Pre-Opec talks yield no output cuts

OPEC HQ

26 November 2014, News Wires – Impromptu talks between Saudi Arabia, fellow Opec member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil...

Oil steadies under $79

26 November 2014, News Wires – Brent crude oil steadied below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices. Saudi Arabian Oil Minister Ali al-Naimi said he expected oil “to stabilise itself eventually”, a comment traders took to mean...

US to renew Israel oil pact

26 November 2014, News Wires – The US is in the midst of renewing its 35-year-old commitment to supply Israel with oil in emergency situations after the pact expired on Tuesday, according to reports. The US “is in close...

Canadian oil sands producers pledge to cut pollution

26 November 2014, News Wires – Canada’s largest oil sands producers have pledged to make their crude less polluting than conventional oil by cutting water use and lowering energy consumption, as environmental protesters move...

Oil price hits Nigerian naira

26 November 2014, News Wires – Nigeria has devalued its home currency as it tries to deal with the effect of plummeting oil prices. The major West African producer has also increased interest rates as it looks to stave off a large...

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Power generation, marketing and distribution updates

Govt commits to reduce electricity costs for small businesses

*As NERC denies plans to increase tariff Oscarline Onwuemenyi 26 November 2014, Sweetcrude, Abuja - The federal government has said it will reduce the cost of doing business for the Micro, Small and Medium Scale Enterprise, MSMEs, in the country by reducing the cost of electricity tariff for the MSME sub-sector The Minister of Industry, Trade and Investment, Olusegun Aganga who disclosed this...

Govt partnering NERC to reduce MSMEs electricity tariff

25 November 2014, Abuja – The Minister of Industry, Trade and Investment, Olusegun Aganga said yesterday that the Federal Government is working with the Nigerian Electricity Regulation Commission (NERC) to reduce the high cost of doing business for Micro,  Small and Medium Enterprise (MSMEs) ...

Govt moves 5,000MW target to January 2015

25 November 2014, Abuja – The target to generate 5,000 megawatts of electricity has been moved to January 2015 by the Federal Government. The Minister of Power, Prof. Chinedu Nebo, said the inauguration of Gbarian Power Plant, Alaoji Power Plant and Omoku Power...

‎Power: NERC, Discos clash over 45-day metering implementation rule

Oscarline Onwuemenyi 25 November 2014, Sweetcrude, Abuja - The Nigerian Electricity Regulatory Commission (NERC) has insisted that electricity distribution companies (discos) across the country whose customers have applied and paid for prepaid electricity meters under...

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

Devaluation: Naira hits N186 in parallel market

Commemorative naira note

26 November 2014, Lagos – The exchange rate for the dollar in Abuja parallel market, otherwise called the black market, on Wednesday rose to between N182 and N186, a day after the Central Bank of...

Nigeria devalues currency, raises lending rate

Godwin Emefieli, CBN Governor

*CBN calls for passage of PIB to save oil industry Oscarline Onwuemenyi 26 November 2014, Sweetcrude, Abuja - The Central Bank of Nigeria, CBN has finally bowed to pressure to devalue the Naira after...

CBN Board increases forex from N155/$ to N168/$

*MPR increased by 1% 25 November 2014, Sweetcrude, Lagos - The board of the Central Bank of Nigeria, CBN, has wrapped up a two days Monetary Policy Committee, MPC, meeting and made the following key resolutions; ·...

Financial market products & services update

25 November 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: The continued high demand for dollar at the nation’s foreign exchange markets due...

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...

NEITI blasts states on mineral revenue application

Zainab Ahmed, Executive-Sec, NEITI

Oscarline Onwuemenyi 17 November 2014, Sweetcrude, Abuja - The Nigeria Extractive Industries Transparency Initiative, NEITI, has criticised states in the Niger Delta Region in the utilisation of revenue...

Solid minerals producing states to Enjoy 13% Derivation

08 November 2014, Lagos – States endowed with solid minerals will soon join their Niger Delta counterparts to enjoy 13 per cent revenue allocation from the federation revenues. The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam, disclosed on Thursday  that the sharing formula was being worked out. He...