Ministers laud strong start to OPEC, non-OPEC oil output cuts

*The Organization of the Petroleum Exporting Countries, OPEC, headquarters, Vienna, Austria. REUTERS/Heinz-Peter Bader. 22 January 2017, Vienna — OPEC and non-OPEC countries have made a strong start...

Saudi’s Falih says output cuts set to lower oil inventories

*Saudi Arabian Energy Minister Khalid al-Falih. 22 January 2017, London — Saudi Arabian Energy Minister Khalid al-Falih said on Sunday that OPEC and non-OPEC oil producers were complying with their pledge to lower oil output and...

Russia’s Novak says sees oil price at $50-$60 in 2017

*Russia’s energy minister, Alexander Novak. 22 January 2017, Moscow — Russian Energy Minister Alexander Novak sees global oil prices at between $50 and $60 per barrel in 2017, TASS news agency quoted him as saying on Sunday. According...

China crude oil throughput hits daily record in 2016

*China oil demand. 22 January 2017, Beijing — China’s December refinery production touched new highs as facilities replenished stocks ahead of a long holiday break, lifting crude oil throughout for the year as a whole by 2.8...

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Power generation, marketing and distribution updates

Nationwide outage worsens as fire razes TCN control room

*Electricity. 22 January 2017, Lagos – The Transmission Company of Nigeria said on Saturday that a fire incident which occurred at its Afam VI power station in Rivers State had completely destroyed the firm’s protection and control equipment. The General Manager, Public Affairs of TCN, Mrs. Seun Olagunju, explained in a statement that  the fire incident occurred on Wednesday and that...

Nigeria: Electricity sector records first total collapse in 2017

*Power transmission lines. 22 January 2017, Lagos — Nigeria electricity sector recorded zero power supply across the country, yesterday evening at 6.0 pm, due to total system collapse, with average power generation crashing to 1, 618 megawatts hour (MWh), down from 2, 904 MWh generated just...

Nigeria: Electricity supply drops to 1,973 megawatts

*Egbin thermal power plant. 21 January 2017, Abuja — The federal government has ruled out any form of subsidy funding for the power sector, which some operators suggest may provide a way out for the prevailing liquidity crisis. The Minister of Power, Works and...

Kaduna Disco apologises to customers for unstable power

*Electricity. 21 January 2017, Kaduna — The management of Kaduna Electric has apologised to the company’s customers in Kaduna, Kebbi, Sokoto and Zamfara states for prolonged power outages affecting the states. A statement by Mr. Abdulazeez Abdullahi, Head,...

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

Nigeria: National Assembly approves Buhari’s N2.3 trillion loan

*Senate chambers 22 January 2017, Abuja — The National Assembly has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 – 2019 and approved President...

Nigeria could have saved over $100bn oil revenue – Ezekwesili

*Oby Ezekwesili. 22 January 2017. Lagos — A former Vice-President of the World Bank, Dr. Obiageli Ezekwesili, has said that conservative savings over a period of four years would have enabled the...

Nigeria: 7 banks may seek merger over worsening liquidity

21 January 2017, Abuja — The liquidity crisis in the country may lead to the merger of at least seven commercial banks, which according to experts, are having a rough time. Others it was gathered,...

NBS: Nigeria imported petroleum products worth N2.58tn in 2016

*Fuel pump. 21 January 2017, Abuja — The total value of imported petroleum products for 2016 stood at N2.58 trillion, the National Bureau of Statistics (NBS) stated yesterday. A breakdown showed...

Global ship insurers to resume near full coverage for Iran oil – Officials

*A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf. REUTERS/Raheb Homavandi/File Photo. 17 January 2017, Tokyo/Singapore — Global shipping insurers have devised...

NAICOM threatens to sanction violators of local content policy

28 December 2016, Lagos —The National Insurance Commission, NAICOM, has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully...

Nigeria: Reps uncover massive fraud in insurance payments

*The House of Representatives. 05 October 2016, Abuja — A House of Representatives panel has uncovered massive fraud in the payment of billions of naira to government officials annually by insurance...

Nigeria: Forex scarcity stifling insurance operations, NIA, CIIN lament

*Forex. *Minimum capital for composite firms down to $16.13m from $25.12m 18 September 2016, Abuja — Even as insurance practitioners are complaining about the prevailing apathy by the public towards...

Diversification: Govt’s plans to revive Ajaokuta Steel seen as Buhari’s major test

*Ajaokuta Steel Company, Nigeria. Oscarline Onwuemenyi, with agency reports 18 January 2017, Sweetcrude, Abuja – Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel...

Benue lawmakers summon Dangote Cement boss over price hike

*Dangote cement. Oscarline Onwuemenyi 14 January 2017, Sweetcrude, Abuja – The Benue House of Assembly has summoned the Managing Director of Dangote Cement Plant, Gboko, over outrageous hike in the price of cement in the state. The Speaker, Mr. Terkimbi Ikyange, issued the summons at a plenary session on Friday following a resolution reached on the...