company Limited, is to construct a new power grid for the country, the Federal Government has said. The Minister of Power, Prof. Chinedu Nebo, disclosed this in Abuja on Thursday while signing a Memorandum of Understanding...

Govt partners NANS to curb power infrastructure vandalism

30 October 2014, Abuja – The Federal Ministry of Power on Thursday announced its intention to partner the National Association of Nigerian Students against the menace of unabated vandalism of pipelines and other electricity  infrastructure across the country. It...

NERC puts caveat on issuance of unsolicited electricity licences

30 October 2014, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has disclosed that it will henceforth suspend issuance of new licences for electricity generation in the country. It said unless proven to have met a ‘good cause’ condition, applications...

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

FCMB records N16.8bn profit in nine months

31 October 2014, Lagos – The First City Monument Bank Group (FCMB) Plc has said it recorded a profit before of N16.8 billion in its unaudited nine months results for the period ended 30 September 2014. This represented an increase by 14 per cent, over the N14.7 billion realised in the same period...

Banks’ debt tap turned off by oil-price slump

31 October 2014, Abuja – The Central Bank of Nigeria’s (CBN) rules to curb foreign-currency borrowing by Nigerian lenders threaten to halt Eurobond sales by banks in Africa’s biggest oil producer as lower crude prices heighten risks to the naira. Banks would probably turn to rights offers and...

Financial market products & services update

30 October 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: As part of measures to strengthen the naira as well as to sanitise the operations of...

W’Bank ranks Nigeria 170 among business-friendly countries

29 October 2014, Lagos – The World Bank has ranked 170 among 189 countries in terms of ease of doing business across the world. In the report released on Wednesday, Singapore emerged the best country...

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

Fasholaxx

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

IEIx

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...

IEI settles N616.18m claims in six months

27 August 2014, Lagos – International Energy Insurance (IEI)Plc paid a total of N616.18 million in the first half of the year ended June 30, 2012. The Managing Director of the company, Mrs. Roseline...

Renewable energy insurance spend to triple by 2020

04 August 2014, Lagos – The renewable energy industry could be spending three times as much on insurance every year by 2020, to mitigate risks to projects, according to a new report by Bloomberg...

12 miners feared dead in Colombia flood

01 November 2014, News Wires – Colombia said Friday that 12 miners trapped in a coal shaft were probably dead after the mine flooded with water. The 12 men, aged between 23 and 55, became trapped...

BFIG has no claim to ALSCON — BPE

alsconx

15 October 2014, Abuja – The controversy over the privatisation of Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi, Akwa Ibom State, has continued to rage as Bureau of Public Enterprises, PBE, said yesterday, that BFI Group, BFIG, had no basis to lay claim to the company. The Federal High Court in Abuja, had on September 30 decided that BFIG...