NIMASA Denies Allegations of Missing Cabotage Vessel Financing Funds The Nigerian Maritime Administration and Safety Agency (NIMASA) has refuted claims of missing funds from the Cabotage Vessel Financing Fund (CVFF), affirming that the funds are intact and securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA). In a statement…
Former NOGASA Chairman Sentenced to 21 Years for ₦43.5 Million Fraud Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja on Monday sentenced Fatuyi Philips, the former Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years imprisonment for defrauding his victims of ₦43.5 million. Philips was…
European Oil Giants Retreat from Renewables Amid Challenges European oil companies, including BP, Shell, and Equinor, are scaling back ambitious plans to pivot toward renewable energy, citing economic pressures and shifting market dynamics. The retreat marks a notable reversal from earlier commitments to transition away from fossil fuels toward low-carbon alternatives. BP’s Strategic Shift Nearly…
ERAN Raises Alarm Over Nigeria’s ₦3 Trillion Fuel Imports in 40 Days The Energy Reforms Advocates of Nigeria (ERAN) has expressed grave concerns over the importation of fuel worth over ₦3 trillion between October 1 and November 11, 2024, highlighting the detrimental impact on Nigeria’s energy sector. According to ERAN, oil marketers imported 1.5 million…
Oil Prices Dip Amid Weak Chinese Demand and U.S. Economic Developments Oil prices declined on Monday as concerns over demand in China, the world’s largest crude importer, outweighed supportive factors such as U.S. economic optimism, OPEC+ supply cuts, and geopolitical tensions in the Middle East. Brent crude futures fell by 18 cents (0.2%) to close…
Shettima, Sanwo-Olu to Headline Zenith Bank’s Tech Fair, Future Forward 4.0 Vice President of Nigeria, Sen. Kashim Shettima, and Lagos State Governor, Mr. Babajide Sanwo-Olu, will deliver goodwill messages at the fourth edition of Zenith Bank’s Tech Fair, themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI.” The event…
Bold Leadership and Inclusivity Vital for Africa’s Energy Future – Olu Verheijen Mrs. Olu Verheijen, Nigeria’s Special Adviser on Energy to President Bola Ahmed Tinubu, has emphasized the need for transformative leadership and inclusive practices to shape Africa’s energy future. Speaking at the African Energy Week in Cape Town, she highlighted the urgent need to…
World Set for Oil Surplus in 2025 Amid Weak Demand, Says IEA The International Energy Agency (IEA) has projected a global oil surplus for 2025, with supply expected to surpass demand despite ongoing production cuts from OPEC+. Rising output from the United States and other non-OPEC+ countries, combined with sluggish demand, is driving this anticipated…
Impact Oil & Gas Finalizes Offshore Namibia Stake Sale to TotalEnergies for $99 Million. Impact Oil & Gas has successfully completed the farm-out of its interests in blocks 2912 and 2913B offshore Namibia to TotalEnergies. The transaction, which includes a $99 million cash payment to Impact, covers its share of costs incurred on these blocks…
Nigeria Sets January 28, 2025, for Launch of $5 Billion Africa Energy Bank The Nigerian government has announced January 28, 2025, as the official start date for the $5 billion Africa Energy Bank, to be headquartered in Abuja. The announcement was made by Nicholas Ella, Nigeria’s Permanent Secretary of the Ministry of Petroleum Resources and…
