Nigeria plans to overhaul its energy tariff system by 2021 to try to attract investment and improve power supply, the vice chairman of the country’s electricity regulator said. Only about half of the 190 million people in Africa’s most populous country have access to power. The problem has been exacerbated by prices that are capped […]
European users will be the first to gain access to new privacy controls from Facebook, as the social media company begins to rollout the settings to all of its 2 billion users worldwide. The controls which Facebook is launching in compliance with the EU’s General Data Protection Regulation (GDPR), will ask users to review and […]
Nigerian oil company Oando rose to almost a one-year high on Wednesday, a week after regulators lifted a trading suspension on its shares. Oando rose 9.70 percent to 9.05 naira, its fifth straight rise after Nigeria’s Securities and Exchange Commission (SEC) directed the stock exchange to lift a six-month suspension on the company’s shares. The […]
Sub-Saharan Africa is on course for economic growth of 3.1 percent this year, the World Bank said on Wednesday, marginally slower than it previously forecast but faster than last year thanks to rising commodity prices. By 2020 growth in the region should pick up to 3.7 percent, it said. Sub-Saharan African economies were hit hard […]
Nigeria’s Wema Bank plans to start issuing the second tranche of a Tier II capital increase next month, part of a 50 billion naira ($159 million) programme, its deputy chief executive said on Wednesday. Ademola Adebise said the mid-tier lender hoped to boost its capital ratio, which is at 14.3 percent, higher than the regulatory […]
Petro-chemical giant Shell has proposed banning the sale of new petrol and diesel cars in the US, EU and China by 2035 to meet emissions goals set out in the 2015 Paris Agreement. The multinational’s ‘Sky’ report is the company’s vision of the future, with proposals that would meet climate change commitments. It suggests that […]
The International Monetary Fund (IMF) has predicted that Nigerian economy will grow from 0.8 per cent in 2017 to 2.1 per cent by the end 2018, while warning of possible crash in crude oil prices. According to its latest World Economic Outlook (WEO) Report launched in Washington DC on Tuesday, the Fund projected that Nigeria […]
Spot traded was muted on Tuesday as traders awaited June Nigerian programmes and the possibility of the 2018 crude contracts being issued. ANGOLA * About six cargoes of May loading Angolan crude were still available. * State firm Sonangol has not yet issued its term allocations for June after the programme was issued on Monday. […]
The President of the Senate Dr Bukola Saraki has departed for Washington DC to join other World leaders and economic experts at the spring meeting by the World Bank and International Monetary Fund (IMF). Saraki is billed to participate in the African Finance Forum organized by the Corporate Council on Africa. According to Bamikole Omishore, […]
11 PLC (Double One), formerly called Mobil Oil Nigeria plc, has launched its Mobil Pegasus 1005 premium natural gas engine oil, in a bid to address the challenges of gas emissions associated with modern engine design products in Nigeria, Vanguard reports. According to the company, the product manufactured and distributed into the market of some […]