Petrol price rose to N630.63 in October – NBS The National Bureau of Statistics says the average retail price of a litre of petrol increased from N195.29 in October 2022 to N630.63 in October 2023. It made the declaration in its Petrol Price Watch for October 2023 released in Abuja on Wednesday. NBS stated that…
Crude lifting shipping firms must comply with tax laws, says FIRS The Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, has charged non-domestic companies shipping crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations. Adedeji gave the charge in Lagos at a workshop on taxation of non-resident shipping…
CNG conversion price depends on engine capacity – Portland Gas The founder of Portland Gas Ltd., Mr Folajimi Mohammed, says the conversion price for automobiles from petrol or diesel to Compressed Natural Gas (CNG) vehicles depends on its engine’s capacity. Mohammed disclosed this in an interview with the Business Intelligence (TBI Africa) on the sideline…
CNG: FG assures enabling environment for business investment, gas availability Mrs Olu Verheijen, Special Adviser to the President Bola Tinubu on Energy, has restated the Federal Government’s commitment to creating an enabling business environment to drive the Compressed Natural Gas (CNG) project in Nigeria. Verheijen, represented by a financial literacy expert, Mrs Erije Onagoruwa,…
Eni suspends World Bank arbitration in Nigeria’s OPL 245 dispute *Seeks conversion to mining licence Italy’s oil giants, Eni, has suspended arbitration regarding an oilfield dispute with the Nigerian government, buying time to discuss a conversion of the licence from prospecting to mining licence, sources with direct knowledge of the matter told Reuters. The suspension…
Nigeria wants Siemens investments in power, rail sectors – Tinubu President Bola Tinubu, on the sidelines of the G20 Compact with Africa Economic Conference on Monday, met with German Federal Chancellor, Olaf Scholz, where he noted that Nigeria’s determined pursuit of German investment in targeted sectors of the Nigerian economy was focused on critical growth-enabling…
Nigeria’s domestic LPG market to get a boost with Seplat’s $250Mn Sapele gas plant Seplat Energy is working out details of a new gas plant in Sapele, Delta State, to boost Liquified Petroleum Gas, LPG, delivery into the domestic market. The director of New Energy at Seplat Plc, Effiong Okon, said the company is planning…
Nigeria, Saudi Arabia likely to seal refinery deal in H1, 2024 The federal government is meticulously pursing its refinery rehabilitation deal with Saudi Arabia despite fears expressed by some analysts with industry knowledge. The deals included a pledge by Saudi officials to fix Nigeria’s four broken oil refineries, which haven’t worked in years, forcing the…
Currency reforms pose challenges, opportunities for investment banking The immediate past president, Association of Issuing Houses of Nigeria, Ike Chioke, has said, the ongoing currency reforms by the Central Bank of Nigeria come with challenges and opportunities for investment banking. Chioke stated this at the Investment Banking Awards Night held in Lagos. He said the…
Eni, Luiss University launch first International Network on African Energy Transition Eni and the Italian Luiss University kick off in Rome today the International Network on African Energy Transition (INAET), gathering major institutions, universities, think-tanks and scholars from Africa, Europe and worldwide to set up a common hub on the continent’s transition. With Africa being…
