Militants resort to pipeline vandalism in Lagos—Police

Police patrolling the creeks of Arepo village.

Police patrolling the creeks of Arepo village. 02 September 2015, Lagos – The attack on a team of policemen in Owutu area of Ikorodu, Lagos, in the early hours of Monday, during which three policemen...

Oil extends losses on China data

Oil prices drop. 01 September 2015 – Oil prices plummeted on Tuesday, settling 8% lower, as weak Chinese data extended a roller-coaster run that knocked oil to its lowest in six-and-a-half years last week before frenzied short-covering...

Chevron spends billions on Nigerian Content

02 September 2015, Lagos – To strengthen indigenous participation in the country’s petroleum industry, Chevron Nigeria Limited, CNL, said it spent billions on content development in 2014. In its recent Corporate Responsibility...

New US oil data shows lower 2015 production

01 September 2015, News Wires – The US oil industry pumped less crude than initially estimated this year, according to new government data that offered the clearest look yet at the impact of drillers’ retrenchment in response...

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Power generation, marketing and distribution updates

Dangote to invest in Zimbabwe’s power, coal sectors

Aliko Dangote meets President Robert Mugabe of Zimbabwe. Oscarline Onwuemenyi, with agency reports 02 September 2015, Sweetcrude, Abuja – Africa’s richest man, Aliko Dangote is considering investments in Zimbabwe’s cement, power generation and coal-mining industries as part of expansion plans in the southern African nation. Dangote Cement Plc may start building a $400 million, 1.5...

NERC abolishes controversial penalty against Discos that take excess power

Dr. Sam Amadi, NERC. Oscarline Onwuemenyi 02 September 2015, Sweetcrude, Abuja – The Nigerian Electricity Regulatory Commission, NERC, has announced the end of a controversial regulation, which penalises electricity distribution companies, Discos, for taking electricity in excess of their...

Sahara ‘Light Up Nigeria Challenge’ produces alternative energy sources

02 September 2015, Lagos – Young inventors at the 2015 Sahara ‘Light Up Nigeria Challenge’ have developed simple power models that can reduce production cost and encourage the broad utilisation of different energy sources to power communities and schools. Light...

Stable gas supply responsible for improved electricity —FG

01 September 2015, Lagos – The Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, on Monday said electricity had been stable in the country lately because there was no case of gas pipeline vandalism. Igali spoke with State House correspondents...

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

Mobile money gets boost as CBN loosens restriction on telcos

Mobile money

Mobile money 02 September 2015, Lagos – With the review of the mobile money guidelines, which allows for the participation of the telecommunication companies, the adoption of this form of banking...

Adesina assumes office as 8th President of the AfDB Group

Dr. Akinwumi Adesna, AfDB president.

Dr. Akinwumi Adesna, AfDB president.Akinwumi Adesina, AfDB 02 September 2015, Sweetcrude, Abidjan – “We must light up and power Africa – as a Bank we will launch a new deal on energy...

AfDB expands African Bond Index

Bonds *Botswana & Namibia join index family bringing transparency to most liquid African bond markets 02 September 2015, Sweetcrude, Houston – The African Development Bank (AfDB) through the...

‎Buhari under pressure to cut spending amid oil-price slump

Nigeria’s President Muhammadu Buhari. *Recurrent spending makes up two-thirds of government’s budget Oscarline Onwuemenyi, with agency reports 02 September 2015, Sweetcrude, Abuja –...

Regulator bars insurance firms from offshore investment

NAICOM

18 August 2015, Lagos – The National Insurance Commission has barred insurance companies from investing in any business outside the country. Insurance firms are also prohibited from investing their...

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

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...

As Nigeria hosts Africa Mining Conference

Mining

20 August 2015, Lagos – From September 24 to 26, 2015, Nigeria shall be hosting Africa’s mining industry players in Abuja, with the theme, “Harnessing the continent’s solid minerals for economic...

Vision 2020: Edebiri makes case for steel industry

Steel

18 August 2015, Benin—President of Nigeria Institute of Welding, Dr. Solomon Edebiri, has warned that the attainment of vision 20-2020 by the Federal Government will be a mirage if the country fails to develop its steel industry, welding and fabrication capacities. He gave the warning in Benin, Edo State, at the induction programme for 20 candidates sponsored...