CBN Releases $500 Million to Address Forex Backlog, Aims for Stable Naira and Investor Confidence Nigeria’s Central Bank (CBN) continues its efforts to ease foreign exchange (FX) liquidity issues, injecting another $500 million into various sectors to clear verified liabilities. This move follows last week’s disbursement of approximately $2.0 billion to settle outstanding commitments in…
Household Kerosene Prices Soar in December 2023, Burdening Nigerian Consumers A spike in the average retail price of household kerosene (HHK) cast a shadow on Nigerian households in December 2023, according to the National Bureau of Statistics (NBS). Consumers grappled with a 5.84% increase in the average price per liter compared to November 2023, shelling…
Maritime Legal Expert Dr. Emeka Akabogu Celebrates 50th Birthday with Book Launch It was a night of celebration and intellectual enrichment as Dr. Emeka Akabogu, a renowned maritime legal expert, marked his 50th birthday with the launch of two insightful books: Ship Arrest in Nigeria and Nigerian Ports Law. The event, held in Lagos,…
NNPC Scores High in Transparency Assessment, Urged to Improve Collaboration with NEITI The Nigerian National Petroleum Company Limited (NNPC Ltd) received a positive overall rating in the latest global assessment by the Extractive Industries Transparency Initiative (EITI), a prestigious global transparency body. However, while recognizing NNPC’s progress, EITI also encouraged further improvement and closer collaboration…
Heritage Energy, JV Partners Show Commitment to Education with Scholarships and Awards Marking International Day of Education, HEOSL and partners awarded 795 scholarships to OML 30 host communities, highlighting their dedication to SDG 4 and the transformative power of education. 795 deserving students from 112 communities received scholarships, reaffirming HEOSL’s commitment to the well-being of…
No Ukraine Deal? No Problem, Says Russia as it Eyes Alternative Gas Routes and LNG Moscow is unfazed by the prospect of Ukraine declining to extend the deal for Russian gas transit to Europe, vowing to utilize alternative routes and sea-borne liquefied natural gas (LNG) in case an agreement isn’t reached. Kremlin spokesman Dmitry Peskov…
Shell Swaps Oil for Grease: German Refinery to Become High-Tech Lube Hub London, UK: In a significant step towards its net-zero goals, Shell announced plans to transform its Wesseling oil refinery in Germany into a state-of-the-art lubricant feedstock production facility by 2025. This bold move marks a strategic shift away from traditional oil refining and…
Power Shortages Bite Harder as Gas Shortage Grips Nigeria Nigerians facing frustrating power cuts can add another reason to their list: a severe gas shortage that’s crippling power generation. The Transmission Company of Nigeria (TCN) confirmed this grim reality in a recent statement, explaining the dip in electricity allocation to distribution companies and load centers…
Navy Chief Faces Grave Risks Over $170m Bribery Accusations The Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, stands on shaky ground as he faces potentially career-ending and life-altering consequences if found guilty of the alleged $170 million bribe and other charges leveled against him. Sources within the Presidency have outlined the gravity of the…
High Commissioner Praises HYPREP’s “Impressive” Ogoni Clean-Up Progress Port Harcourt, Nigeria – The British High Commissioner to Nigeria, Richard Montgomery, visited the Hydrocarbon Pollution Remediation Project (HYPREP) office today, showering praise on the progress made in cleaning up the oil-ravaged Ogoni region. “A Model for the World” Mr. Montgomery expressed optimism that HYPREP’s approach could…
