NCDMB Plans Strategic Enhancements to Boost Nigerian Content Fund. The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to implement changes aimed at enhancing the Nigerian Content Intervention (NCI) Fund, aiming to increase its impact and efficiency. This was revealed by the Executive Secretary of NCDMB, Engr. Felix Omotsola Ogbe, during a quarterly…
Nigeria’s External Reserves Plummet by $1.8bn in 10 Weeks. Nigeria’s foreign exchange reserves have declined by $1.8 billion in the past 10 weeks, according to recent data from the Central Bank of Nigeria (CBN). As of May 29, 2024, the country’s FX reserves stood at $32.69 billion, a drop from $34.44 billion recorded on March…
Nigeria’s Presco to Acquire Ghanaian Oil Palm Firm for $125 Million. Nigeria’s leading oil palm company, Presco Plc, is set to acquire a 100% equity stake in the Ghanaian Oil Palm Development Company (GOPDC) for $124.9 million. This acquisition involves purchasing 70,580,000 ordinary shares of GOPDC at $1.77 per share. According to a corporate disclosure,…
Lokpobiri Affirms Continued FG Support for PTI in Oil Sector Development. Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has reaffirmed the Nigerian government’s commitment to the Petroleum Training Institute (PTI) in Effurun, Delta State, as a vital hub for developing skilled manpower in the oil and gas sector. Speaking at the PTI…
APM Terminals CEO Encourages Students to Pursue Maritime Careers. Mr Frederik Klinke, the Country Chief Executive Officer of APM Terminals Nigeria, has urged secondary school students to explore careers in the maritime sector. Speaking at a career seminar held at APM Terminals Apapa, Lagos, Klinke emphasized the promising opportunities within the industry and the importance…
Labour Push for Nationwide Strike Over Minimum Wage and Electricity Tariff Hike. Less than 24 hours before the start of a nationwide strike, the Nigeria Labour Congress (NLC) has directed its state councils to ensure full compliance. This strike, in collaboration with the Trade Union Congress of Nigeria (TUC), is set to commence in protest…
Blackout Looms as GenCos Operations May Collapse Under N3.7 Trillion Debt The operations of Nigeria’s Electricity Generation Companies (GenCos) are under severe threat due to a crippling debt of over N3.7 trillion. Without swift intervention from the Federal Government, these companies warn of an imminent collapse in electricity generation. Under the aegis of the Association…
Nationwide Strike Over Minimum Wage to Commence Monday, June 3. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have declared an indefinite nationwide strike starting from midnight on Sunday, June 2, 2024, in response to the Federal Government’s refusal to increase the proposed minimum wage from N60,000. This announcement was made by…
FG commissions 5.2 mmscfd CNG Plant in Lagos. In its continued efforts to provide alternative source of fuel for Nigerians and lessen the impact of subsidy removal on petrol, the Federal Government has commissioned a 5.2 million standard cubic feet per day (mmscfd) Compressed Natural Gas (CNG) plant in Lagos. Minister of State for Petroleum…
FG Shuts Down Illegal Mining Site in FCT. The Federal Government has closed an illegal mining site in Guabe, Kuje Area Council of the Federal Capital Territory (FCT) as part of its ongoing efforts to combat illegal mining activities. This operation was executed by the Mining Marshal Corp, a specialized force inaugurated by the Minister…
