OPEC should consider return to oil quotas – Delegate

OPEC

OPEC 18 April 2015, London - OPEC should consider re-introducing individual output quotas, shuffled quietly to one side in 2008, to prevent oversupply hitting prices should Iran increase its oil exports...

Madagascar Oil awarded 25-year development title for Tsimiroro Block

Tsimiroro Block

Tsimiroro Block 18 April 2015 - Junior explorer Madagascar Oil reported Thursday that it has been awarded a 25-year ‘Development Mining Title’ for the Block 3104 Tsmiroro production sharing contract by the President of Madagascar. The firm said the transaction is “a significant and major step forward” for it, representing the first...

Mbo community, Universal Energy trade tackles over crude theft

17 April 2015, Lagos – The duo of Universal Energy Resources Limited and Mbo community of Akwa Ibom state, have squared off over allegation of the former’s stealing of crude oil from the area. The scenario played out at a...

Decade-old oil spill ‘much worse’ than thought

17 April 2015, News Wires – An oil spill off the coast of Louisiana caused by Hurricane Ivan in 2004 continues more than a decade later and is likely much bigger than the operator or the US government have previously admitted, according...

Transocean scraps another drilling unit

17 April 2015, News Wires – Transocean is to take an impairment of up to $120 million after deciding to send yet another drilling unit to the scrap heap. The US rig giant is letting the ultra-deepwater drillship GSF Explorer head...

Power generation, marketing and distribution updates

‎NERC queries AEDC for over-billing customers

Electricity meters Oscarline Onwuemenyi 18 April 2015, Sweetcrude, Abuja - The Nigerian Electricity Regulatory Commission (NERC) yesterday issued the Abuja Electricity Distribution Company (AEDC) notice of enforcement action over what it described as ‘manifest and flagrant breaches’ of approved methodology for estimated billing of electricity consumers. The agency has in recent times faced...

We now generate 5,500MW of power, says govt

18 April 2015, Abuja –  The federal government on Friday said it has met 5,500 megawatts in power generation. It equally disclosed that N1.5bn was lost yearly to vandalism. This is just as President Goodluck Jonathan would soon commence inauguration of completed power projects across the...

Power: Govt loses N1.5bn annually to vandalism

18 April 2015, Lagos – The Federal Government on Friday said about N120m monthly, totalling N1.5bn annually, was being spent to repair power and gas lines destroyed by vandals across the country. It also said that despite the increasing vandalism, the outgoing...

Power: NERC to punish Abuja Disco for fleecing consumers

17 April 2015, Lagos – For allegedly abusing the statutory methodology approved for billing customers under the estimated billing system, the Nigerian Electricity Regulatory Commission (NERC) has served the Abuja Electricity Distribution Company (AEDC) with a...

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

World Bank projects drop in economic growth rates in Sub-Saharan Africa

World Bank Chief Economist for Africa, Francisco Ferreira.

World Bank Chief Economist for Africa, Francisco Ferreira. 18 April 2015, Monrovia - The World Bank on Monday projected a drop in the economic growth rate of Sub-Saharan Africa from 4.5 percent in 2014...

Drop in oil prices, opportunity for subsidy reform, says IMF

Christine Lagarde, IMF MD

18 April 2015, Lagos –  The International Monetary Fund (IMF) on Friday stated that the current drop in oil prices offers a unique opportunity for Nigeria and seven other oil-producing countries...

CBN’s Directive on Use of Foreign Currency, a Confusing Signal

17 April 2015, Lagos – Early in April 2015, the Director, Corporate Communication in the Central Bank of Nigeria (CBN) issued a Press Release entitled “The Use of Foreign Currency as a Medium...

Access Bank, UBA Succeed with N64bn Rights Issues

17 April 2015, Lagos – Strong indications have emerged that Access Bank Plc and United Bank for Africa Plc have succeeded with their rights issues despite the lull that prevailed in the capital...

No premium, no cover: Government agencies refuse to insure assets – Fashola

Gov Babatunde Raji Fashola of Lagos

12 March 2014, Lagos – Group Managing Director of Industrial and General Insurance Plc, IGI, Mr. Rotimi Fashola has said that many government ministries and agencies no longer insure their assets...

CRFFN takes up life insurance scheme for members

insurance

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death. Disclosing...

Nigeria: Compulsory insurance certificate now precondition for contract awards

  Nigeria’s Commissioner for Insurance Mr. Fola Daniel o8 January 2015, Benin - The Federal Government has said it will soon mandate all those seeking for government contracts to present their...

Why insurance is hard sell in Nigeria

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...

Nigeria: Govt to offer Ajaokuta Steel for sale again

Ajaokuta Steel complex

Ajaokuta Steel complex 12 April 2015, Abuja - Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, has hinted that a new process to either privatise or concession the moribund Ajaokuta...

‎Govt set to re-privatise Ajaokuta Steel

Ajaokuta Steel Company Nigeria.

Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja – The Federal Government will soon commence another process to privatise the Ajaokuta Steel Company Limited (ASCL), Director-General of the Bureau of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has revealed. Ajaokuta Steel Company Nigeria. Dikki, who was speaking on a breakfast programme...