Electricity Distribution Companies (DisCos) Stealthily Raise Tariffs without Public Announcement There are indications that some Distribution Companies (DisCos) may have silently implemented a tariff change, in contrast to the stance of the Nigeria Electricity Regulatory Commission (NERC) that it has not sanctioned any electricity tariff increase. A consumer in the service area of Ikeja Electric…
The Role of Academic Institutions in Driving Innovation- Transforming Africa-Europe Relations African and European energy partnerships are evolving beyond project development, with academic institutions playing a proactive role in supporting capacity building across the continent. Africa is experiencing a transformation in its energy sector with increased investment across the value chain, new hydrocarbon discoveries, and…
No Rise in PMS Prices- NNPC Ltd. Ensures Nigerians The Nigerian National Petroleum Company (NNPC) Ltd. has reassured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. NNPC Ltd. urges Nigerians to disregard unfounded rumors and assures them that there are no plans for…
Navy Denounces Allegations of Complicity in Oil Theft The Nigerian Navy Headquarters has criticized reports from certain media platforms that are critical of its efforts in combating crude oil theft and other illegal activities in Nigeria’s maritime sector. The condemnation suggests that the Navy is displeased with the portrayal of its actions in these reports…
APA Completes $4.5 Billion Permian Deal, Acquiring Callon Petroleum APA Corporation is set to acquire Permian oil and gas producer Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, including Callon’s net debt. This move adds further momentum to the ongoing merger and acquisition activity in the U.S. shale sector. Callon’s assets,…
President Tinubu Approves N28.7 Trillion 2024 Budget, Enacts it into Law Bola Tinubu, the president of Nigeria, has ratified the N28.7 trillion 2024 budget. Monday at the Presidential Villa in Abuja, Tinubu gave his approval to the 2024 Appropriations Bill during a brief ceremony. The President was accompanied by the Speaker of the House of…
Strengthening Africa’s Appeal for European Investment Clear transition strategies and enhanced regulatory frameworks are consolidating Africa’s attractiveness as an investment destination. Despite supply challenges and efforts to diversify imports, Africa has become a strategic investment opportunity for European countries and companies. The continent’s abundant resource base and untapped opportunities are drawing interest, with new market…
Federal Government Pledges to Combat Electricity Theft and Safeguard Power Assets from Vandals In response to the vandalism and theft of power infrastructure, the Federal Government of Nigeria has taken action by mobilizing the National Security Agency (NSA). The aim is to apprehend and prosecute individuals involved in these criminal acts. The Minister of Power,…
Nigeria Set to Achieve 2 Million Barrels Daily Oil Production in 2024 Nigeria is aiming for a crude oil production target of at least two million barrels per day in the 2024 fiscal year, surpassing its OPEC+ quota of 1.38 million. The OPEC+ coalition, led by Saudi Arabia and including allies like Russia, had reduced…
Anticipated Inflows from Borrowing Predicted to Drive Naira Recovery in 2024 There is optimism for Nigerian households as analysts project a potential relief for the lingering pressure on the naira, particularly in the second quarter of 2024. The basis for these projections lies in the anticipated inflows from external borrowing, donor support, as well as…
