Mr Kola Balogun, Chairman, Momas Electricity Meter Manufacturing Company Ltd. (MEMMCOL), has appealed to the Central Bank of Nigeria (CBN) to create a credit line of a single digit to meter manufacturers for effective execution of Meter Assets Providers (MAP) schemes. Balogun, who made the appeal in an interview with the News Agency of Nigeria […]
The National Bureau of Statistics (NBS) said the country recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017. The trade value for 2017 stood at N23.16 trillion. The NBS said this in its Foreign Trade in Goods Statistics for Fourth Quarter of […]
Renewable energies will be the world’s main source of power within two decades and are establishing a foothold in the global energy system faster than any fuel in history, according to BP. The UK-based oil company said wind, solar and other renewables will account for about 30% of the world’s electricity supplies by 2040, up […]
Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) may have resolved to challenge ExxonMobil over its plan to disengage its workers. The association, in a statement by its President, Comrade Olabode Johnson, said the union was disappointed with fresh disengagement letters served many Nigerian executives in the oil firm, saying […]
A local official says more than 50 people are missing after a leaking oil pipeline exploded and caused a stampede in southern Nigeria. The Nembe Chiefs Council spokesman, Chief Nengi James-Eriworio, tells The Associated Press that the blast early Friday (local time) caused massive oil spillage in the Nembe kingdom in Bayelsa state. The Nembe […]
OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline. The drop of 300,000 barrels per day (bpd) comes despite criticism from U.S. President Donald Trump, who on […]
Nigeria earned a total of N5.54tn from oil revenue last year, figures obtained from the Central Bank of Nigeria revealed.The N5.54tn revenue was earned through three major oil revenue sources. They are crude oil/gas sales, petroleum profit tax/royalties and others. A breakdown of the N5.54tn oil revenue showed that the sum of N1.28tn was earned […]
MTN Group says it is expecting an increased profit by as much as 90 per cent in 2018, as the company continues to recover from a regulatory fine in Nigeria. Analysts had predicted that the $8.1bn repatriation demand dispute with the Central Bank of Nigeria would affect the fourth quarter earnings of the Nigerian unit. […]
Investors in the nation’s stock market lost a total of N365bn in the last three days of trading in February. The equities market opened the month with a market value of N11.424tn, which rose to N12.200tn on February 15. The market capitalisation, however, declined in the second half of the month by N371bn, 98.8 per […]
The son of former Military Head of State, Mohammed Abacha, has dragged the Federal Government, Shell Petroleum Nigeria and others to the Appeal Court as the battle over Malabu Oil rages. In a notice of appeal filed at the Court of Appeal, Abacha is seeking an order of the appellate court to compel the Federal […]