Tinubu Hails Increase in Crude Production to 1.61 Million Barrels Per Day, Cites Reforms. President Bola Ahmed Tinubu has lauded the recent boost in Nigeria’s crude oil production, which reached 1.61 million barrels per day (mbpd) in July 2024. The President attributed this significant increase to the reforms his administration implemented in May 2024 to…
Obasanjo Warns of Efforts to Frustrate Dangote Refinery by Fuel Importers. Former President Olusegun Obasanjo has voiced concerns that those benefiting from Nigeria’s lucrative fuel importation business may attempt to frustrate the operations of the Dangote Petroleum Refinery, a $20 billion project owned by Africa’s richest man, Alhaji Aliko Dangote. Obasanjo’s comments come amidst…
NNPC Ltd Denies Allegations of Economic Sabotage, Defends Operations. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Mele Kyari, has categorically denied any involvement in economic sabotage, affirming that the company has adhered strictly to all enabling laws governing its operations. Kyari made this statement on Wednesday while…
IMO Launches ‘Insider Threats’ Toolkit to Strengthen Maritime Security. The International Maritime Organization (IMO) has unveiled a new toolkit designed to help the maritime industry tackle the rising challenge of “insider threats.” These threats involve security risks posed by employees who may, either intentionally or unintentionally, contribute to security breaches within ports and ships. Recognizing…
TotalEnergies Divests 50% Stake in Pakistan Joint Venture to Gunvor Group. TotalEnergies has signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company. The decision is part of TotalEnergies’ strategic plan to concentrate on core regions with significant growth potential and opportunities…
Nigeria’s Oil Output Rises to 1.7 Million Barrels Per Day Amid Enhanced Security Measures. Nigeria’s crude oil production has increased significantly, reaching between 1.6 million and 1.7 million barrels per day, thanks to enhanced security measures implemented by the government, according to Chief of Naval Staff Emmanuel Ikechukwu Ogalla. This marks a considerable rise from…
Oil Prices at 8-Month Lows Amid U.S. Recession Concerns and Middle East Tensions. Oil prices have hit eight-month lows, driven by concerns over a potential recession in the United States, despite ongoing tensions in the Middle East that could threaten supply from the region. Brent crude futures dipped slightly by 0.1% to $76.77 a barrel,…
Lagos Secures €410 Million for Blue Economy Development. The Lagos State Government has successfully secured €410 million in funding to advance its blue economy initiatives, focusing on integrating road, rail, and water transportation systems. This ambitious project aims to create a seamless, affordable, and sustainable commuting experience for residents, with a strong emphasis on decarbonizing…
NGX Regulation CEO Calls for Unified ESG Regulatory Body in Nigeria. Olufemi Shobanjo, the Chief Executive Officer of NGX Regulation (NGX RegCo), has urged the establishment of a unified Environmental, Social, and Governance (ESG) regulatory body in Nigeria. Speaking at the 2024 FITC Sustainability ESG Summit on the theme “From Vision to Action – Leading…
30 million GSM lines not properly linked to NIN — Telcos The Chairman of the Association of Licensed Telecom Operators of Nigeria, Gbenga Adebayo, has stated that more than 30 million phone lines are not properly linked to a National Identification Number and remain at risk of disconnection. He said these lines are mainly in…
