Buhari says subsidy regime is unjustifiable

Muhammadu Buhari, former Nigerian military ruler and presidential candidate for the Congress for Progressive Change (CPC) speaks during an interview with Reuters at a private residence in Lagos February 19, 2011. Buhari, the main opposition candidate in Nigeria's presidential election, said he was optimistic it would be a more credible race than in the past but warned events in north Africa showed people would no longer accept a rigged vote. Picture taken February 19, 2011. To match Interview NIGERIA-BUHARI/  REUTERS/Akintunde Akinleye (NIGERIA - Tags: POLITICS HEADSHOT)

Muhammadu Buhari, Nigeria’s President-elect Says “You can’t defend these corrupt people” Oscarline Onwuemenyi 25 May 2015, Sweetcrude, Abuja – As the nation’s energy...

Capital Oil weighs in to end fuel scarcity

Ifeanyi Ubah, Capital Oil boss. 25 May 2015, Lagos – Capital Oil and Gas Ltd on Sunday commenced the loading of 13 million litres of petrol from its depot in Apapa for distribution to the various states to reduce the current scarcity. The...

Fuel scarcity: No end in sight as marketers insist on N159bn payment

Fuel scarcity persists 25 May 2015, Abuja – As motorists and commuters continue to groan over the shortage of Premium Motor Spirit (PMS), popularly called petrol in the country, there appears to be no end in sight as petroleum products...

Nigeria: Trouble over OML 42

Section of Nigeria’s oil and gas acreage. •Alleged sale pits Petroleum Ministry against NPDC staff 24 May 2015, Lagos – The nation faces imminent black out ahead of the May 29 hand over date due to the Utorogu gas plant in...

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Power generation, marketing and distribution updates

Nigeria’s power generation at “All-Time Low”; crashes to 1,327mw

Power outages worsens in Nigeria. 24 May 2015, Lagos – Nigeria’s overall electricity generation has dropped to an unprecedented low of 1,327 megawatts, the Ministry of Power said Friday, a week before the transfer of power from President Goodluck Jonathan to President-elect Muhammadu Buhari. As at 12 noon Friday, most key power plants in the country, including those located at Utorogu,...

Govt raises alarm over dwindling electricity supply, power plants shutdown

23 May 2015, Abuja -The Federal Government on Friday in Abuja raised alarm over dwindling and epileptic electricity supply across the country. The Permanent Secretary, Ministry of Power, Mr Godknows Igali, made this known after a meeting with Vice-President Namadi Sambo to State House correspondents...

Nigeria: Govt says power situation could get worse

Egbin thermal power plant. 23 May 2015, Abuja – The Nigerian government on Friday warned that the power situation in the country could get worse if the labour unions’ strike is not called off. Addressing state House Correspondents after briefing Vice President...

Power situation could get worse, govt warns

23 May 2015, Abuja -The Federal Government yesterday warned that the power situation in the country could get worse if the labour unions’ strike is not called off. Addressing state House Correspondents after briefing Vice President Namadi Sambo on the power situation...

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

Banks gain N470bn liquidity from CRR harmonisation

Central Bank of Nigeria.

Central Bank of Nigeria. 25 May 2015, Lagos – There are indications that banks gained additional liquidity of N470 billion from the harmonisation of Cash Reserve Ratio, CRR, by the Central Bank of...

Nigeria: FG, states shared N6.21trn from Excess Crude Account in 4yrs

Bundles of N1000 Naira notes.

Bundles of N1000 Naira notes. 25 May 2015, Abuja – The federal and state governments shared a total of N 6. 21 trillion from the Excess Crude Account in the last four years. According to a report...

Okonjo-Iweala calls N159bn subsidy payment claim fraudulent

Dr. Ngozi Okonjo Iweala, Nigeria’s minister of finance. •Vows not to pay marketers 25 May 2015, Abuja – Dr. Ngozi Okonjo Iweala, the Minister of Finance and Coordinating minister for the...

Eland sees reduced loss

Eland Oil & Gas operated OML 40 22 May 2015 – Eland Oil & Gas announced Friday a $16 million loss in its full-year results for 2014, which compared favorably to a loss of $26 million in 2013. Eland...

NLNG records 30% revenue decline

NLNG

18 May 2015, Lagos – Nigeria’s dwindling revenue profile is expected to worsen further, as the Nigeria Liquefied Natural Gas, NLNG, has said it has recorded a 30 per cent decline in its revenue...

Nigeria, Africa rank least in insurance penetration

Femi Oyetunji, CEO, Continental Reinsurance Plc

Mr. Femi Oyetunji 20 April 2014, Lagos – The Chief Executive Officer of  has said Africa ranks the least in terms insurance penetration with  3.5 per cent among the continents. Similarly, within...

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

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

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...

Mining: Group seeks involvement in developing sector

Lead poisoning in Nigeria

19 May 2015, Abuja – The Nigerian Mining and Geosciences Society, NMGS, has expressed readiness to be part of the effective development of the nation’s mineral resources as the incoming government...

South Africa: Deputy president not benefitting from Eskom coal Contracts

South Africa's Deputy President, Cyril Ramaphosa.

South Africa’s Deputy President, Cyril Ramaphosa. 27 April 2022, Johanessburg – Office of the Deputy President, Cyril Ramaphosa on Saturday said it takes exception to statements made by energy analyst, Ted Blom, that the Deputy President had benefited improperly from Eskom coal contracts. Blom said this during a press club briefing held in Cape...