ECOWAS countries join forces to fight oil theft, piracy

Oil-theft

21 December 2014, Abuja – The Economic Community of West African States (ECOWAS) has signed a Memorandum of Understanding (MoU) to adopt an Integrated Maritime Strategy and Multilateral Agreement...

Liberia’s national legislature ratifies oil block 16

Liberia

20 December 2014, Monrovia — The National Legislature has finally ratified the production sharing contract between the Republic of Liberia and the Liberty Petroleum Corporation, Petroleum Oil Limited and the New Millennium Oil and Gas on Liberia’s offshore oil block 16. Accordingly, Liberia is expected to generate $22 million in signature fees from...

Egypt cabinet approves amendments to oil, gas deals

20 December 2014, Cairo – The Egyptian cabinet agreed during a meeting on Thursday to amend two oil and natural gas agreements between the Egyptian General Petroleum Corporation (EGPC) and the UK’s BP Exploration (Delta) Limited...

Oil rich Idama community laments lack of government presence

20 December 2014, Port Harcourt – Idama, in AkukuToru local government area of Rivers state is a major oil producing community in the Niger Delta. It is a host community to Chevron and an impact community to Shell. Sadly inspite...

Oil spill: UN asks Israel to pay Lebanon $850m

20 December 2014, New York – The UN General Assembly has passed a resolution asking Israel to pay Lebanon more than $850m in damages for an oil spill caused by an Israeli air force attack in its war against Hezbollah in 2006. The...

Power generation, marketing and distribution updates

Govt considers harmonising Nigeria’s renewable energy efforts

21 December 2014, Lagos – A proposal submitted by the Minister of State for Power, Mohammed Wakil, is seeking to blend Nigeria’s efforts in growing her renewable energy sector. The proposal, Wakil told ThisDay in a recent interview in Abuja, will likely become the new game changer in Nigeria’s renewable energy sector, ushering in a new strategy for initiating and implementing renewable...

Eko Disco procures 40 new transformers

20 December 2014, Lagos The Eko Electricity Distribution Company, says it has acquired 40 new distribution transformers as part of efforts to boost the company’s operations during the yuletide. Mr Ademola Adegoke, Principal Manager, Public Affairs Division of the EKEDC made the announcement in...

Power supply: Nigerians expect noisy Christmas with generators

20 December 2016, Lagos – Christmas and New Year celebrations are usually done with a good measure of food and partying in Nigeria. Some people love to spend their Christmas/New Year’s holiday in the company of family and loved ones. But whether they choose...

Disbursement of N212bn power fund to commence soon — CBN

18 December 2014, Abuja – The Central Bank of Nigeria (CBN) said that it would commence disbursement of the N212 billion Nigeria Electricity Market Stabilisation Facility (NEMSF). The Facility is aimed at settling certain outstanding debts in the Nigerian Electricity...

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

CBN restricts banks’ dollar holdings to halt speculation

Godwin Emefieli, CBN Governor

Godwin Emefieli, CBN Governor 21 December 2014, Lagos - Worried by the continuous volatility of the naira resulting from falling oil prices, the Central Bank of Nigeria (CBN) on Thursday reviewed temporarily...

IMF cuts Nigeria’s growth projection to 5%

20 December 2014, Lagos – The International Monetary Fund (IMF) has forecast that the Nigerian economy will record a lower growth of five per cent in 2015. The Nigerian economy had grown by 6.1...

Financial market products & services update

Coins on a graph. 19 December 2014, Sweetcrude, Houston - Local and international financial market products and services update. FX: The market didn’t trade yesterday as interbank players try to analyze...

Unity Bank, Seplat to join NSE 30 Index

Trading floor of the Nigeria Stock Exchange. 19 December 2014, Lagos - Unity Bank Plc, Seplat Petroleum and Sterling Bank Plc are among the stocks that have been penciled down by the Nigerian Stock Exchange,...

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...

Namibia: Swakop Uranium signs environmental agreement

Swakop Uranium

07 December 2014, Swakopmund — Swakop Uranium, the contractors on the Husab mine project as well as Metal and Allied Workers Union of Namibia, MANWU, has signed an agreement to ensure the health and...

Rwanda: Miners appeal for eased credit facilities

Miners 2

07 December 2014, Kigali - Miners have appealed to financial institutions to extend loans to them, saying lack of access to credit facilities is one of the challenges the mining industry is facing. Mining is associated with a lot of risks and as a result, many financial institutions are reluctant to offer loans to miners. But speaking at celebrations to...