Fuel scarcity: NNPC warns against panic buying

NNPC-logo-335x270

27 February 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, has described the shortage of Premium Motor Spirit, popularly known as petrol, as “artificially induced,” warning...

Brent set for largest monthly gain since 2009

World oil prices

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by around 15% so far this month from January’s...

Uganda offers six oil blocks in first competitive licensing round

27 February 2015, Kampala  – Uganda is offering six petroleum blocks in its first competitive licensing round for oil exploration in the Albertine Graben area, a region where oil has already been discovered, the Energy and Mineral...

Petrobras scandal about to hit political class

27 February 2015, News Wires – Brazil’s top prosecutor is expected to file charges in coming days against politicians implicated in the Petrobras corruption scandal, a political bombshell that could involve members of Congress...

Brent set for largest monthly gain since 2009

Oil edges higher 27 February 2015 - Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported...

Power generation, marketing and distribution updates

Indigenous meter manufacturers commend power sector local content law

27 February 2015, Lagos – The Electricity Meter Manufacturers Association of Nigeria, EMMAN, has commended the Nigerian Electricity Regulatory Commission, NERC, for enacting a law that would encourage local players in the power sector. The association said in a statement in Lagos by its Executive Secretary, Mr Muyideen Ibrahim, that the local content law would not only protect the indigenous...

Power supply dips by 360MW

27 February 2015, Lagos – Supply of electricity to consumers across the country has fallen by 360.88 megawatts in the last one week and the Federal Government has again attributed the development to the vandalism of pipelines that transport gas to power plants. Specifically, the energy sent...

Investors inject N300bn in electricity firms – BPE

26 February 2015, Abuja – Core investors have injected more than N300bn into the Power Holding Company of Nigeria’s successor electricity generation and distribution firms, the Bureau of Public Enterprises has said. Dikki The Director-General, BPE, Mr. Benjamin...

Manufacturers to shut factories over high electricity bills

26 February 2015, Abuja – Some manufacturers in the country have said that the increase in electricity tariffs will force them to shut down their operations in the near future if development is not urgently addressed. Electrical sub-stationElectrical sub-stationDifferent...

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

Price stability: Expert commends CBN for adopting ‘Float’ exchange rate mechanism

Central Bank of Nigeria, CBN.

Central Bank of Nigeria, CBN. 27 February 2015, Lagos - A financial expert, Mr Sewa Wusu, on Wednesday commended the Central Bank of Nigeria, CBN, for adopting the “float” exchange rate mechanism...

Financial market products & services update

Financial chart, currency notes and a compass.

Financial chart, currency notes and a compass. 27 February 2015, February 2015, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: The CBN on Thursday refuted...

FG, States’ shared income drops to N500.13bn on low oil revenues

Dr. Bashir Yuguda *As NNPC remits N5.1bn owed to Federation Account *Begins talks to pay back $1.4bn of missing oil fund Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The Federal government,...

Financial market products & services update

Financial markets 26 February 2015, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: Africa’s richest man, Alhaji Aliko Dangote, has allayed concerns...

CRFFN takes up life insurance scheme for members

insurance

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death. Disclosing...

Nigeria: Compulsory insurance certificate now precondition for contract awards

Nigeria's Commissioner for Insurance Mr. Fola Daniel

  Nigeria’s Commissioner for Insurance Mr. Fola Daniel o8 January 2015, Benin - The Federal Government has said it will soon mandate all those seeking for government contracts to present their...

Why insurance is hard sell in Nigeria

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

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...

Firm to invest N60bn in Jos steel milll

Steel

27 February 2015, Abuja – The Eta Zuma Group, which acquired the Jos Steel Rolling Mill from the Federal Government in 2005, has said that it will spend $300m (about N60bn) to rehabilitate the steel...

Nigeria: Steel manufacturers lament hike in electricity tariff

Liquid steel being poured into a mold.

Liquid steel being poured into a mold. Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The Steel Manufacturing Group of the Manufacturers Association of Nigeria, MAN, yesterday threatened to shut down operations in the face of persistent hike in electricity tariff without commensurate increase in power supply, even as it lamented that the hike...