Libya oil exports threatened as NOC warns against port deal

*A general view of the El Sharara oilfield, Libya December 3, 2014. REUTERS/Ismail Zitouny/File Photo

*A general view of the El Sharara oilfield, Libya. REUTERS/Ismail Zitouny/File Photo. 24 July 2016, London/Tunis — Libya’s hopes to boost crude exports have been dealt a blow after the head...

U.S. refiners, stuck with lots of gasoline, switch to winter brew

*US oil refinery. *Winter has come early for U.S. refiners and blenders 24 July 2016, New York — In a summer of discontent with high inventories and an unseasonably weak demand, some refiners have started blending winter grade gasoline...

Nigeria: Govt should tax petroleum products to boost revenue – PPPRA

*Oil production platform. Oscarline Onwuemenyi 24 July 2016, Sweetcrude, Abuja – The Petroleum Products Pricing Regulatory Agency, PPPRA, has said that taxation of petroleum products like fuel, diesel, kerosene and gas holds a huge...

Reps vow to return some oil blocks to Niger Delta indigenes

*Nigeria’s National Assembly. Oscarline Onwuemenyi 23 July 2016, Sweetcrude, Abuja – The House of Representatives has disclosed plans to return some oil blocks to indigenes of the Niger Delta region, even as it threatened to...

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Power generation, marketing and distribution updates

We’re losing N238bn monthly to theft –Power firm

23 July 2016, Port Harcourt – The Port Harcourt Electricity Distribution Company has said it loses over seven million kilowatt-hour, an equivalent of over N238bn, to direct electricity theft a month. The Head, Revenue Protection Department, PHED, Mr. Nsika Udi, said on Friday during Consumers’ Forum that the direct tapping of energy, besides meter bypass, illegal connection, and fraud...

Electricity consumers urge Eko disco to provide new meters

23 July 2016, Lagos – Some electricity consumers in Ebute-Meta, Mainland Local Government Area of Lagos State, have appealed to Eko Electricity Distribution Company to install new meters in their neighbourhood. They said on Saturday that virtually all the meters in their area were non-functional,...

Govt opposes electricity tariff reversal, backs NERC

22 July 2016, Abuja – The Federal Government on Thursday opposed the court ruling that mandated it and the Nigerian Electricity Regulatory Commission to reverse the 45 per cent increase in power tariffs payable by consumers across the country. It also commended...

Nigeria: Govt, 14 firms sign $1.75bn solar power agreements

*Solar panel harness energy of the sun. Oscarline Onwuemenyi 22 July 2016, Sweetcrude, Abuja – In a bid to explore the immense potentials in the renewable energy in the country, the Federal Government on Thursday signed a Front-Runner Solar Power Purchase Agreements...

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

Nigeria: CBN directs banks to sell Forex to BDCS

*Central Bank of Nigeria, CBN.

*Central Bank of Nigeria, CBN. 24 July 2016, Lagos — The Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing...

Nigeria: Govt to flag off external borrowing in Q3

*Stacks of one hundred dollar notes are piled up at the Korea Exchange Bank in Seoul October 16, 2008.   REUTERS/Lee Jae-Won

*Stacks of one hundred dollar notes piled up. REUTERS/Lee Jae-Won. …As Naira crashes to N309 to USD Oscarline Onwuemenyi 23 July 2016, Sweetcrude, Abuja – The Federal Government has disclosed that...

IMF boss Lagarde to face trial

22 July 2016, Paris – IMF Head, Christine Lagarde, on Friday failed in her efforts to avoid standing trial for a disputed arbitration ruling in favour of a businessman, as a high court ruled the case...

Naira weakens to N330.50 in off-market trades

22 July 2016, Lagos – Nigeria’s naira fell to an all-time low, yesterday, crossing 300 to the dollar for the first time on the inter-bank market after the Central Bank last month lifted its peg...

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...

Dangote Cement switches to coal to power plants

*Coal fossil fuel.

*Coal fossil fuel. …To create 5,000 jobs in Ghana Oscarline Onwuemenyi 16 July 2016, Sweetcrude, Abuja – Dangote Cement manufacturing company has disclosed that it is in the process of adopting coal...

Nigeria: Govt says increased industrialisation to drive steel demand

*Dr Kayode Fayemi, Minister of Solid Minerals.

06 July 2016, Sweetcrude, Lagos – The Federal Government has projected a steady increase in domestic demand for steel in Nigeria in the coming decade, saying this would be driven by increased industrialisation. *Dr Kayode Fayemi, Minister of Solid Minerals. The government expects that industrialisation would ignite a surge in building construction,...