The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has revived the Warri Refinery with the re-streaming of the plant’s Crude Distillation Unit (CDU). The NNPC Ltd. said the restreaming of the CDU on Monday, marked the beginning of the gradual start-up of the refinery following its successful...
BUSINESS
The Federal Government has announced plans to collaborate with the Nigerian Navy to achieve its target of 3 million barrels per day (bpd) in crude oil production by 2025. Nigeria’s current output stands at approximately 1.8 million bpd, a significant increase from the 1.4 million bpd recorded in 2023....
The Nigerian stock market, on Monday, opened the week positive with a gain of N987 billion or 0.99 per cent. Investors’ interest in MTN Nigeria, BUA Foods, FBN Holdings, among other advanced equities, were the primary drivers of the overall market’s upward performance. Notably, the market capitalisation added N987...
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) on Monday said its members would start service shedding, if nothing was done to increase tariff. In a statement in Lagos, the Chairman of ALTON, Mr Gbenga Adebayo, said the Nigerian telecommunications industry was facing a critical challenge that required...
The African Development Bank (AfDB) is set to start releasing a $2.2bn fund for the development of Special Agro-Industrial Process Zones in Nigeria (SAPZ). Director General of AfDB Nigeria Office, Abdul Kamara, made this known during Channels Television’s 2024 End-Of-Year Review with the theme, ‘Focus on the Agriculture Sector,...
By BARBARA KALU, Port Harcourt – My-ACE China (better known as the Mayor of Housing), has won the 2024 Man of the Year. award. The award was announced by the Board of Trustees (BoT) of the DMOMA Awards Academy in Port Harcourt during the week. The organisers also declared...
In an end of year inspirational talk delivered on the 14th of December, 2024 to his select mentees of young entrepreneurs in Nigeria monitored in Lagos, Dr. Leo Stan Ekeh, advised them not to lose hope in the Nigerian economy, as he projects that the country shall start returning to a comfortable zone from...
Ambassador Dr Tim Ihemadu has been appointed Member of the National Gas Expansion Programme (NGEP)/ALGON Technical Working Group(TWG). The NGEP is a program by the Central Bank of Nigeria (CBN), to develop Nigeria as a gas-based industrial nation. The program’s objectives include promoting the use of natural gas. It...
Nigeria Dangote Refinery has partnered with MRS Oil and Gas to sell petrol at ₦935 per liter at retail outlets nationwide. This price reduction follows a decrease in the ex-depot price from ₦970 to ₦899.50 per liter. Head of Media Communications of Dangote Refinery, Mr Anthony Echiejina, disclosed this...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said 25 oil bidders emerged at the 2024 oil licensing bid round. The News Agency of Nigeria (NAN) reports that the Chief Executive of NUPRC, Mr Gbenga Komolafe, announced the winners at the licensing round commercial bid conference held in Lagos...
Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said a new round of oil licensing bid will take place in 2025. Komolafe made the announcement as the commission approaches the conclusion of the ongoing 2024 Licensing Round Commercial Bid Conference in Lagos...
The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday. According to the circular, the development is in the apex bank’s effort...
Securities and Exchange Commission (SEC) has identified limited investor participation, regulatory hurdles and macroeconomic instability as key obstacles hindering the capital market’s contribution to the nation’s one trillion dollar economic goal. The Director-General of SEC, Dr Emomotimi Agama, said this at the 2024 SEC Journalists Academy held in Tuesday...
Shell Nigeria Exploration and Production Company Ltd. (SNEPCo), a subsidiary of Shell plc, says it made a Final Investment Decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. Shell’s Integrated Gas and Upstream Director, Ms Zoë Yujnovich,disclosed this in a statementon Monday in Lagos. Yujnovich...
Opening the week, the Nigerian stock market extended gains from its previous session, leading to N331 billion profit for investors. Buy interest in Zenith Bank, FBN Holdings, Oando Plc, Aradel, Transnational Corporation, among other advanced equities drove the market’s performance up. The market capitalisation, which opened at N60.241 billion,...
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell UK plc, has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. The project to harness more than 300 million barrels of oil reserve will add an additional 110,000...
The Shell Petroleum Development Company of Nigeria (SPDC) on Monday said the reported oil leak from the Bonny Oil Export Terminal will not affect oil export. SPDC noted that the incident affected only a section at one out of the three loading buoys which has been isolated. SPDC’s Media...
The Federal Government, through the Debt Management Office (DMO) has offered two FGN bonds valued at N120 billion for subscription through auction. According to a statement by the DMO on Monday in Abuja, the first offer is an April 2029 FGN bond valued at N60 billion, at an interest...
Investors have been called upon to recognise Anambra as a prime destination for investment in the agricultural sector and renewable energy solutions. The call was made by Mr Mark Okoye, Managing Director and Chief Executive Officer of the Anambra State Investment Promotion and Protection Agency. He spoke with the...