South Africa’s petrol price to rise by 3.5 percent next week

IPMAN-fuel pump

30 September 2016, Johannesburg – The retail price of petrol in South Africa will rise by 3.5 percent from October 5, while the price of wholesale diesel will go up by 2.2 percent, the energy department...

Explosion as Navy foils militants’ attempt to sabotage PPMC, Warri refinery

Warri Refinery 30 September 2016, Warri – The Nigerian Navy has said the loud explosion set off Thursday night by unknown men near the jetty of the Warri Refinery and Petrochemical Company, WRPC, and the Pipeline Products Marketing...

Nigeria: Privatise refineries, use proceeds to tackle economic crisis — Adenikinju

*Professor Adeola Adenikinju. Ike Amos 30 September 2016, Sweetcrude, Abuja — Energy expert and Professor of Economics, Department of Economics and Director, Centre for Petroleum, Energy Economics and Law at the University of Ibadan,...

Relief arrives for U.S. shale firms as OPEC folds in price battle

*Shale oil. 30 September 2016, Houston — It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging...

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Power generation, marketing and distribution updates

Power: NERC draft regulation for mini-grids

*Offgrid Electricity Generation & Distribution system. Kunle Kalejaye 30 September 2016, Sweetcrude, Lagos — In a bid to address erratic power supply and effective regulation in the power generation, Nigerian Electricity Regulatory Commission, NERC has produced a draft regulation for Mini-Grids. The object of the 140 pages Regulation according to NERC is to accelerate electrification...

Power sector faces collapse — Frontier Oil CEO

29 September 2016, Lagos – Chief Executive Officer of Frontier Oil Limited, Mr. Dada Thomas, has warned that the nation’s power sector risks collapse, urging the Federal Government to act fast. He stressed the need to address the problem of gas production as 80 per cent of current and future...

Power crisis: Egbin MD’s comment not in national interest – Minister

*Babatunde Fashola, Nigeria’s minister of Power, Works & Housing. Kunle Kalejaye 29 September 2016, Sweetcrude, Lagos — The Minister of Power, Works and Housing, Babatunde Raji Fashola has described the comment of the Managing Director and Cheif Executive...

Govt working to address forex challenges of electricity operators- Fashola

Fashola 29 September 2016, Abuja – The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the federal government is aware of the liquidity challenges of operators in Nigeria’s electricity market and is working hard to address them. Fashola...

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

Naira heads towards N500/USD

*Dollar appreciates against the Naira.

*Dollar appreciates against the Naira. *Morgan Stanley warns against controls 30 September 2016, Lagos — Nigeria’s foreign exchange market was tension-soaked yesterday, as the Naira raced towards...

Financial market products & services update

*Financial markets.

*Financial markets. 30 September 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: Nigeria should be worried about the percentage of its revenue...

Investors lose N4.9 bn as oil, gas stocks drag Index lower

29 September 2016, Lagos – Investors in the Nigerian stock market, yesterday, lost N4.9 billion as sustained profit taking in oil and gas stocks drag down the Nigerian Stock Exchange, NSE All share...

Financial market products & services update

*Financial markets. 29 September 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: The Governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele...

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

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

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...

Dangote to power cement plants with coal due to gas shortages

Alhaji Aliko Dangote,

*Alhaji Aliko Dangote. …Companies to use 12,000mt of coal per day Oscarline Onwuemenyi 30 September 2016, Sweetcrude, Abuja – Dangote Cement manufacturing company has turned to locally-mined...

Nigeria loses 500,000 jobs to illegal miners

Illegal mining

Illegal mining Oscarline Onwuemenyi 30 September 2016, Sweetcrude, Abuja – The House of Representatives on Thursday said that illegal mining of solid minerals had deprived the country of about 500,000 jobs. This followed a unanimous adoption of a motion moved by Rep. Solomon Maren. He also stressed the need to curb the activities of illegal miners...