Nigeria: First oil from Otakikpo delayed till 3Q 2015 – Lekoil

Oil rig.drilling-operation

30 July 2015, News Wires – West Africa-focused energy firm Lekoil revealed Wednesday that plans to produce first oil from the Otakikpo field, offshore Nigeria, have been delayed due to safety reasons. Oil...

$13bn oil stolen under NNPC in four years – NEITI

30 July 2015, Abuja – The  Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said  between 2009 and 2012 alone, about 160 million barrels of crude oil,...

33 ships laden with petroleum products, other items expected in Lagos

30 July 2015, Lagos – Thirty three ships laden with petroleum products, food items and other goods are expected at the Apapa and Tin-Can Island ports in Lagos from July 29 to Aug. 8. The Nigerian Ports Authority (NPA) stated this in...

Ghana’s TEN project 65% complete, set for Ist oil mid-2016

29 July 2015, News Wires – Tullow Oil announced Wednesday in its 2015 half year results that the TEN project in Ghana is approximately 65 percent complete and confirmed that the field remains on schedule, and on budget, for first...

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Power generation, marketing and distribution updates

NELMCO saves govt billions from verification of N462bn PHCN liabilities

29 July 2015, Abuja – Working with the Ministry of Power, Office of the Accountant General of the Federation and Debt Management Office (DMO), the Nigeria Electricity Liability Management Company (NELMCO) Limited may have effectively verified the factual status of an outstanding N462,754,646,902.96 billion worth of liabilities incurred by defunct Power Holding Company of Nigeria (PHCN). NELMCO,...

Again, TCN records new power transmission peak of 4662MW

29 July 2015, Abuja – The Transmission Company of Nigeria (TCN) on Wednesday disclosed that the national electricity grid transmission has attained a new peak capacity of 4,662 megawatts (MW), some 6MW different from its last record of 4656MW. TCN, in a press statement from its General Manager,...

49 electricity workers killed in six months

29 July 2015, Lagos – Between January and June this year, 49 employees of electricity distribution companies in the country lost their lives while on duty as a result of the poor implementation of safety measures by the firms. This is coming as the Nigerian Electricity...

IFC, Zambia sign deal to develop solar power projects

Solar panels 27 July 2015, Lusaka – The International Finance Corporation, IFC, has signed an agreement with the Zambian government for the development of two solar independence power projects, a statement seen by Xinhua said. The IFC, a member of the World Bank...

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

$13bn oil stolen under NNPC in four years – NEITI

Zainab Ahmed, Executive-Sec, NEITI

30 July 2015, Abuja – The  Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said  between 2009 and 2012 alone, about...

Kwara uses N3.5bn NLNG dividend to pay salaries

NLNG

29 July 2015, Ilorin – The Kwara State Governor, Alhaji Abdulfatah Ahmed, has said the state government used its share of N3.5bn from the $2.1bn Nigeria Liquefied Natural Gas Company Limited dividend...

Advanced technology increasingly shaping Africa’s financial sector

Financial services. 28 July 2015, Nairobi – The African financial services industry is rapidly evolving as a result of advancing technology which is fueling innovation and growth in the sector. While...

Ghana: First Atlantic Bank eyes West African market

First Atlantic Bank. 28 July 2015, Accra – The First Atlantic Bank, a leading bank in Ghana, has announced plans to expand its operations into the West African sub-region, as it marks its 20th anniversary. The...

Insurance operators bemoan high company income tax

tax

06 July 2015, Lagos – Insurance industry operators have expressed worry over the heavy tax burden placed on them by the Companies Income Tax Amendment Act 2007 (CITA), which now constitutes a big...

Insurance industry earned N1.8tn premium in 11 years

Nigeria's Commissioner for Insurance Mr. Fola Daniel

19 June 2015, Lagos – The Nigerian insurance industry earned N1.8tn premium from life and non-life policies underwritten in an 11-year period up to 2014, investigation has shown. Mr. Fola Daniel,...

IEI interim management targets stability, competitiveness

17 June 2015, Lagos – The interim board and management of International Energy Insurance (IEI) has  said  that its target is to stabilise the company  and create  stronger management support...

NCRIB commends LASG on insurance for security personnel

17 June 2015, Lagos – The Nigerian Council of Registered Insurance Brokers (NCRIB) has commended the Lagos State Government (LASG) for approval of upward review of the Group Life Insurance scheme...

China reveals gold holdings amid investors’ doubts

gold

21 July 2015, News Wires – China released data on its gold holdings for the first time in about six years, but investors say the guessing game about the country’s actual inventory continues. The...

Over 200 Chinese firms eye business in mining, agric sectors

Miners 2

06 July 2015, Abuja – Over 200 Chinese companies have expressed interest in the country’s mining, agriculture, confectionary and pharmaceutical sectors. Miners Speaking during the signing of a Memorandum of Understanding (MoU) between  the Chinese delegation and a consortium of Nigerian businessmen, Executive Secretary of the Nigerian Investment...