Oil continues to fall

Oil price drop

Oil price drop 31 March 2015 - Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more...

Oil prices fall further

Oil prices drop

Drop in oil prices 30 March 2015 - Brent crude oil prices fell below $56 a barrel on Monday, extending steep losses from the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. Iran and world powers tried to break an impasse in nuclear negotiations on Sunday ahead...

ExxonMobil begins production from Gulf of Mexico asset

30 March 2015, Sweetcrude, Houston, Texas – ExxonMobil Corporation has began production in the deepwater Gulf of Mexico at Hadrian South with facilities tied back to the nearby Lucius project, reducing additional infrastructure...

Oil giant Total sells Nigerian oil field stake for $569m

30 March 2015, Lagos – French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569 million (523 million euros). Total Total’s sale of its share in the onshore Oil Mining Lease...

Nigeria: Total pockets $1bn from divestments in 3 onshore blocks

Total 30 March 2015 - Total’s recent divestment of its interests in three onshore Oil Mining Leases (OML) in Nigeria, inlcuding OML 18 and OML 24, crossed $1 billion Monday after the French major completed the sale of its stake in...

Power generation, marketing and distribution updates

Iran deal deadline nears

30 March 2015, News Wires – A deadline is fast approaching for negotiators to hammer out a framework agreement over Iran’s nuclear programme and sanctions imposed on the major Middle Eastern oil producer. A frame agreement is hoped for by Tuesday as the foreign ministers of six countries – US, UK, France, Germany, Russia and China – meet with their Iranian counterpart, Mohammad...

Solar Energy is best solution to Nigeria’s power challenge, says Omatek CEO

30 March 2015, Lagos –  The Chief Executive Officer of Omatek Ventures Plc, Mrs. Florence Seriki has said the best way to address the short fall in power generation and distribution and also cut down on wasteful consumption of electricity in the country, is to adopt solar energy. Seriki Seriki,...

Power: Govt grants license for embedded hydro dam

Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja –  The Federal government has issued a water use permit to Winners Power Garden Ltd for the construction of an earth dam capable of generating 28 megawatts of electricity. Mrs Sarah Ochekpe, Minister of...

Firm gets permit to generate hydro power

30 March 2015, Lagos – The Federal Government has issued a water use permit to an indigenous firm, Winner Power Gardens Limited, to generate electricity from the Okuru River in Kogi State. The Permanent Secretary, Federal Ministry of Water Resources, Mr. Musa...

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

Fitch retains BB- rating for Nigeria with negative outlook

Fitch Ratings

Fitch Ratings 31 March 2015, Abuja - Fitch Ratings has reaffirmed Nigeria’s long-term foreign and local currency credit rating at BB- and BB respectively, but however revised the country’s outlook...

Financial market products & services update

Financial chart, currency notes & a compass.

Financial chart, currency notes & a compass. 31 March 2015, Sweetcrude, Lagos - Local and international financial market products and services update. FX: The CBN remained at 196.00/197.00 but market...

Equities rise despite election fever

31 March 2015, Lagos – Equities listed on the Nigerian Stock Exchange recorded significant gains on Monday amid anxiety over the outcome of the presidential and National Assembly elections. Nigerian...

Diamond Bank records 10.7% dip in profit

31 March 2015, Lagos – Diamond Bank Plc has released its audited results for the 2014 financial year, which showed that the group witnessed a drop in profit. The results, filed with the Nigerian...

No premium, no cover: Government agencies refuse to insure assets – Fashola

Gov Babatunde Raji Fashola of Lagos

12 March 2014, Lagos – Group Managing Director of Industrial and General Insurance Plc, IGI, Mr. Rotimi Fashola has said that many government ministries and agencies no longer insure their assets...

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 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 set to re-privatise Ajaokuta Steel

Ajaokuta Steel Company Nigeria.

Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja – The Federal Government will soon commence another process to privatise the Ajaokuta Steel Company Limited (ASCL), Director-General of the Bureau...

Nigeria: Govt to attempt another privatization of Ajaokuta Steel

Ajaokuta Steel Complex

Ajaokuta Steel Complex Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja - The Federal Government will soon commence another process to privatise the Ajaokuta Steel Company Limited (ASCL), Director-General of the Bureau of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has revealed. Dikki, who was speaking on a breakfast programme on Independent...