Lagos oilfield investors row over cash call deal

*OML 113, Aje field.

*OML 113, Aje field. 05 December 2016, Lagos – A few weeks after investors shared the first income from the Aje oil field, offshore Lagos, a dispute has arisen among the partners, calling the future...

Nigeria loses N202bn to subsidy, pipeline repairs, others

*Petroleum products pipeline in the Niger Delta. Ike Amos 05 December 2016, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, spent N201.657 billion on petroleum subsidy, crude oil and products losses and pipeline...

NNPC, PPMC earn N106bn from petroleum products sale

*NNPC Towers. Ike Amos 05 December 2016, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Pipeline and Products Marketing Company (PPMC) earned N105.958 billion from the sale of petroleum...

Pursuit of carbon & fossil fuels harms vulnerable communities

*The Ogoni oil spill. 05 December 2016, London — 2016 is set to be the hottest year on record. Global temperatures are already 1,2°C above pre-industrial levels, and total reductions in emissions, committed by individual countries,...

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Power generation, marketing and distribution updates

NNPC, Total supply gas to Alaoji power plant

*Alaoji Combined Cycle Power plant. Kunle Kalejaye 06 December 2016, Sweetcrude, Lagos –  The Nigerian National Petroleum Corporation and Total E&P Nigeria Limited, TEPNG, under the NNPC/Total Joint Venture, have commenced supply of 100 million standard cubic feet per day, mmscf/d, of gas to the Alaoji Power Plant, owned by the Niger Delta Power Holding Company, NDPHC, within the Eastern...

Eko Disco announces planned power outage in Ajah, Lekki, Alagbon

05 December 2016, Lagos – Eko Electricity Distribution Company (EKEDC) yesterday announced that there would be power outage in Lekki, Ajah and part of Alagbon in Lagos on December 8. The company’s Head of Corporate Communications, Mr. Godwin Idemudi, said in a statement that the outage...

Geometric Power will generate 1,140mw in six months, says Nnaji

05 December 2016, Enugu – Former Minister of Power, Prof Bath Nnaji, yesterday said in Enugu that his company, Geometric Power, was working in partnership with foreign firms to generate 1,140 megawatts in Aba, Abia State to boost power supply to South-east geo-political...

China to spend over $100bn on wind power

*A wind turbine farm. 05 December 2016, Beijing — China, the world’s largest emitter of greenhouse gases, will spend more than USD 100 billion on wind power in the next four years as part of its efforts to reduce dependence on coal for its massive energy...

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

Nigeria: Oil price spike lifts stocks, economic, financial indicators remain bleak

*Nigeria Stock Exchange.

*Nigeria Stock Exchange. 04 December 2016, Lagos — Last week’s upwards price trend in the oil market has shifted stock market sentiment to positive. Nigerian Stock Exchange, NSE, indicators which...

Fitch’s Bank Rating, a reflection of current economic realities

*Fitch Ratings.

*Fitch Ratings. 04 December 2016, Lagos — Barely a month after some Nigerian banks came under the spotlight via the Moody’s rating, the sector is again back under the klieg lights as a leading...

President Zuma congratulates team SA on positive credit rating

*South African president Jacob Zuma. EPA/Mike Hutchings/Pool. 04 December 2016, Sweetcrude, Pretoria — President Jacob Zuma has congratulated government, business, labour and all South Africans after...

Naira faces further pressure against dollar

03 December 2016, Lagos – The naira is seen weakening further against the United States dollar next week amid a crackdown in the parallel market currency traders and the persistent scarcity of the...

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...

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,...

Chevron supports local barite miners with $1.28m equipment

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28 November 2016, Lagos –  Local miners of Barites in Benue State recently got a boost in their activities as Chevron Nigeria Limited handed over barite earth moving equipment worth $1.284 million in line with the company’s efforts to increase Nigeria capability and provide a strategic framework for increasing the Nigerian content component of good...