The World Trade Organization has failed to select a caretaker chief due to an impasse among members who must still agree by November on a replacement for outgoing Director-General Roberto Azevedo, the Geneva-based body said on Friday. Reuters reported on Wednesday that the WTO was unlikely to fill a leadership void after Washington’s insistence on […]
German multinational conglomerate company, Siemens, has concluded plans to train electricity Distribution Companies and other electricity stakeholders in the country. Siemens in a statement on Thursday stated that 11 DISCOs, Transmission Company of Nigeria (TCN), and regulators would be trained on all the equipment and software being provided in the phase 1. According to the […]
By Foster Obi Executive Board of the International Monetary Fund (IMF) approved the new IMF Central Bank Transparency Code (CBT). The development of the CBT follows on the Board’s direction in April 2019 to update the 1999 Monetary and Financial Policies Transparency Code, and bring it in line with the recommendations of the 2017 Joint […]
Anglo-Dutch energy major Royal Dutch Shell posted Thursday a colossal net loss of $18.1 billion (15.4 billion euros) for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market. The performance, contrasting sharply with profit after tax of $3.0 billion a year earlier, was sparked by a huge $16.8-billion charge on chronic fallout […]
Royal Dutch Shell said on Thursday its second-quarter writedowns include the OPL 245 licence for an offshore oilfield in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy. Italian prosecutors have asked for oil majors Eni and Shell to be fined and some of […]
As women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment. Around 80% of the materials that go into Lagos-based diaper and sanitary towel manufacturer Wemy’s products are imported. […]
The House of Representatives ad hoc Committee investigating the relocation of petroleum tank farms says it will visit farm sites in the Niger Delta region. The House of Representatives ad hoc Committee investigating the relocation of petroleum tank farms in residential areas says it will visit farm sites in Port Harcourt, Delta and Lagos State. […]
Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian oil company Seplat. OPEC countries and allies led by Russia, known as OPEC+, have […]
World Bank has approved a $500 million credit for the Adolescent Girls Initiative for Learning and Empowerment (AGILE) towards improving secondary education opportunities among girls in seven states in the country. A statement from the bank in Abuja on Wednesday noted that the credit was approved from its International Development Association (IDA) which provides grants […]
By Foster Obi … Says revision to strengthen consumer protection Nigerian Communications Commission (NCC) said it undertook a revision of the framework stipulating the processes for resolving consumer complaints arising from service delivery by telecoms operator in order to achieve greater effectiveness in the sector and to strengthen the protection of telecoms consumers and other […]