Business & Finance

CBN, others strategise on power financing

Jul 2, 2013

The Central Bank of Nigeria (CBN) and other stakeholders in the financial services sector have begun brainstorming on a banking industry funding strategy for the power sector, which will grant the template a quasi-regulatory status. They are also expected to consider inputs from key non-bank stakeholders such as the Bureau of Public Enterprises (BPE), Nigerian…

Read More

Elumelu’s Heirs Holdings commits $2.5bn to Obama’s Power Africa initiative

Jul 2, 2013

As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony O. Elumelu is committing US$2.5 billion to the power sector in Africa. The investment is being made through his pan-African proprietary investment company Heirs Holdings (http://www.heirsholdings.com) – the single largest investor included in the White House statement…

Read More

Seplat Seeks LSE, NSE Dual Listing

Jul 1, 2013

In a bid to raise its financial capital-base, Nigerian indigenous oil company Seplat is seeking a dual listing on the London Stock exchange (LSE) and Nigerian Stock Exchange (NSE), following a trend amongst local oil firms. Seplat – which recently acquired oil assets from Royal Dutch Shell Plc in the Niger Delta region – is…

Read More

Oando beats dividend forecasts as net profit rises by 527%

Jun 27, 2013

The board of Oando Plc has recommended the distribution of N5.1 billion as cash dividends for the year ended December 31, 2012, representing more than 59 per cent above N3.2 billion projected as cash payouts for the year in the recent forecasts of the integrated energy company. The upbeat dividend recommendation followed impressive growths across…

Read More

International agencies invest N187 billion in Nigeria’s energy

Jun 26, 2013

Nigeria’s development partners have invested about N187.44 billion ($1.17 billion) in the country’s energy sector as at December 2012, under the Country Assistance Framework, CAF. The partners, according to the CAF draft document for May 2013, are the African Development Bank, Agence Francaise de Development, Canadian International Development Agency, Department for International Development, Embassy of…

Read More

External reserves remain stagnant at N48bn

Jun 24, 2013

The external reserves have remained stagnant at N48bn for over three months, an investigation by our correspondent has shown. It was learnt on Friday that the swing in the external reserves was as a result of the volatility in crude oil prices. The reserves, which stood at $48.47bn during the week, hit the N48bn mark…

Read More

Investors to take over NDPHC plants by June 2014

Jun 21, 2013

Successful investors will take over the 10 National Integrated Power Plants in June 2014, the Bureau of Public Enterprises has said. The Director-General, BPE, Mr. Benjamin Dikki, said this to prospective investors at a roadshow in Hong Kong, according to a statement on Thursday by the Head of Public Communication at the privatisation agency, Mr.…

Read More

FEC approves N420bn contract for development of Onne Port

Jun 21, 2013

The Federal Executive Council (FEC) has approved a 2.8 billion dollars (about N420 billion) contract for the development of the Onne Oil and Gas Free Zone in Port Harcourt, through concession. The Minister of Information, Labaran Maku, made this known when he briefed State House correspondents on the outcome of the Council’s meeting presided over…

Read More

WorleyParsons shares rise on Nigerian oil deal

Jun 19, 2013

Shares in mining engineer WorleyParsons are up three per cent after a South Korean shipbuilding giant awarded it a $US100 million ($A105.97 million) offshore oil and gas contract in Nigeria. The news comes a month after a profit downgrade saw its shares plunge to a four-year low. Samsung Heavy Industries (SHI) awarded WorleyParsons a design…

Read More

FG inaugurates GE’s $1bn power facility in Cross River

Jun 19, 2013

The Federal Government, Tuesday, flagged-off the construction of the General Electric’s (GE’s) $1 billion (about N160 billion) multi-model power manufacturing and services facility in Calabar, Cross River State. Specifically, the investment, which involved $250 million capital expenditure and over $800 million incremental spending on local sourcing of goods and services, would create 2,300 jobs and…

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...