Global fuel prices fall, but not in Zimbabwe

Oil price fall

17 December 2014, Harare – The country’s energy regulator has blamed the government’s “fuel pricing template” and hunger for tax dollars as local motorists demand answers...

Liberia: Ex-Nocal boss threatens suit against company

Christopher Neyor

17 December 2014, Monrovia – A contestant in Liberia’s upcoming Special Senatorial Elections and a former National Oil Company of Liberia (NOCAL) boss Christopher Neyor has termed the sale of four oil blocks by the government of Liberia as illegal under the prevailing New Petroleum Law adopted June 2012 and has threatened a lawsuit against the...

Oil price fall: ‘OPEC won’t cut output’

7 December 2014, Lagos – Crude oil dropped to the lowest level in more than five years after the United Arab Emirates said the Organisation of Petroleum Exporting Countries (OPEC) won’t rein in production in response to the slump. OPEC...

Brazil looks to charge ex-Petrobras chief

17 December 2014, News Wires – Prosecutors in Rio de Janeiro said on Tuesday that they were seeking to indict the former chief executive officer of Brazilian state-run oil company Petrobras, as well as a leading local construction...

GE braces for oil and gas revenue fall

17 December 2014, News Wires – General Electric (GE) has given a 2015 profit forecast range that barely included Wall Street’s target as the US conglomerate braced for a “sluggish” oil and gas sector due to plunging...

Power generation, marketing and distribution updates

Lagos electricity consumers lament crazy bills, outages

17 December 2014, Lagos – Electricity consumers in Lagos on Wednesday condemned the recent outrageous bills received from electricity companies in spite of poor power supply in November. Some consumers stated this in Lagos during an interview with the News Agency of Nigeria. They rued arbitrary and excessive billing of consumers when electricity supply was not regular. A resident of...

NERC warns against unfair electricity rationing by Discos

16 December 2014, Lagos – The Nigerian Electricity Regulatory Commission (NERC) has directed the various electricity distribution companies (discos) in Nigeria’s Electricity Supply Industry (NESI) to work out fair and ingenious strategies of shedding electricity loads to ensure adequate...

Govt urges Discos to patronise local manufacturers

16 December 2014, Lagos – The federal government has directed all the electricity distribution companies in the country to patronise local manufacturers in line with the policies put in place by government, designed to ensure accelerated development of the industrial...

Metering: NERC begins monitoring of power firms

16 December 2014, Abuja – The Nigerian Electricity Regulatory Commission has commenced a nationwide monitoring of power distribution companies in order to determine those that have failed to provide meters to electricity consumers who have paid for the device...

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

Nigeria: Stock market hits new low as bears sustain

Nigerian-Stock-Exchange.NSE

17 December 2014, Lagos – The bench market index of the Nigerian Stock Exchange (NSE) fell below 30,000 threshold points yesterday as the index declined 2.30 per cent   to close at 29,789.59 from...

Govt explains challenges in 2014 budgets

PIC 16.  DR NGOZI OKONJO IWEALA AFTER BEING SCREENED BY SENATE IN ABUJA     ON WEDNESDAY (6/7/11).

17 December 2014, Abuja – The Minister of Finance, Dr Ngozi Okonjo-Iweala, on Wednesday named oil pipeline vandalism as one of the challenges in the achievements of revenue projections for 2014...

Optimistic FG retains $65 oil benchmark, presents N4.3tn budget today

17 December 2014,, Lagos – The Coordinating Minister for the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala will today lay the 2015 budget estimates of N4.357 trillion before both chambers...

‘Falling oil prices will not affect FBN’s non-performing loans’

17 December 2014, Lagos – The Head of Finance, FBN Holdings Plc, Mr.OyewaleAriyibi, has said the decline in crude oil price will not lead to an increase in the non-performing loans of First Bank...

Govt targets N1tr in insurance premiums by 2017

Ngozi-Okonjo-Iweala-manag-001

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

Fasholaxx

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...

IEI settles N616.18m claims in six months

27 August 2014, Lagos – International Energy Insurance (IEI)Plc paid a total of N616.18 million in the first half of the year ended June 30, 2012. The Managing Director of the company, Mrs. Roseline...

Namibia: Swakop Uranium signs environmental agreement

Swakop Uranium

07 December 2014, Swakopmund — Swakop Uranium, the contractors on the Husab mine project as well as Metal and Allied Workers Union of Namibia, MANWU, has signed an agreement to ensure the health and...

Rwanda: Miners appeal for eased credit facilities

Miners 2

07 December 2014, Kigali - Miners have appealed to financial institutions to extend loans to them, saying lack of access to credit facilities is one of the challenges the mining industry is facing. Mining is associated with a lot of risks and as a result, many financial institutions are reluctant to offer loans to miners. But speaking at celebrations to...