2015: OPEC sees little output change, says don’t panic

Opec secretariat

30 October 2014, Lagos – OPEC’s oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, OPEC’s secretary general said yesterday, adding to indications...

30 October 2014,Abuja -Minister of National Planning, Dr. Abubakar Sulaiman, has described the fall in the international price of oil as a blessing in disguise for Nigeria, assuring that the development would impact positively on the country’s economy. The minister, who is also Deputy Chairman, National Planning Commission, gave the assurance at an institutional...

Nigerians condemn 20-year fuel importation plan

30 October 2014, Lagos -A cross section of Nigerians, including financial and labour experts, have condemned the plan by the Federal Government to continue to import refined petroleum products for the next 20 years. The Minister of Petroleum...

Oil prices rally, OPEC chief plays down recent slide

29 October 2014, Lagos – World oil prices rallied on Wednesday, while OPEC secretary-general Abdullah El-Badri said that market conditions did not justify sharp falls for crude futures and signalled that OPEC would maintain output...

Nigeria to import petroleum products for 20 years

29 0ctober 2014, Abuja – Nigeria and other African countries will continue to be net importers of petroleum products despite the availability of functional and quasi-functional refineries, and plans to build more refineries on the...

Your Event here

Power generation, marketing and distribution updates

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 for generation licences would not be considered. NERC listed the ‘good cause’ conditions upon which licences would be issued to include renewable energy-based power projects such as solar, wind, biomass or small hydro which require no fuel supply agreement and in respect of which feed-in-tariffs have been approved with no capacity charge component. Others include environment-related projects where a guaranteed fuel...

PHED appeals for patience over Akwa Ibom power outage

Mkpoikana Udoma 29 October 2014, Sweetcrude, Port Harcourt – The Port Harcourt Electricity Distribution Company, PHED, has attributed the present power outage in Uyo, Ikot-Ekpene, Eket and other areas in Akwa Ibom State to a wire cut on the 132 KV transmission  lines, which supplies power from the Itu Power Plant to various parts of the state.] The wire cut occurred at the weekend between Itu and Uyo, the state capital. Corporate Communications Manager of the PHED, Mr. Jonah Iboma, in a statement announcing the development, said engineers from the Transmission Company of Nigeria, TCN, have already mobilised to the site to effect repairs on the cut lines and that normal power supply will be restored as soon as the job is completed. The Port Harcourt Electricity Distribution...

Outrageous electricity bills: Consumers groan as DISCOs smile to banks

29 October 2014, Lagos –  Why would you disconnect my light when I have already paid? Do you know what it means to pay N10,000 for light that I did not even consume? And you have the guts to ask me to pay another money. You even billed us for the pumping machine...

Nigeria loses 1,476MW to gas, water shortage

29 October 2014, Abuja – The recent dip in power supply in the country, rather than show signs of improvement, has gone worse with the loss of over 1,476 megawatts due to shrinking water level, shortage in gas supply and high frequency. The country is said to...

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

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 in the world to do business while Mauritius emerged the best in Africa with ranking 28. President...

Financial market products & services update

Financial markets

29 October 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: The Federal Government expects to earn $1.3 billion from cocoa exports this year, an...

Oando grows PAT by 110%, pays N2.4bn dividend

29 October 2014, Lagos – Oando Plc has declared a dividend of N2.4 billion for its shareholders for the financial year ended December 31, 2014. Announcing this to the shareholders at 37th Annual...

CBN pegs banks’ foreign loans to 75% of shareholders funds

29 October 2014, Abuja – The Central Bank of Nigeria, CBN, has pegged foreign currency borrowings of banks to 75 percent of the shareholders’ funds. In a circular to banks posted on its website,...

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...

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,...

BFIG Group now new manager of ALSCON

13 October 2014, Abuja –  Following the recent Supreme Court judgment, BFIG Consortium has taken over the management of Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom state. The Chief Executive Officer of BFIG, Dr. Reuben Jaja, disclosed this when he paid a courtesy visit to the paramount ruler of Ikot Abasi, Edidem Joe Ntuk-Obom...