Global oil price decline: NNPC proffers solutions for Nigeria

NNPC Towers

NNPC Towers 25 April 2015, Lagos - Amidst the growing challenge of dwindling crude oil prices faced by the global oil and gas industry, the NNPC has offered strategic solutions aimed towards cushioning...

Baker Hughes: US oil rig count decline quickened this week

US rig count declines

US rig count declines 24 April 2015 - The fall in U.S. rigs drilling for oil quickened a bit this week, data showed on Friday, suggesting a recent slowdown in the decline in drilling was temporary, after slumping oil prices caused energy companies to idle half the country’s rigs since October. Drillers idled 31 oil rigs this week, leaving 703 rigs...

Prices retreat from 2015-highs

oil-price-drop 24 April 2015 - Oil prices on Friday edged back from 2015-highs reached the session before, but remain on course for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments. Crude...

Fuel scarcity may worsen next week

Kunle Kalejaye 25 April 2015, Sweetcrude, Lagos – Strong indications have emerged that the current fuel scarcity in many parts of Nigeria may worsen as from next week. Femi Olawore, MOMAN Executive Secretary SweetcrudeReports...

NNPC, PETAN, IOCs set for OTC 2015

Kunle Kalejaye 25 April 2015, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC; Petroleum Technology Association of Nigeria, PETAN and international oil firms operating in Nigeria have completed arrangement...

Power generation, marketing and distribution updates

NCP pays N373.2bn entitlement to PHCN workers

PHCN-workers 25 April 2015, Lagos - The National Council on Privatisation, NCP, has so far paid entitlement of N373.2 billion to 98 per cent of the workforce of the defunct Power Holding Company of Nigeria, PHCN. The NCP, which made this disclosure on Wednesday, noted the commendable progress achieved by the implementation committee on the payment of the severance, pension and gratuity of the...

Stakeholders task NCS on new ECOWAS tariff implementation

ECOWAS house – Abuja 25 April 2015 - Stakeholders in the maritime industry have tasked Nigeria Customs Service, NCS, on implementation of the Economic Community of West African States, ECOWAS, Common External Tariff, CET, 2015-2019 and 2015 Fiscal Policy Measures in the country. While hailing...

Nigeria: Senate passes electricity management bill

Senate chamber of the Nigerian national assembly. 25 April 2015, Abuja — The Senate at its plenary on Thursday passed the Nigeria Electricity Management Service Authority Bill 2015. When assented to by the President, the Act is expected to carry out the functions...

1,169 PHCN workers not yet paid benefits – BPE

23 April 2015, Abuja –  A total of 1,169 workers of the defunct Power Holding Company of Nigeria have not been paid their terminal benefits, the Bureau of Public Enterprises has said. Benjamin Dikki The Director-General, BPE, Mr. Benjamin Dikki, disclosed this...

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 24 April 2015, Sweetcrude, Houston - Local and international financial market products and services update. NIGERIA: The growth recorded by Nigerian banks and other banks in sub-Saharan...

Seplat clarifies dividend policy for Nigerian shareholders

Dr. A.B.C. Orjiako, Chairman, Seplat

Seplat Petroleum Development Company  Plc  has clarified its dividend payment policy to Nigerian shareholders  in the wake of news reports that the company was insisting on paying its Nigerian shareholders...

1,169 PHCN workers not yet paid benefits – BPE

23 April 2015, Abuja –  A total of 1,169 workers of the defunct Power Holding Company of Nigeria have not been paid their terminal benefits, the Bureau of Public Enterprises has said. Benjamin Dikki The...

Delayed subsidy payment increases marketers’ debt

23 April 2015, Abuja – Constant delay in subsidy reimbursement by the Federal Government has led to increase in oil marketers’ debt exposure, driving their finance charges higher, industry analysts...

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

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

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...

Nigeria: Govt to offer Ajaokuta Steel for sale again

Ajaokuta Steel complex

Ajaokuta Steel complex 12 April 2015, Abuja - Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, has hinted that a new process to either privatise or concession the moribund Ajaokuta...

‎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 of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has revealed. Ajaokuta Steel Company Nigeria. Dikki, who was speaking on a breakfast programme...