Nigeria: Govt saves N1.4trn from stopped oil subsidy – Osinbajo

*Vice President Yemi Osinbajo.

*Vice President Yemi Osinbajo. 25 August 2016, Abuja – The Vice President, Professor Yemi Osibanjo, has disclosed that the Federal Government has saved N1.4 trillion from the discontinuance of oil...

NNPC GMD, warned against renewal of oil surveillance contracts to local firms

Baru 25 August 2016, Warri – Right activists in Gbaramatu kingdom wednesday petitioned the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Kacalla Baru, over the award of oil pipeline surveillance...

DR Congo shows interest as Uganda-Tanga port oil pipeline preps in top gear

President John Magufuli of Tanzania 25 August 2016, Dar Es Salaam – As the Vice-President of Total East Africa, Mr Javier Rielo, assured President John Magufuli that preparations for the construction of the 1,410-kilometre oil pipeline...

Tullow raises Kenya’s oil export hopes with March 2017 production date

President Uhuru Kenyatta of Kenya 25 August 2016, Nairobi – British oil firm Tullow on Wednesday raised Kenya’s hopes of becoming an oil exporting country after it officially announced plans to start producing oil from Turkana...

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Power generation, marketing and distribution updates

Poor transmission: Power distribution firms forfeit N1bn monthly

25 August 2016, Abuja – Power distribution companies have said they are currently losing over N1bn every month as a result of limited electricity evacuation capacity of the Transmission Company of Nigeria. According to the Discos, the poor transmission infrastructure in Nigeria is a major contributory factor to the liquidity constraints experienced by most distribution companies across...

NERC ranks IBEDC first among power distribution firms

*Ibadan Electricity Distribution Company. 25 August 2016, Lagos – Ibadan Electricity Distribution Company said it had emerged the top performer among its peers in the distribution value chain of the nation’s power sector. IBEDC said in a statement that it moved from the fourth position...

Network improvement: PHEDC replaces 5,000 weak cross-arms

Mkpoikana Udoma 25 August 2016, Sweetcrude, Port Harcourt – In a bid to re-enforce its network and deliver quality power supply to customers, the Port Harcourt Electricity Distribution Company, PHEDC, has replaced over 5,000 weak and ageing cross-arm cables with...

‘TCN lacks capacity to evacuate power’

24 August 2016, Lagos – Following the accusation that the electricity distribution companies (DisCos) are  rejecting their load allocations, a power industry stakeholder yesterday said the Transmission Company of Nigeria (TCN) that raised the alarm lacks the...

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

Nigeria: Govt saves N1.4trn from stopped oil subsidy – Osinbajo

*Vice President Yemi Osinbajo.

*Vice President Yemi Osinbajo. 25 August 2016, Abuja – The Vice President, Professor Yemi Osibanjo, has disclosed that the Federal Government has saved N1.4 trillion from the discontinuance of oil...

Govt to peg oil price benchmark at $42.5 in 2017

*Minister of Budget and National Planning, Senator Udo Udoma.

*Minister of Budget and National Planning, Senator Udo Udoma. 25 August 2016, Abuja – The Federal Government will base the 2017 budget on an oil price benchmark of $42.5 per barrel. Oil price currently...

Stock market loses N438bn in one year

Mounir Gwarzo, Director-General, Securities and-Exchange-Commission 25 August 2016, Lagos – The Nigerian stock market (equity category) depreciated by N438bn between August 24, 2015 and August 24...

TSA: CBN enforces sanction, shuns nine banks in dollar sales

*Central Bank of Nigeria. *Meets bank execs, readmits UBA into FX market *FirstBank moves to net off NNPC’s $500m exposure to bank *Naira falls to $402/$1, investors offload banking shares 25 August...

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...