Oil extends gains

Oil extends gain.

Oil extends gain. 28 August 2015 – Crude futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude...

Shell declares force majeure on Bonny Light exports

28 August 2015, Sweetcrude, Lagos – The Shell Petroleum Development Company of Nigeria, SPDC, has declared force majeure on Bonny Light exports effective August 27, 2015. Shell The company stated in a statement issued in Lagos...

Brent climbs more than $1

27 August 2015, News Wires – Brent crude climbed by more than $1 a barrel on Thursday on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains. Front-month Brent, the...

Prosafe wins new Shell charter

27 August 2015, News Wires – Norwegian flotel player Prosafe has secured a short-term deal with Shell for use of its accommodation services unit Regalia in the UK North Sea. The Anglo-Dutch supermajor will deploy the semi-submersible...

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Power generation, marketing and distribution updates

Electricity consumers urge NERC to remove fixed charge

Electric-meters. 28 August 2015, Abuja – SOME electricity consumers in Lagos on Thursday appealed to the Nigerian Electricity Regulatory Commission, NERC, to consider the removal of fixed charge for electricity consumption from their monthly bills. The consumers made the call against the backdrop of the call by the Senate for the removal. News Agency of Nigeria (NAN) recalls that the Senate...

Hoodlums vandalise 330KVA Alaoji–Calabar tower – Official

28 August 2015, Abuja – The Niger Delta Power Holding Company Limited says its 330 KVA Alaoji-Calabar tower valued N45million has been vandalised by hoodlums. Power transmission line. Executive Director Legal Services, NDPHC, Mr. Abdullahi Salisu, made this known at a news conference in Abuja...

BEDC to supply 100,000 prepaid meters per annum

27 August 2015, Akure – The Benin Electricity Distribution Company says it has the target of supplying 100,000 prepaid meters to its numerous customers in Edo, Delta, Ondo and Ekiti states every year. Mrs Osibodu The Chief Executive Officer of the company Mrs....

  17% of Nigerians not enjoying electricity from national grid – Report

Oscarline Onwumenyi 27 August 2015, Sweetcrude, Abuja – Despite recent improvement in power supply, the country is far from meeting its electricity needs as an independent study showed that the privatised Electricity Distribution Companies, DISCOs, are still providing...

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

Nigeria: CBN, IFC seek improved credit system

Credit cards.

Credit cards. 28 August 2015, Lagos – The Central Bank of Nigeria, CBN, and the International Finance Corporation, IFC, a member of the World Bank Group, have said that the current difficulties being...

CBN, court approve Heritage, Enterprise Banks’ merger

Central Bank of Nigeria, CBN.

Central Bank of Nigeria, CBN. 28 August 2015, Lagos – The Central Bank of Nigeria, CBN, has granted final approval for the merger of Heritage Bank and Enterprise Bank. Furthermore, the Federal High...

CBN approves national banking license for Fortis Mfb

27 August 2015, Abuja — The Central Bank of Nigeria, CBN, has granted a national micro-finance banking license to Fortis Microfinance Bank Plc. Fortis MFB is currently the largest micro-finance institution...

Nigeria: Govt records N52.3bn shortfall in revenue

28 August 2015, Abuja – The drop in the prices of crude oil in the international market again took its toll on the federation account as the gross revenue into the account declined by N52.36bn from...

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...