Ex-Minister Cites Alleged Phantom $16 Billion Expenditure as Cause for Power Sector Reform Delays in Nigeria A former Minister of Power and ex-Governor of Cross River State, Senator Liyel Imoke, has said that the alleged expenditure of a non-existent $16 billion on Nigeria’s power sector by the Olusegun Obasanjo administration did not occur as claimed….
Access Bank Secures Provisional Licence in Namibia Access Holdings Plc has announced that it has received a provisional licence from the Bank of Namibia to establish a commercial bank in the country. In a statement, the Bank shared, “Access Holdings Plc is pleased to inform the investing public and the Nigerian Exchange Ltd that its…
Nigeria’s Path to Energy Independence Hinges on Maximizing Gas Reserves, Says PETAN Chairman The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has emphasized that Nigeria’s path to energy independence lies in maximizing its vast gas reserves. Speaking at the 2024 Annual Strategic International Conference organized by the Association of Energy…
Seychelles: AfDB Approves $25 Million Loan to Boost Renewable Energy Access and Job Creation The African Development Bank Group (AfDB) has approved a $25 million loan for Seychelles to support the first phase of the Economic Resilience and Green Recovery Support Programme, an initiative aimed at improving economic governance and expanding access to renewable energy…
FG Unveils 64 CNG Buses to Celebrate Nigeria’s 64th Independence Anniversary To commemorate Nigeria’s 64th Independence Anniversary, the Federal Government has introduced 64 Compressed Natural Gas (CNG) buses, reinforcing its commitment to providing affordable, eco-friendly transportation. The unveiling ceremony, held at the Presidential Villa, was led by Mr. Wale Edun, the Minister of Finance and…
Tinubu’s Executive Orders to Unlock $2.5bn in New Oil Sector Investments …JPMorgan renews interest in Nigeria, others Despite holding about 38 percent of Africa’s hydrocarbon reserves, Nigeria has attracted only just 4 percent of investments inflow into Africa since 2016. Nigeria, the most populous nation in Africa, boasts of over 37 billion barrels of proven…
NNPC Ltd Moves to Revive Brass, Olokola LNG Projects The Nigerian National Petroleum Company Limited (NNPCL) has begun discussions with investors towards bringing back Brass and Olokola Liquefied Natural Gas (LNG) projects. According to the national oil firm, the move is part of its bid to maximise the nation’s abundant gas resources for economic development…
Nigeria on the Cusp of $1bn Iron Ore to Steel Project Africa’s most populous nation, Nigeria, is on the cusp of a $1 billion (N1.6trillion) iron ore to steel project. If everything goes according to plans, the project will be a major breakthrough for the country, which relies heavily on steel importation. The project, planned…
Oil Price Fell By 6.0% in August – OPEC More woes for Nigeria as prices drop below $70 per barrel In a significant development, the global oil benchmark, Brent crude, experienced a sharp decline in August, falling by $5.00 or 6.0% to an average of $78.88 per barrel month-on-month, according to the latest report from…
Tinubu to Inaugurate $115 Million Container Terminal in Rivers Rivers State, August 26, 2024 — President Bola Tinubu is set to officially inaugurate the upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, on September 4, 2024. The terminal, located within the oil and gas free zone, has undergone a $115 million upgrade, which…
