Kwara Court jails two Chinese for Illegal Mining. In a significant legal development, two Chinese nationals, Duan Ya Hong and Xiao Yi, were handed one-year prison sentences by the Federal High Court in Ilorin on Wednesday, May 15, 2024. Justice Evelyn Anyadike presided over the case, which centered on charges related to illegal mining and…
Tinubu to investors: New gas projects will supply 25% production to Nigeria’s market President Bola Tinubu has provided reassurance to investors in the energy sector regarding his administration’s commitment to facilitating a conducive business environment. This affirmation came during the inauguration ceremony of three significant projects: the expanded AHL Gas Processing Plant, ANOH Gas Processing…
Oil rebounds, gains 1% after US crude draw, lukewarm inflation data. Oil prices rebounded nearly 1% on Wednesday following a two-month low in the prior session, as the market weighed bullish U.S. economic data and crude storage figures against the International Energy Agency’s (IEA) forecast for weaker global oil demand growth. Brent futures climbed 37…
NIMASA reviews Minimum Wage Document for Seafarers. The Nigerian Maritime Administration and Safety Agency (NIMASA) has unveiled the revised minimum wage document for Nigerian Seafarers, aligning with the stipulations of the Maritime Labour Convention MLC 2006. Developed for the period of 2023-2025, the document emerged through a Collective Bargaining Agreement involving employers in the maritime…
Labour Warns of Indefinite Protest The Federal Government is scheduled to convene a significant meeting next week to address the demands made by organized labor concerning the restoration of power subsidies and the reversal of the electricity tariff hike. This information was disclosed by Mrs. Florence Eke, the spokesperson for the Ministry of Power, to…
Nigeria Launches Decision Support System To Enhance Mining Sector, Boost Investment. The Minister of Solid Minerals Development, Dele Alake, has urged the Senate to increase funding for the ministry to facilitate detailed exploration of Nigeria’s abundant mineral resources. This appeal comes as the federal government, through the Ministry of Solid Minerals Development, unveils the Nigeria…
PETAN Anticipates PIA’s Positive Impact on Nigeria’s Oil Bidding Round. The Petroleum Technology Association of Nigeria (PETAN) is optimistic about the forthcoming oil bidding round in Nigeria, foreseeing enhanced success due to the implementation of the Petroleum Industry Act (PIA). Mr. Wole Ogunsanya, PETAN’s Chairman, shared this perspective during the Offshore Technology Conference (OTC) in…
NNPC E&P, NOSL Hit First Oil in OML 13 Akwa Ibom State. The announcement of first oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria, marks a significant milestone for NNPC Exploration and Production Limited (NNPC E&P) and Natural Oilfield Services Limited (NOSL). Commencing on May 6th, 2024, with an initial…
NIMASA to automate ship registry as stakeholders decry $1trn loss to non-disbursement of CVFF. In a landmark engagement with maritime stakeholders in Lagos, Mr. Mobereola, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), laid out a bold vision for the future of the maritime industry, emphasizing the need for progress and alignment…
Stop electricity subsidy, IMF tells FG The International Monetary Fund (IMF) has issued a stark warning to the Nigerian government, urging the removal of what it terms as implicit subsidies on fuel and electricity. In a recent report published by the IMF, the organization cautioned Nigeria that these subsidies are projected to consume three percent…
