The estimated monetary loss in Nigeria’s power sector has risen to N460.3bn in 2018 alone. The data obtained from the Federal Ministry of Power, Works and Housing in Abuja on Friday showed that between January 1 and November 8, 2018, the sector lost N460.253bn. The FMPWH explained that the huge financial loss was due to […]
Oil and natural gas exploration in Africa is experiencing a revival after a long period in the wilderness. It is not quite a return to the boom days of the past but the enthusiasm and drive that was lacking is back. Higher oil prices, better terms for investors, greater efficiency and increased returns for offshore […]
Crude oil futures were higher at midday in Europe Monday, as OPEC and non-OPEC partners hinted at production cuts going into 2019. At GMT 1150, ICE January Brent futures were up 77/b cents at $70.95/b, while the NYMEX December light sweet crude contract was up 27 cents/b, at $60.46/b. “Brent is making significant gains as […]
The Nigerian National Petroleum Corporation on Saturday said the $1.05bn revolving loan obtained from the dividend of the Nigerian Liquefied Natural Gas company prevented petroleum products’ chaos in Nigeria. It said the loan was used to subsidise the cost of Premium Motor Spirit, popularly known as petrol, in 2018, adding that it was unfortunate for […]
NNPC’s recently announced proposal to construct two 100,000 Barrels of Oil Per Day (BOPD) Greenfield refineries has encouraged a leading Civil Society group to request the Nigerian Government to conduct a root cause analysis on the abandonment of similar refineries earlier announced for three other states in the last five years. The state hydrocarbon company’s […]
Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan). Bitcoin.Com […]
African high-tech player, Mara, has announced the production of their newest product the Maraphone – the first made-in-Africa. The full-scale smartphone will soon be manufactured in plants across Africa. “China has Huawei, Xiaomi; the U.S has iPhone and finally Africa has Maraphone,” Ashish Thakkar, founder of Mara Group told a press conference on the final […]
An oil shortage is coming says Goldman Sachs, because firms cannot fully invest in future production. Global oil majors are increasingly looking to invest in lower-carbon areas of the energy sector, as they react to pressure for cleaner energy, both from government policy and investors. “In the 2020’s we are going to have a clear […]
Nigeria’s oil production including condensates declined by about 70,000 b/d to 2.09 million b/d in October, compared to the preceding month, according to estimates released Friday by the country’s oil ministry. The drop comes after a recent upsurge in sabotage attacks on production facilities by oil thieves reported by the Nigerian National Petroleum Corp. NNPC […]
First Bank of Nig. Plc on Friday launched a WhatsApp application to make banking more convenient for its 12.5 million customers. The FirstBank Chat Banking on WhatsApp was launched at the bank’s Digital Lab, Yaba, Lagos. The bank’s Managing Director, Dr Adesola Adeduntan, said at the launch that, as a leading banking services provider, First […]