Nigeria: Days of oil numbered, if not over, Ekweremadu warns

*Senator Ike Ekweremadu.

*Senator Ike Ekweremadu. Oscarline Onwuemenyi 11 December 2016, Sweetcrude, Abuja – The Deputy President of the Senate, Mr. Ike Ekweremadu, has advised Nigerians to look beyond oil to secure economic...

OPEC, non-OPEC agree first global oil pact since 2001

*Russia’s Energy Minister Alexander Novak, OPEC President Qatar’s Energy Minister Mohammed bin Saleh al-Sada and Saudi Arabia’s energy minister Khalid al-Falih (L-R) address a news conference after a meeting of the Organization...

OPEC, Russia see smooth road to global deal on output cut

*Saudi Arabia’s Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey. REUTERS/Murad Sezer/File Photo 10 December 2016, Vienna — Russia and Saudi Arabia said they expect OPEC and non-OPEC...

U.S. slated to sell $375 million of emergency reserve oil this winter

*A maze of crude oil pipe and equipment is seen with the American and Texas flags flying in the background during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. REUTERS/Richard Carson. 10...

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Power generation, marketing and distribution updates

Nigeria: Power supply collapse imminent due to forex scarcity – Discos

*Electricity supply. 10 December 2016, Abuja — The 11 electricity distribution companies (Discos) in Nigeria’s electricity industry have warned that the sector was under threat and could collapse anytime on account of various operational challenges, but mostly on the exorbitant and unstable naira to dollar exchange rate which they said was cripplingly their operations. Speaking yesterday...

ANED says shortfall in electricity sector hits N809.8bn

*Electricity. Oscarline Onwuemenyi 11 December 2016, Sweetcrude, Abuja – The Association of Nigerian Electricity Distributors (ANED), which represents the 11 Electricity distribution companies operating in Nigeria, has stated that shortfall in the electricity sector has been put at N809.8...

Nigeria: Sokoto city still without electricity over transformer fault

*Electricity transformer. 10 December 2016, Sweetcrude, Sokoto — The breakdown of a 15 MVA electricity transformer has left most parts of Sokoto City and its environs without electricity supply. The News Agency of Nigeria, NAN, revealed that most parts of the...

Ghana: Electricity to go up by 59.2%, water 67.2%

*Electricity metres. 10 December 2016, Accra — The Public Utility Regulatory Commission (PURC) has increased electricity tariff by 59.2 % and water tariff by 67.2% for residential consumers. The commission announced that changes are expected to take effective...

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

Naira stabilises at N485 per dollar at the parallel market

*Naira/Dollar exchange rate.

*Naira/Dollar exchange rate. 09 December 2016, Sweetcrude, Lagos — The Naira on Friday remained stable at the parallel market, exchanging at N485 to a dollar. The Pound Sterling and the Euro closed...

Groups sign MoAs to develop Nigeria’s oil & gas infrastructure

*Representatives at the MoAs signed by Chongqing Construction Engineering Group, Oilserv, Tianjin Energy, and Alpha Group to develop Nigeria’s Oil and Gas Infrastructure

*Representatives at the MoAs signed by Chongqing Construction Engineering Group, Oilserv, Tianjin Energy, and Alpha Group to develop Nigeria’s Oil and Gas Infrastructure. *The agreements set the stage...

Financial market products & services update

*Financial markets. 09 December 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: The Federal Government has said it was looking the way of...

Naira depreciation threatens adoption of ECOWAS Single Currency

*ECOWAS Monetary Cooperation Programme. 09 December 2016, Abuja — The desire of the Economic Community of West African States (ECOWAS) to achieve full integration of the region through the adoption...

Nigeria: Reps uncover massive fraud in insurance payments

*The House of Representatives.

*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.

*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...

Oil price slump triggers premium cuts

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

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...

NSCDC arrests 3 illegal miners in Plateau

NSCDC1

07 December 2016, Jos –  The Nigeria Security and Civil Defence Corps (NSCDC), Plateau command, has apprehended three illegal miners in Mista Ali Village in Bassa Local Government Area of Plateau. The...

Nigeria’s steel imports to hit $15.11bn annually

*Ajaokuta Steel Complex.

*Ajaokuta Steel Complex 05 December 2016, Lagos – Nigeria imports of steel will soon hit $15.11bn per annum, the Group Deputy Managing Director, Kam Industries Nigeria Limited, Mr. Bola Awojobi, has said. A report of the Central Bank of Nigeria shows that Nigeria currently imports steel, aluminum products and associated derivatives of approximately...