Contract approval cycles threatens oil projects

oil-rig

24 January 2015, Abuja – As competition for crude oil and investments in Africa grows amid the plunge in global oil prices, the time it takes for projects to be approved in the country as well as...

Govt kicks off sale of kerosene at N50 per litre

Kerosene-queue-in-Dutse-300x173t

24 January 2015, Abuja – The Federal Government, Friday, flagged off the sale of kerosene at the pump price of N50 per litre under the Kero-Direct–Scheme, a programme designed by Nigerian National Petroleum Corporation, NNPC, to make the commodity available for every household in the country. The Group Managing Director of NNPC, Dr. Joseph Dawha,...

Oil traders store 40m barrels at sea pending oil price rise

Petroleum tanker 24 January 2015 - Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits,...

Why govt still subsidises petrol at N87 per litre – PPPRA

Oscarline Onwuemenyi 24 January 2015, Sweetcrude, Abuja – The Petroleum Products Pricing Regulatory Agency, PPPRA, has sought to explain the reason behind the Federal Government’s decision to continue the subsidy scheme even...

IPMAN sells petrol above N100 in Enugu

24 January 2015, Enugu – Members of the Independent Petroleum Marketers Association of Nigeria in Enugu have yet to comply with the new pump price of premium motor spirit, popularly called petrol, approved by the Federal Government. Alison-Madueke When...

Power generation, marketing and distribution updates

Nigeria: U.S Energy Group plans 250Mw injection to national grid

Professor Chinedu Nebo. 24 January 2015, Sweetcrude, Lagos - Minister of Power, Prof. Chinedu Nebo has described the planned injection of 250MWinto the national grid by Missouri American Energy, USA, as a great and feasible feat, noting that with the reduced amount needed for the project, when compared with larger power projects, it would provide energy quicker and boost the provision of power...

Africa needs to move forward on renewable energy

Sources of renewable energy. 24 January 2015, Abu Dhabi — Diversification of Africa’s electricity sources by embarking on renewable energy solutions – such as solar, wind, geothermal and hydro power – is being heralded as a solution to the continent’s energy poverty. But...

Buhari pledges to end epileptic power supply

23 January 2015, Birnin Kebbi – The Presidential Candidate of the All Progressives Congress (APC), Gen. Muhammadu Buhari, says APC government will end current epileptic power supply in the country. Buhari Buhari told party supporters in Brinin Kebbi that “ending...

Estimated billings: Govt to compel DISCOs to deploy metres —Nebo

23 January 2015, Lagos – The Federal Government has said it plans to compel electricity distribution companies (Discos) to deploy metres to Nigerians, to address the issue of estimated billings. Prof. Nebo (Photo: Vanguard) Speaking during a visit to Vanguard,...

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

Naira rebounds from record lows on CBN action

Naira noes and dollar bills

Naira noes and dollar bills 25 January 2015 - Nigeria’s naira recovered from record lows hit this week after the central bank increased forex trading limits and sold dollars to commercial lenders...

Oil slump: Banks face financial distress

Godwin-Emefiele-360x366

24 January 2015, Abuja – Falling oil price, which is expected to hit the economy harder later in the year, will make some weak banks to run into financial distress, it has been learnt. Mr. Godwin-Emefiele,...

Oil slump: Dollar now sells for N208

24 January 2015, Abuja – The naira on Friday crashed against the United States dollar from 191 to 208 at the parallel market, otherwise known as the black market. The dollar sold for between N205...

Naira hits N208 to the dollar at BDCs, black market

23 January 2015, Lagos – The Naira on Friday depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, Jan. 19. The rate has made the naira to lose N16.50 within five...

Why insurance is hard sell in Nigeria

insurance

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...

Govt targets N1tr in insurance premiums by 2017

Ngozi-Okonjo-Iweala-manag-001

09 December 2014, Abuja – The Coordinating Minster for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday said the federal government was committed to growing the Gross Written...

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

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

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...

Govt releases new conditions for coal blocks licensing

Coal fossil fuel

20 January 2015, Lagos – Potential licencees willing to engage in the mining of coal across coal belts in Nigeria are now required to possess  bankable and tenable coal-fired power plant to qualify...

6 foreign firms, Dangote to begin mining gold, iron ore in 2015

19 January 2015, Lagos – The Nigeria Mining Cadastre Office said on Monday that six foreign mining companies and Dangote Group of Companies would commence mining of gold, iron ore, coal and lead/zinc in 2015. Alhaji Aliko Dangote, President, Dangote Group The Director-General of the Office, Mr Mohammed Amate, made the disclosure in an interview with...