Nigeria: How oil underdeveloped Nigeria – Osinbajo

*Vice President Yemi Osinbajo.

*Vice President Yemi Osinbajo. 26 June 2016, Abuja — Vice President Yemi Osinbajo has disclosed that having an easy source of revenues denied Nigeria the opportunity to engage in the critical thinking...

‘Crude oil production may hit 2.3m b/d in two weeks’

*NNPC Towers. *Operators’ resilience keeping production level at 1.9m b/d 26 June 2016, Abuja — Nigeria may in the next two weeks increase the volume crude oil it produces and pumps every day from her oil fields to 2.3 million...

Dangote Lekki refinery, petrochemical projects will boost Nigeria’s economy – Governor Akinwunmi Ambode

*Lagos State Governor, Akinwunmi Ambode, with Vice President, Prof. Yemi Osinbajo; Minister of Solid Minerals, Dr. Kayode Fayemi; Minister of Finance, Kemi Adeosun and President, Dangote Group; Alhaji Aliko Dangote during the Vice President’s...

Our people are suffering, Avengers tell Buhari

25 June 2016, Warri – Militant group, Niger Delta Avengers, on Saturday, asked President Muhammadu Buhari to visit the Niger Delta region to see for himself what the people are passing through despite the huge revenue from the region. *President...

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Power generation, marketing and distribution updates

Africa uniquely placed to develop diverse energy mix

*Sources of energy. 26 June 2016, Johannesburg — Africa is uniquely placed to build a sustainable, renewable energy matrix with immense potential, says Rentia van Tonder, head of power at Standard Bank. “However, how quickly, efficiently and at what cost the continent builds this energy infrastructure will be influenced by sovereign wealth, governments’ commitments and capital markets,”...

Ghana: ECG shocked at illegal electricity connection at Tema Police Barracks

*Staff of the Electricity Company of Ghana. 26 June 2016, Accra — Police occupants of the Tema Community 8 Police Barracks have been caught allegedly stealing power. The power bypass came to light during an operation by the team of the Special Revenue Protection Exercise of the Electricity...

Power supply: Don’t shut down, don’t downsize, Fashola tells industrialists

*Babatunde Raji Fashola, Nigeria’s minister of Power. 26 June 2016, Lagos — Minister of Power, Works and Housing, Mr. Babatunde Fashola SAN, Thursday in Lagos advised industrialists, directors and other employers of labour in the country not to panic or...

PHEDC laments unpaid bills, advocates use of energy-saving bulbs

25 June 2016, Yenagoa – The Port Harcourt Electricity Distribution Company says it is faced with huge challenges of losses due to non-payment of bills by customers. *Power distribution transformer. The Head, Glory City Main Integrated Business Centre, Mrs Ngozi...

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

Firms optimistic Naira will appreciate against other currencies before year end

*Naira exchange.

*Naira exchange. 26 June 2016, Abuja — Nigerian business enterprises have expressed hope of a strong recovery for the Naira this year as they expect the national currency to gain strength in the...

Naira devaluation, oil sector crisis threaten banks

Naira-notes

25 June 2016, Abuja – The capital adequacy ratios of a number of Nigerian banks will come under increasing pressure should the weakness in the naira and crisis in the nation’s oil sector persist,...

Nigeria: CBN opens discount window as interest rate hits 74 percent

*Central Bank of Nigeria. 25 June 2016, Lagos — The Central Bank of Nigeria (CBN), yesterday, opened its discount window in an apparent bid to save the banking system from a scarcity of funds which...

Nigeria Customs loses N138.9bn revenue in 5 months, due to CBN forex policy — CG

*Nigeria Customs Service boss Hameed Ali inspecting a guard of honour. *Senate directs Customs, FIRS, others to submit quarterly performance reports 25 June 2016, Abuja — Comptroller General of the...

Oil price slump triggers premium cuts

Crude-oil-decline

02 March 2016, Lagos – The insurance industry is becoming the latest casualty of the oil price slump, with postponements and cancellations of energy projects forcing down premium rates and income...

West Africa: Gambia to host W/African Insurance conference

Insurance

07 November 2015, Banjul – The Gambia will host an educational conference of the West African Insurance Companies Association, WAICA, on 8 and 9 November 2015, officials have said. The annual rotating...

Nigeria partners Anglophone countries on cross-border insurance regulation

*West Africa map. 20 September 2015, Abuja – Insurance regulators in West African sub-region have entered into a Multi-Lateral Memorandum of Understanding to strengthen cross border insurance supervision. The...

Regulator bars insurance firms from offshore investment

18 August 2015, Lagos – The National Insurance Commission has barred insurance companies from investing in any business outside the country. Insurance firms are also prohibited from investing their...

Ajaokuta steel needs N80bn to operate – Administrator

Ajaokuta Steel Complex

16 June 2016, Abuja – The Sole Administrator of Ajaokuta  Steel Company Limited, Isah  Onobere, said on Thursday that one of the 43 plants installed in the complex was capable of producing 600,...

Miners reject increment in cadastral charges

*Dr Kayode Fayemi, Minister of Solid Minerals.

13 June 2016, Abuja – The Miners Association of Nigeria, MAN, has rejected the recent increment in cadastral charges effected by the Mining Cadastral Office, MCO, and called for downward review. *Dr Kayode Fayemi, Minister of Solid Minerals. This was stated by the National President, MAN, Sani Shehu, in Abuja, at a media briefing on mining development...