Brent steady ahead of OPEC summit

Oil steady below $80

25 November 2014 - Brent crude oil prices steadied around $80 a barrel on Tuesday ahead of a meeting of OPEC nations to decide on oil production levels for next year. Oil market watchers are divided on...

Brent steady ahead of OPEC summit

opec headquarters

25 November 2014, News Wires – Brent crude oil prices steadied around $80 a barrel on Tuesday ahead of a meeting of OPEC nations to decide on oil production levels for next year. Oil market watchers are divided on the outcome of the Organization of the Petroleum Exporting Countries meeting this Thursday in Vienna. Predictions range from a large...

How to cushion effect of declining oil price, by Dangote

25 November 2014, Lagos – Business mogul Aliko Dangote has suggested ways out of the woods amid declining oil prices. Speaking during the International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists...

OPEC members face tough decision ahead Thursday’s meeting

25 November 2014, Lagos – Members of the Organization of the Petroleum Exporting Countries (OPEC) have a tough decision to make ahead of Thursday’s meeting over whether to cut output in the wake of a 30 percent slump in crude prices...

Oil price decline: PENGASSAN seeks labour, employers collaboration

25 November 2014, Lagos – With the decline in the global prices of oil, workers in Chevron under the aegis of Chevron Branch of Petroleum and natural Gas Senior Staff Association of Nigeria (PENGASSAN), have emphasised the need for...

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Power generation, marketing and distribution updates

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)  through the reduction of electricity tariff. Aganga who spoke at the opening ceremony of 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 Plant would not exceed January...

‎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...

Gas-to-power: CBN offsets PHCN N36.9bn legacy debt

25 November 2014, Abuja – The Central Bank of Nigeria, CBN, has offset the N36.9 billon legacy debt owed to gas suppliers by the power sector under the defunct Power Holding Company of Nigeria, PHCN, over the last few years. This debt settled through the CBN was...

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

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

Central-Bank-of-Nigeria-CBN

*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

Financial markets 1

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...

Nigeria’s external reserves fall to $37.1bn

25 November 2014, Abuja – The nation’s external reserves have fallen to $37.1bn, a new report from the Central Bank of Nigeria has shown. The report, posted on the central bank’s website, showed...

Nigeria’s debt rises to N10.8tn

25 November 2014, Abuja – The total debt of the Federal Government,   the 36 states of the federation and the Federal Capital Territory rose from N8.32tn on September 30, 2013 to N10.84tn on September...

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...