Zambia: ERB reduces fuel prices again

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31 January 2015, Lusaka – The Energy Regulation Board (ERB) has effective midnight tonight Friday, 30th January announced a Low Sulphur Gasoil price reduction. ERB Board Chairman Pastor Geoff Mwape...

Tullow scales down oil search in Kenya’s Lokichar basin

Tullow 1

31 January 2015, Nairobi – Tulow Oil has said it has scaled down its exploration and appraisal activities in the oil-rich Lokichar Basin of Turkana county as it gears up for the development phase. The British oil company that jointly operates blocks 10BB, 13T and 10BA with Canadian Africa Oil Corporation has since February 2012 struck oil resources...

Zimbabwe’s Zera audits fuel price compliance

31 January 2015, Harare – The Zimbabwe Energy Regulatory Authority has embarked on a nationwide audit of retail fuel prices to determine if traders complied with Government’s directive to slash prices. Government set maximum...

Oil firms, banks renegotiate loans amid falling prices

30 January 2015, Lagos – Buffeted by the decline in global oil prices from a peak of $115 per barrel in June 2014 to around $48 currently, several oil companies in Nigeria are restructuring the loans they obtained from banks for...

Chevron reports $3.5bn Q4 net Income, $19.2bn 2014 earnings

30 January 2015, Sweetcrude, Houston – Chevron Corporation today reported earnings of $3.5 billion for fourth quarter 2014, compared with $4.9 billion in the 2013 fourth quarter. Foreign currency effects increased earnings in...

Power generation, marketing and distribution updates

Harnessing the sun to power a Malawian island

Likoma Island 01 February 2015 - PhD student Collen Zalengera is from a poor rural community on Likoma Island in Lake Malawi. He is the first member of his family to be educated to secondary level. In this film, he speaks about the problems he encountered in trying to conduct his research in Malawi, talks about the benefits of studying at Loughborough University in the United Kingdom and explains...

GE partners with Ghanaian universities on capacity development

31 January 2015, Accra – One hundred students of the University of Ghana will have their tuition fully paid by General Electric until they complete their studies. Ashesi University College has also signed on to a partnership with GE and the Ghana National Petroleum Corporation (GNPC) to build...

Israel reduces electricity to indebted Palestinians

30n January 2015, Lagos – Israel’s state-run electricity company is to reduce energy supplies to Palestinians in the occupied West Bank because of a debt of more than $450 million, an official said Thursday. The move comes at a time of diplomatic tensions,...

Power sector records 20 system failures after privatisation

29 January 2015, Lagos – From November 2013 when the generation and distribution arms of the power sector were privatised by the Federal Government to January 2015, the sector has experienced 20 system collapses in total. Sixteen of the collapses were said to...

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

Africa panel on illicit financial flows, Oxfam reacts

Illicit financial flows

Illicit financial flows 01 February 2015, Sweetcrude, Lagos - On the publication of the final report from the T. Mbeki High Level Panel on Illicit Financial Flows, Oxfam South Africa Executive Director...

NIDF to pay N25m coupons to note holders

Nigerian Stock Exchange, NSE.

Nigerian Stock Exchange, NSE. 01 February 2015, Lagos - The Nigerian International Debt Fund, NIDF, a Nigerian Stock Exchange, NSE, listed mutual fund plans to pay a minimum of N40.00 per note holder as...

Oil firms, banks renegotiate loans amid falling prices

30 January 2015, Lagos – Buffeted by the decline in global oil prices from a peak of $115 per barrel in June 2014 to around $48 currently, several oil companies in Nigeria are restructuring the...

SEC approves changes in Oando’s Rights Issue

30 January 2015, Lagos – The Securities and Exchange Commission, SEC, has approved a change in the Rights Issue terms of Oando Plc. Oando said in a filing with the Nigerian Stock Exchange, NSE,...

Why insurance is hard sell in Nigeria

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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

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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...

Nigeria now has 21 functional steel mills – Aganga

Olusegun Aganga

30 January 2014, Lagos – The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, on Thursday said the number of functional steel mills in the country had increased to 21 from less than...

Govt commissions N60bn steel mill in Sagamu

Dr. Olusegun Aganga

30 January 2015, Lagos – The Federal Government Thursday commissioned a N60billion integrated steel mill in Shagamu, Ogun State as part of productive activities thrown up by the sectorial implementation of the Nigerian Industrial Revolution Plan. Dr. Olusegun Aganga, Minister of Industry, Trade and Investment The Minister of Industry, Trade and Investment,...