Nigeria: Trouble over OML 42

Section of Nigeria's oil and gas acreage.

Section of Nigeria’s oil and gas acreage. •Alleged sale pits Petroleum Ministry against NPDC staff 24 May 2015, Lagos – The nation faces imminent black out ahead of the May 29 hand over date...

N1.1bn subsidy fraud: Arisekola-Alao’s son, others re-arraigned

23 May 2015, Lagos -Abdullahi, son of late prominent businessman, Alhaji Abdullazeez Arisekola-Alao, and two other oil marketers (Opeyemi Ajuyah and Olanrewaju Olalusi) were yesterday re-arraigned before an Ikeja High Court over allegation...

Kaduna: El Rufai sends signals as clash looms over N2.7billion SURE-P fund

23 May 2015, Kaduna – Kaduna state governor-elect, Malam Nasir El-Rufa’i, a former Minister of the FCT, has always been associated with controversy and barely a week to his inauguration, sections of Kaduna residents are already...

Nigerians cry under biting petrol scarcity

In search of fuel in Lagos, Nigeria. 23 May 2015, Lagos – Nigeria, Africa’s leading oil producer, on Thursday warned that jobs could be at risk, as a weeks-long fuel crisis showed no signs of easing. Long queues have been seen...

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Power generation, marketing and distribution updates

Nigeria’s power generation at “All-Time Low”; crashes to 1,327mw

Power outages worsens in Nigeria. 24 May 2015, Lagos – Nigeria’s overall electricity generation has dropped to an unprecedented low of 1,327 megawatts, the Ministry of Power said Friday, a week before the transfer of power from President Goodluck Jonathan to President-elect Muhammadu Buhari. As at 12 noon Friday, most key power plants in the country, including those located at Utorogu,...

Govt raises alarm over dwindling electricity supply, power plants shutdown

23 May 2015, Abuja -The Federal Government on Friday in Abuja raised alarm over dwindling and epileptic electricity supply across the country. The Permanent Secretary, Ministry of Power, Mr Godknows Igali, made this known after a meeting with Vice-President Namadi Sambo to State House correspondents...

Nigeria: Govt says power situation could get worse

Egbin thermal power plant. 23 May 2015, Abuja – The Nigerian government on Friday warned that the power situation in the country could get worse if the labour unions’ strike is not called off. Addressing state House Correspondents after briefing Vice President...

Power situation could get worse, govt warns

23 May 2015, Abuja -The Federal Government yesterday warned that the power situation in the country could get worse if the labour unions’ strike is not called off. Addressing state House Correspondents after briefing Vice President Namadi Sambo on the power situation...

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

Eland sees reduced loss

Eland Oil & Gas operated OML 40

Eland Oil & Gas operated OML 40 22 May 2015 – Eland Oil & Gas announced Friday a $16 million loss in its full-year results for 2014, which compared favorably to a loss of $26 million in 2013. Eland...

Financial market products & services update

Coins on and investment chart.

Coins on and investment chart. 22 May 2015, Sweetcrude, Houston – Local and international financial market products and services update. FX: No change in the special auction modalities. CB sold an...

NPDC may lose $2bn revenue in controversial agreement

NNPC Towers 21 May 2015, Abuja – The controversial oil lifting deal between the Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and Atlantic...

65 per cent of Nigerians lack access to banking – NDIC

Banking hall 21 May 2015, Benin City — With an estimated population of 179 million people, 65 per cent of Nigerians still lack access to any form of banking facility or service, the Controller, Benin...

NLNG records 30% revenue decline

NLNG

18 May 2015, Lagos – Nigeria’s dwindling revenue profile is expected to worsen further, as the Nigeria Liquefied Natural Gas, NLNG, has said it has recorded a 30 per cent decline in its revenue...

Nigeria, Africa rank least in insurance penetration

Femi Oyetunji, CEO, Continental Reinsurance Plc

Mr. Femi Oyetunji 20 April 2014, Lagos – The Chief Executive Officer of  has said Africa ranks the least in terms insurance penetration with  3.5 per cent among the continents. Similarly, within...

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

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

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...

Mining: Group seeks involvement in developing sector

Lead poisoning in Nigeria

19 May 2015, Abuja – The Nigerian Mining and Geosciences Society, NMGS, has expressed readiness to be part of the effective development of the nation’s mineral resources as the incoming government...

South Africa: Deputy president not benefitting from Eskom coal Contracts

South Africa's Deputy President, Cyril Ramaphosa.

South Africa’s Deputy President, Cyril Ramaphosa. 27 April 2022, Johanessburg – Office of the Deputy President, Cyril Ramaphosa on Saturday said it takes exception to statements made by energy analyst, Ted Blom, that the Deputy President had benefited improperly from Eskom coal contracts. Blom said this during a press club briefing held in Cape...