Nigeria spends N612bn on JV operators —NEITI report

An oil worker inspecting a valve on a flow line.

An oil worker inspecting a valve on a flow line. 28 April 2015, Lagos - The Federal Government, through the Nigerian National Petroleum Corporation, NNPC and the National Petroleum Investment and Management...

N256.2bn debt threatens fuel importation

Petrol laden ships

Petrol laden ships 27 April 2015, Lagos — There are indications that the nation may be heading for another fuel scarcity few weeks to the May 29, handover to the incoming Muhammadu Buhari administration, as the Major Marketers Association of Nigeria, MOMAN, has threatened to stop importation due to government’s inability to pay N256.2 billion debt. The...

I’ll probe NNPC’s missing $20bn – Buhari

General Mohammadu Buhari. 27 April 2015, Abuja — Investigations into the circumstances of an alleged $20 billion missing from the coffers of the Nigerian National Petroleum Corporation, NNPC, will be a priority for the incoming administration,...

Ghana: Fuel subsidy bounces back as Cedis tumbles

Fuel queue. 26 April 2015, Accra - IMANI, a leading policy think tank in Ghana says the Mahama-led government has secretly re-introduced fuel subsidies on the downstream petroleum sector, contrary to the International Monetary Fund, IMF,...

Nigeria lawmakers provide scrap fuel subsidy

Nigeria House of Representatives. 25 April 2015, Abuja - The House of Representatives yesterday approved N4.493 trillion as 2015 budget with an increase of N135.4 billion from the N4,357,960 trillion proposed by the executive in November...

Power generation, marketing and distribution updates

Buhari urged to prioritise renewable energy sources

Sources of renewable energy. 27 April 2015 - The Minister of Power, Prof. Chinedu Nebo, has urged the incoming government to prioritise renewable energy sources to curb the incessant attack on gas pipelines by vandals. In a statement from the Ministry of Power, Nebo urged the in-coming administration to open its doors to other sources of energy, such as coal, solar and waste. Speaking at the weekend...

NDPHC board re-jigs management ahead of phase II start off

NDPHC 27 April 2015, Sweetcrude, Abuja - The Niger Delta Power Holding Company, NDPHC, board has advised the general public to disregard reports insinuating that the board was making spirited attempts to make hurried appointments ahead of May 29 for a promised seamless handover by the present administration. This...

Nigeria: Govt seeks embedded plants to check poor power Supply

Power transmission tower. 27 April 2015 - The Federal Government is seeking for more embedded power plants scattered across the country to check the alarming poor electricity supply. The Minister of Power, Prof. Chinedu Nebo, made this known yesterday while signing...

South Africa: Load shedding shelved for now – Eskom

Eskom, power utility 27 April 2015, Johannesburg — ESKOM said it had stopped load shedding despite the electricity supply system remaining vulnerable. Load shedding stopped on Thursday evening but restoration of power took longer in some areas “The electricity supply...

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

Energy firms borrow N548bn from UBA

UBA Plc

UBA Plc 28 April 2015, Lagos - United Bank for Africa Plc’s, UBA, exposure to the energy sector stood at N548.35 billion for two years, 2013 and 2014. According to the information obtained from bank’s...

CBN orders banks to publish names of debtors from end of July

Central Bank of Nigeria

Central Bank of Nigeria 27 April 2015, Abuja - Following an earlier warning to chronic bank debtors in the country to pay up their debts, the Central Bank of Nigeria, CBN, on Friday directed deposit money...

Financial market products & services update

Currency notes, coins and gold bars. 27 April 2015, Sweetcrude, Houston - Local and international financial market products and services update. NIGERIA: President-elect Muhammadu Buhari has said that...

Foreign portfolio investments expected to increase in Q2

Bonds investments 27 April 2015, Lagos - Amidst concerns over sudden flattening of the bull run in the Nigerian stock market, dealers are speculating large inflows of Foreign Portfolio Investments, FPIs,...

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...

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,...

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 Rolling Mill would soon be undertaken by the Federal Government. However, the fresh privatisation efforts would be determined by the outcome of an ongoing...