Kenya: Locals vandalise equipment, paralyse activities at oil firm

*Simba FTG Block-2A.

*Simba FTG Block-2A. 28 August 2016, Nairobi — Exploration of oil at Block 2A in Wajir County has been paralysed for the last five days after locals vandalized part of the working equipment.Herders...

Tanzania: TPDC boss ouster after CAG report ‘a mystery’

Mr James Andindile, Managing Director, TPDC 28 August 2016, Dar es Salaam – Conflicting reports are surfacing that the Tanzania Petroleum Development Corporation (TPDC) Director General, Dr James Mataragio, has been suspended by...

UK to receive first cargo of Lagos oil in September

*Crude oil supply vessel. 28 August 2016, Lagos – The much anticipated first ever crude oil export cargo from the Aje field, offshore Lagos, will be shipped to the United Kingdom in September. Following the commencement of the first...

Rush is on to get East Africa’s oil, gas to the market

28 August 2016, Dar es Salaam – Oil and gas are the buzzwords in East Africa as countries try to outdo each other in getting their hydrocarbons out of the ground and into the market. Last week, Tanzanian President John Magufuli...

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Power generation, marketing and distribution updates

Ghana: Government owes power companies GHC 3 billion

*Staff of the Electricity Company of Ghana. 27 August 2016, Accra — Government owes power producers and the Electricity Company of Ghana (ECG) over GHC3 billion. The amount comprises GHC2.2 billion owed by Volta River Authority (VRA) to its lenders and a ‘legacy debt’ of GHC728 million owed ECG by the government. The total debt excludes other monies owed Independent Power Producers...

Nigeria: TCN remains weakest link in power supply chain – ANED

*Power transmission line. 27 August 2016, Lagos — Distribution companies, under the Association of Nigeria Electricity Distribution, ANED, have attributed the poor state of the country’s power supply to the Transmission Company of Nigeria, TCN, calling it the weakest link in the power...

Unavailability of petroleum products, poor power supply top challenges faced by manufacturers, poll shows

Oscarline Onwuemenyi 26 August 2016, Sweetcrude, Abuja – Latest manufacturing sector survey conducted by NOIPolls in collaboration with Centre for the Study of the Economies of Africa (CSEA) has revealed that unavailability of petrol and diesel, poor power supply,...

NIPC rues impact of poor power supply on investment

*An electricity worker. Oscarline Onwuemenyi 26 August 2016, Sweetcrude, Abuja – The Acting Executive Secretary of the Nigerian Investment Promotion Council (NIPC), Hajiya Ladi Katagum has said poor power supply and other infrastructural challenges may disrupt...

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

Nigeria: Can banks readily cough up NNPC’s $2.12bn?

*NNPC headquarters.

*NNPC headquarters. 29 August 2016, Lagos — Nine of Nigeria’s money Deposit Banks were directed, last week to immediately remit NNPC funds of about $2.12bn currently retained by these banks into...

Nigeria: Flexible FX policy fails to lift equities market

*Foreign exchange.

*Foreign exchange. 29 August 2016, Lagos — The Nigerian equities market have recorded negative performance two months after the implementation of a flexible foreign exchange (FX) policy by the Central...

Nigeria: Blame game over suspension of banks from Forex market

*International currency banknotes bank notes dollars euros pounds sterling money mixed collection from multiple countries. 28 August 2016, Lagos — A heated blame game, yesterday trailed suspension...

Nigeria asks banks to give 60% of their Forex to manufacturing firms

*Central Bank of Nigeria. 28 August 2016, Lagos — Nigeria’s central bank has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to...

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...

Revealed: How Fayemi copied the 2014 Ajaokuta concession agreement

*Dr. Kayode Fayemi, Nigeria's Minister of Solid Minerals.

*Dr. Kayode Fayemi, Nigeria’s Minister of Solid Minerals. *Document reveals 10 yrs renewal with GINL Kunle Kalejaye 24 August 2016, Sweetcrude, Lagos — Less than one month after the Federal...

Glencore trims first half losses

Glencore

24 August 2016, Lagos – Mining giant Glencore reported reduced first-half losses on Wednesday, as the company pushes forward with an aggressive cost-cutting plan to recover from a brutal 2015. The Switzerland-based company posted a loss of $369 million (327 million euros) through the first half of the year, an improvement on the $676 million Glencore...