Business & Finance

Nigeria’s refineries fail to make profit in 13 months

Jul 30, 2019

Nigeria’s four refineries under the management of the Nigerian National Petroleum Corporation have not made any profit since May 2018. Instead, the refineries posted losses consecutively between May last year and May this year. The country’s refineries comprise Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical…

Read More

Oando announces H1 2019 results, posts N7.2bn profit-after-tax

Jul 29, 2019

Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended June 30, 2019. Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said: “Half year 2019 was a positive period…

Read More

U.S. firms want Nigeria reforms before investing in oil & gas sector – Official

Jul 27, 2019

Nigeria, Africa’s biggest oil producer, could attract more U.S. investment if the oil and gas sector becomes less opaque and a fuel-price peg is removed, according to a U.S. official. “Nigeria needs to think strategically about what is going to make it a more attractive destination,” Brent Omdahl, commercial counselor at the U.S. Department of…

Read More

Discos fail to remit N1.16tn to NBET

Jul 27, 2019

Power distribution companies in the country failed to remit a total of N1.156tn to the Nigerian Bulk Electricity Trading Plc for the electricity sold to them as of February 2019. Discos’ total debt to NBET stood at N890bn as of July 2018, according to the Ministry of Power, Works and Housing. Latest data obtained by…

Read More

NNPC committed to prompt remittances to federation account – CFO

Jul 26, 2019

The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to the prompt payment of proceeds from its operations to the Federation Account and steady supply of petroleum products to Nigerians. This was disclosed by the Chief Financial Officer (CFO) of the Corporation, Mr. Umar Ajiya, at a strategy session with the heads of account…

Read More

Oil price outlook supporting Nigeria’s growth – IMF

Jul 26, 2019

The International Monetary Fund (IMF) has said that despite its reversal of Nigeria’s growth forecast, a positive oil price outlook will support the country’s challenging economy in 2019. The development is still reaffirming Nigeria’s dependence on the performance of hydrocarbon, despite seeming an improvement in non-oil exports and acclaimed diversification efforts. The global institution, in…

Read More

Nigerian banks freeze interests on N800bn oil marketers loans

Jul 24, 2019

Commercial banks have frozen interests on the N800 billion loans granted oil marketers, The Nation has learnt. They did so in compliance with a Central Bank of Nigeria (CBN) directive that all income on the facilities be suspended. The loans went bad following the delay in subsidy payment —a development said to have worsened the banks’…

Read More

Presidency releases further details on expenditure of $1bn from Excess Crude Fund

Jul 24, 2019

The Presidency, yesterday, released more details on how $1billion removed from the excess crude account for security was spent. Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, explained that the $876.9 million was already spent from the money domiciled at the Central Bank of Nigeria, CBN. Noting that a balance…

Read More

Buhari appoints Fashola, Akpabio, Keyamo, 40 other ministers

Jul 23, 2019

President Muhammadu Buhari has finally sent his list of ministerial nominees to the Senate. This was made known by the Senate President, Ahmad Lawan, who read out the president’s letter at plenary on Tuesday. The president appointed a total of 43 ministers from the 36 states and Abuja. Among the appointees are former Akwa Ibom…

Read More

NNPC secures $3.15bn from Sterling Oil to develop OML 13

Jul 23, 2019

Nigeria’s state oil company has secured $3.15 billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter on Tuesday. OML 13 is a wholly owned asset of NPDC, the upstream subsidiary of Nigerian National Petroleum Corporation.   Source: Reuters

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...