New twist in Oriental Energy, Afren saga

Dr Mohammed Indimi

20 October 2014, Lagos – THE controversy engendered by a recent statement from oil industry operator, Afren, on a transaction has taken a new with Oriental Energy Resources Limited (“Oriental)...

Two rival Libyan governments claim to control oil policy

Battle rages in Benghazi

20 October 2014 - A self-styled rival government controlling Libya’s capital announced its own oil policies this week, drawing a rebuttal from Prime Minister Abdullah al-Thinni who said oil revenues continued to go to the elected government. Underscoring the turmoil gripping the major oil producer, at least 17 people were killed on Friday in the main...

OPEC daily basket price close at $83.19/b

20 October 2014, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 83.19 dollars a barrel on Friday, compared with $81.17 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference...

Nigeria’s SAPetro doubles stake in Afren

*A company founded by a former Nigerian defence minister is now the biggest shareholder in the FTSE 250 company 20 October 2014, London – An oil and gas explorer founded by a retired Nigerian general has become the biggest shareholder...

Brent edges up on US data

20 October 2014 - Brent crude futures edged higher on Monday, holding on to gains scored in the previous session that took it above $86 a barrel after robust US data buoyed global financial markets, with a cut in Saudi-Kuwait oil output...

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Power generation, marketing and distribution updates

Transitional electricity market will create bankable market – energy experts

20 October 2014, Lagos - Some experts in Nigeria’s power sector have posited that the plan by the Nigerian Electricity Regulatory Commission (NERC) to ask the Minister of Power, Prof. Chinedu Nebo to declare the Transitional Electricity Market (TEM) would create a bankable electricity market for the benefits of all the stakeholders. Chairman of NERC, Dr. Sam Amadi recently stated that Nigeria’s...

Central Africa adopts common strategy for energy

*Energy Ministers from the region adopted the 2014-2030 White Paper 20 October 2014, Yaounde - Ten member countries of the Economic Community of Central African States (ECCAS) and the Central African Economic and Monetary Community (CEMAC) now have a common plan for developing projects that can...

1,266 Lagos schools to get solar powered electricity – Fashola

20 October 2014, Lagos - Lagos is estimated to need up to 20,000 Megawatts, MW, of electricity for its over 20 million people, but only an average of 1,000 MW is delivered to the State from the national grid. According to records, the state has 906 primary schools with...

Kenya: Uhuru launches world’s largest 140Mw Olkaria geothermal plant

18 October 2014, Naivasha – President Uhuru Kenyatta has commissioned the 140 MW Olkaria IV Geothermal Power Plant in Naivasha. Uhuru said the plant, key to Jubilee’s infrastructure strategy, is expected to reduce the cost of electricity in Kenya. Energy...

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

Falling oil price: CBN moves to protect economy

CBN

20 October 2014, Lagos - The Central Bank of Nigeria, CBN is set to unveil policy measures that would protect the economy from the recent decline in price of crude oil. CBN Governor, Mr Godwin Emefiele...

Oil firms’ listing: Nigeria could lose huge tax revenue

Nigeria Stock Exchange

20 October 2014, Lagos - The proposed ‘Private Companies Conversion and Listing Bill’ may lead to loss of tax revenue for Nigeria, an expert has warned. A Partner and Head of Tax and Corporate...

Nigeria: Fitch upgrades ETI viability rating to ‘B’

20 October 2014, Lagos – Fitch Ratings has upgraded Togo-based Ecobank Transnational Incorporated’s (ETI) the holding company of the pan-African Ecobank group) Long-term Issuer Default Rating...

Nigeria records $67b direct investments in 4 years – Emefiele

20 October 2014 - Central Bank of Nigeria, CBN, Governor Godwin Emefiele has said the Federal Government received foreign direct investments worth $67 billion in four years ending 2013. The apex bank boss,...

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...