Shell’s recent departure from Nigeria’s onshore oil sector is seen as a pivotal moment, raising optimism among local firms to rejuvenate production in Africa’s largest oil exporter. Industry insiders and analysts emphasise the challenges faced by oil majors in the region but foresee opportunities for indigenous companies to reverse the output decline in the Niger Read More…
By Uzor Maxim Uzoatu The Nigerian National Petroleum Company Limited is now run professionally like an efficient private sector organisation, according to a former Minister of Power, Professor Bart Nnaji, who is also a major player in the energy industry. “When the Nigerian National Petroleum Corporation (NNPC) became the Nigerian National Petroleum Company Ltd (NNPCL) Read More…
The National Pension Commission (PenCom) has achieved a significant milestone, securing the top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS) among 50 regulatory agencies in Nigeria. This accomplishment comes two years after the conviction of Abdulrasheed Maina, former chairman of the Pension Reform Task Team (PRTT), for money laundering and other offences Read More…
An Oxfam report revealed that the collective wealth of the world’s five richest individuals surged to $869 billion since 2020, doubling, while five billion people experienced increased poverty. The report coincides with the annual World Economic Forum (WEF) meeting in Davos, where business elites gather. Oxfam emphasised the rise of billionaires as key figures in Read More…
In a significant turn of events, Microsoft briefly overtook Apple) as the world’s most valuable company on Thursday for the first time since 2021. This shift occurred as concerns over demand impacted Apple’s shares at the start of the year. D.A. Davidson analyst Gil Luria highlighted the inevitability of Microsoft surpassing Apple, noting, “It was Read More…
Nigeria’s NNPC, the state oil company, is anticipated to provide four crude shipments from its February schedule to the Dangote refinery, set to begin operations following extensive construction delays, disclosed three sources familiar with the situation to Reuters. The highly-anticipated Dangote refinery, touted as Africa’s largest, is on the verge of commencing test runs and Read More…
In Ikorodu, Lagos State, Mr. Wasiu Adesina, Chairman of the local government, announced plans to sponsor at least 50 youths on agricultural training abroad. The aim is to familiarise them with diverse production processes and modern farming techniques. Adesina emphasised the significance of this initiative, stating, “My administration is committed to empowering youths through education Read More…
Nigerian stocks extended gains for the fifth session on Monday, led by banks to push the main index past a psychological threshold of 80,000 points for the first time ever, according to LSEG data. The All Share Index closed 0.83% up at a record 80,328.58 points. “Stocks have leapt 6.5% in early 2024 trading, extending Read More…
Nigeria’s Dangote oil refinery, funded by Aliko Dangote at a cost of $20 billion, is set to commence test runs potentially this week following the arrival of its sixth crude cargo on Monday, as disclosed by company officials. The refinery, with a capacity of 650,000 barrels per day (bpd), marks a significant milestone after enduring Read More…
The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines via various Deposit Money Banks (DMBs) as part of its commitment to clear the backlog of matured foreign exchange in DMBs. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, this disbursement aligns with the CBN’s dedication Read More…
