Nigeria: Fuel queues may mar elections

Fuel scarcity persists.

Oscarline Onwuemenyi Onwuemenyi 27 March 2015,  Sweetcrude, Abuja – There are fears that impending fuel scarcity may mar Saturday’s Presidential and National Assembly elections as long queues...

Nigeria, Africa’s largest oil producer, braced for key poll

Jonathan Buhari

27 May 2015, News Wires – Nigerians are preparing to head to the polls on Saturday as Africa’s largest oil producer gears up for one of its most closely-fought elections. Jonathan and Buhari President Goodluck Jonathan will be hoping a last ditch attempt to quell the uprising from Boko Haram – which has reportedly seen the insurgency group’s...

Chevron sells interest in Caltex Australia Ltd

27 March 2015, Sweetcrude, Houston, Texas – Chevron Corporation’s wholly owned subsidiary Chevron Global Energy Inc., Friday, announced that it has entered into an underwriting agreement for the sale of its 50 percent shareholding...

Oil dips as Mid East concern eases

27 May 2015, News Wires – Oil prices fell over a percentage point on Friday as traders estimated that the threat of a disruption to world crude supplies from Saudi Arabia-led air strikes in Yemen was low. Oil price drop. Goldman...

Oil industry operators urge govt to deploy modern technology in combating pipeline vandalism

27 March 2015, Lagos – Some oil and gas experts on Wednesrday urged the federal government to deploy modern technology in combating the activities of crude oil thieves in the Niger Delta area. They told the News Agency of Nigeria...

Power generation, marketing and distribution updates

Residential consumers won’t enjoy 50% electricity tariff reduction – NERC

Electricity meters *As agency clarifies position on tariff reduction, insists it’s not political  Oscarline Onwuemenyi  28 March 2015, Sweetcrude, Abuja - The Nigeria Electricity Regulatory Commission (NERC) has stated that electricity consumers in the residential cadre of it’s tariff structure will not benefit from the removal of the collection loss component factored into the Multi-Year...

Power: Govt may take definite action on Geometrics Aba Power concession

*To convene a three-parties meeting on the controversy soon 27 March 2015, Abuja – There are indications that the federal government may soon take a final decision on the ‘ring-fencing’ agreement it reached with Geometric Aba Power Plant for distribution of electricity generated...

Aba Power to take off soon as Jonathan moves to resolve feud between parties

27 March 2015, Lagos – President Goodluck Jonathan has stated that the feud  between Geometric Power Ltd and Interstate Electrics, the new owner of the Enugu Distribution Electricity Distribution Company (EEDC), which has stalled the take off of the 141 MW ...

Electricity tariff cuts: FG makes U-turn, excludes residential customers

27 March 2015, Lagos – Some electricity consumers jubilating over recent tariff cuts announced by Nigerian Electricity Regulatory Commission, NERC, few weeks ago would be disappointed as the regulatory agency yesterday made a U-turn, saying the reduction did...

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

Brazil ‘uncovers multi-billion tax fraud’

Brazil President, Dilma Rousseff

27 May 2015, News Wires – Brazilian authorities on Thursday said they uncovered a tax fraud scheme at the Finance Ministry’s tax appeals board that may have cost taxpayers up to 19 billion...

AFC income hits $113.9m

Naira noes and dollar bills

27 March 2015, Lagos – The Africa Finance Corporation (AFC) on Thursday released its results for the year ended December 31, 2014 and reported a 31 per cent growth in its total comprehensive income...

UBA records N290bn gross earnings in 2014

27 March 2015, Lagos – The United Bank for Africa (UBA) Plc’s 2014 full year audited results has shown that the consolidation of its African operations and enhanced productivity across the group...

Nigeria’s external reserves fall below $30bn

27 March 2015, Lagos – The value of Nigeria’s external reserves, which has been on the downswing in the past few weeks, fell below the $30 billion mark to $29.865 billion as at March 25, 2015,...

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...

Enugu coal: Millhouse Engineering to provide training for Nigerian workforce

Coal mine

25 March 2015, Sweetcrude, Lagos – US-based company, Millhouse Engineering and Construction of Chicago, would be providing training for the Nigerian workforce in the process of developing, exploring...

AfDB commits $200m to coal-to-power

AfDB

24 March 2015, Abuja — In its determination to deepen the development of renewable energy, the African Development Bank, AfDB, has offered to provide a support to the tune of about $200 million towards the growth of coal-to-power projects in Nigeria. AfDB The Managing Director and Chief Executive of Nigerian Bulk Electricity Trading Plc, NBET, Mr. Rumundaka...