Oil prices dip as OPEC official says no cuts planned

oil price

30 June 2015, Lagos – US oil prices dipped Thursday, snapping a two-day streak of gains after a top official with OPEC reiterated that the cartel has no plans to cut petroleum production. US benchmark...

Mexico ‘to postpone deep-water round’

30 July 2015, News Wires – Mexico’s energy minister said the country will postpone auctions for deep-water oil and gas licenses and adjust the terms of upcoming tenders after its inaugural bid round failed to meet the government’s...

New oil sheen spotted off California

30 July 2015, News Wires – The US Coast Guard is investigating a mysterious oil sheen in the Pacific Ocean, the second hydrocarbon release to hit the California coast in recent months. The slick is about three square miles wide...

Shell to sack 6,500; cut spending to cope with lower oil prices

30 July 2015, London – Royal Dutch Shell says it will axe 6,500 jobs this year and step up spending cuts, to deal with an extended period of lower oil prices. Besides, the company announced on Thursday in London the sale of a 33 per...

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‎PTDF to establish alternative energy research centre

Renewable energy Oscarline Onwuemenyi 30 July 2015, Sweetcrude, Abuja – The management of Petroleum Technology Development Fund, PTDF, has declared its readiness to establish a National Coordination Centre for Research and Development on Biofuels and other alternative energy sources to be domiciled at the National Institute of Petroleum Policy and Strategy, NIPPS, in Kaduna. The Fund said...

NELMCO saves govt billions from verification of N462bn PHCN liabilities

29 July 2015, Abuja – Working with the Ministry of Power, Office of the Accountant General of the Federation and Debt Management Office (DMO), the Nigeria Electricity Liability Management Company (NELMCO) Limited may have effectively verified the factual status of an outstanding N462,754,646,902.96...

Again, TCN records new power transmission peak of 4662MW

29 July 2015, Abuja – The Transmission Company of Nigeria (TCN) on Wednesday disclosed that the national electricity grid transmission has attained a new peak capacity of 4,662 megawatts (MW), some 6MW different from its last record of 4656MW. TCN, in a press...

49 electricity workers killed in six months

29 July 2015, Lagos – Between January and June this year, 49 employees of electricity distribution companies in the country lost their lives while on duty as a result of the poor implementation of safety measures by the firms. This is coming as the Nigerian Electricity...

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

Market capitalisation dips by N36bn

SEC-and-NSE-stock exchange logos-360x225

30 July 2015, Lagos – Equities on the Nigerian Stock Exchange fell for the sixth session on Wednesday with the market capitalisation declining by N36bn or 0.34 per cent to close at N10.457tn. The...

$13bn oil stolen under NNPC in four years – NEITI

Zainab Ahmed, Executive-Sec, NEITI

30 July 2015, Abuja – The  Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said  between 2009 and 2012 alone, about...

Kwara uses N3.5bn NLNG dividend to pay salaries

29 July 2015, Ilorin – The Kwara State Governor, Alhaji Abdulfatah Ahmed, has said the state government used its share of N3.5bn from the $2.1bn Nigeria Liquefied Natural Gas Company Limited dividend...

Advanced technology increasingly shaping Africa’s financial sector

Financial services. 28 July 2015, Nairobi – The African financial services industry is rapidly evolving as a result of advancing technology which is fueling innovation and growth in the sector. While...

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...

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...

Over 200 Chinese firms eye business in mining, agric sectors

Miners 2

06 July 2015, Abuja – Over 200 Chinese companies have expressed interest in the country’s mining, agriculture, confectionary and pharmaceutical sectors. Miners Speaking during the signing of a Memorandum of Understanding (MoU) between  the Chinese delegation and a consortium of Nigerian businessmen, Executive Secretary of the Nigerian Investment...