Nigeria: Petrol subsidy drops to N1.7bn daily

Petrol laden ships.

Petrol laden ships. 03 August 2015, Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, at weekend released a new template for Premium Motor Spirit (petrol) which puts its open market price...

Oil continues to fall

Oil price drop 03 August 2015 – Oil extended losses on Monday on worries of oversupply as Opec pumped at record levels in July, while weak China data stoked concerns about slower growth at the world’s second largest oil consumer. Saudi...

Nigeria: DPR shuts 23 private petroleum products depots

Section of a petroleum products depot. 03 August 2015, Lagos – The Department of Petroleum Resources, DPR, has shut 23 private petroleum products depots across the country for selling Premium Motor Spirit, PMS, to marketers above...

What Nigeria will benefit from Dangote, U.S. Agency oil deal

The U.S. Trade and Development Agency signed training grant with Dangote. 02 August 2015, Lagos – The United States Trade and Development Agency has signed a $997,447 training grant with Dangote Oil Refining Company to develop critical...

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Power generation, marketing and distribution updates

Nelmco stops fraudulent claims, verifies N462bn PHCN debts

PHCN 02 August 2015, Lagos – The Nigeria Electricity Liability Management Company Limited, NELMCO, has made moves to stop fraudulent claims even as it has verified liabilities worth N462 billion under the defunct Power Holding Company of Nigeria, PHCN. It was gathered that the verification which was initiated by the new Managing Director, Fagbemi Nathaniel Adebayo was earlier frustrated...

Nigeria: Electricity grid maintains rise, now 4,662Mw

Egbin power plant 01 August 2015, Lagos – Electricity generation across the country has continued to maintain a continuous rise from 4,000megawatts just as it rose to 4,662mw on Wednesday. Although the system began to rise in capacity from late June 2015, electricity customers across the 11...

Discos seek Presidency’s help over alleged N7bn debt

Electricity distribution transformer. 01 August 2015, Abuja — Electricity distribution companies (DISCOs) yesterday lamented how the debts allegedly owed them by Ministries, Departments and Agencies (MDAs) are crippling the electricity sector. They therefore, called...

Why Nigeria is not able to generate 6,000Mw – NERC

PHCN-worker 01 August 2015, Lagos – Nigerian Electricity Regulatory Commission, NERC, has attributed the country’s inability to generate 6,000Mw to corruption, incompetence in project management and lack of prudent public sector investment. The Chairman...

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

Financial market products & services update

Financial markets.

Financial markets. 03 August 2015, Sweetcrude, Lagos – Local and international financial market products and services update. FX: No significant change in the market as the two way quote FX market...

AfDB supports competitiveness of Moroccan economy with $114.5m

Donald Kaberuka, President of the AfDB.

Donald Kaberuka, President of the AfDB. 01 August 2015, Sweetcrude, Abidjan – The African Development Bank Group (AfDB) and the Government of the Kingdom of Morocco signed on 28 July 2015 three funding...

AfDB issues $20m infrastructure bonds to Japan’s life insurance company

AfDB 01 August 2015, Sweetcrude, Lagos – The African Development Bank, AfDB, sold $20 million in infrastructure bonds to the Fukoku Mutual Life Insurance Company, Fukoku Life. Fukoku Life was the...

Expert advocates CBN autonomy over monetary policy

CBN logo 01 August 2015, Lagos — For the Nigeria’s monetary policy to be protected at all times, the apex bank, the Central Bank of Nigeria, CBN, should be accorded full autonomy and independence. Charles...

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

Nigeria's Commissioner for Insurance Mr. Fola Daniel

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...

NCRIB commends LASG on insurance for security personnel

17 June 2015, Lagos – The Nigerian Council of Registered Insurance Brokers (NCRIB) has commended the Lagos State Government (LASG) for approval of upward review of the Group Life Insurance scheme...

Govt told to pursue completion of Ajaokuta, other steel mills

Ajaokuta Steel Complex

31 July 2015, Lagos – The Federal has been called upon to vigorously pursue, complete and put the Ajaokuta iron and steel complex, the Aladja steel rolling mills and the Oshogbo machine tools and...

China reveals gold holdings amid investors’ doubts

gold

21 July 2015, News Wires – China released data on its gold holdings for the first time in about six years, but investors say the guessing game about the country’s actual inventory continues. The People’s Bank of China on Friday published figures  on its gold reserves for the first time since 2009. Its official gold reserves stood at 53.3 million...