Business and Economy

Abuja, Jan. 10, 2022 The Nigerian National Petroleum Company (NNPC) Limited has every reason to perform beyond expectation in 2022 as President Muhammadu Buhari on Friday inaugurated the Board of the newly incorporated NNPC. The inauguration, which took place in Abuja was to ensure strict compliance with Corporate Governance principles …

By Chimezie Anaso Umueri (Anambra), Jan. 9, 2022 The newly inaugurated Anambra Cargo Airport has recorded 142 flights with 3,865 passengers landing and taking off from the airport after one month of the opening of the facility. The airport was opened for commercial services on Dec. 7 last year. The …

By Stanley Nwanosike Enugu, Jan. 7, 2022 An interest group, Movement for Election of Nigerian President of Igbo Extraction, on Friday, commended President Muhammadu Buhari for appointing Sen. Margery Chuba-Okadigbo as Board Chairman of Nigerian National Petroleum Corporation (NNPC) Limited. Convener of the movement, Mr. Vincent Ezekwueme, told the News …

The Economic and Financial Crimes Commission, EFCC, secured a total of 2220 (Two Thousand Two Hundred and Twenty) convictions across all its Commands in 2021. The figure, which emerged from a review of the Commission’s performance in the outgone year, according to a statement by Wilson Uwujaren, Head, Media & Publicity …

Foremost financial institution, Fidelity Bank Plc, has inaugurated Corporate Social Responsibility (CSR) projects in the three South-Western states of Oyo, Ondo and Ekiti; as well as Kwara State. The projects which include the provision of maternal and healthcare materials for hospitals, renovation and furnishing of a juvenile correctional facility as …

A Chief Economic Adviser to the President (CEAP) has been appointed. He is Dr Doyin Salami, up till now Chairman of the Presidential Economic Advisory Council (PEAC). A 1989 doctorate degree graduate in Economics of Queen Mary College, University of London, Doyin Salami, 59, is Managing Director and Head Markets …

Mr. Haitham Al-Ghais, incoming OPEC Secretary General By Solomon Asowata Lagos, Jan. 3, 2022 (NAN) The Organisation of the Petroleum Exporting Countries (OPEC) has appointed Mr Haitham Al-Ghais as the organisation’s Secretary General effective Aug. 1. OPEC made the appointment at a Special Meeting on Monday held via video conference, …

By Nathan Nwakamma Yenagoa, Jan. 3, 2022 Bayelsa State government on Monday directed the Managing Director of the State Electricity Company, Mr. Olice Kemenanabo, to immediately connect Otuasega community to the national grid. The deputy governor, Lawrence Ewhrudjakpo, gave the directive as the government waded into a crisis between Shell …

By Ismaila Chafe Abuja, Jan. 2, 2022 Presidency has dismissed reports of crisis between President Muhammadu Buhari and members of the National Assembly (NASS) as fictional, saying the president never expressed anger in his dealings with NASS. It however, admitted that there was disagreement between the Executive and legislature over …

A New Year, January 1, 2022 early morning minor fire incident occurred at the Port Harcourt Refining Company (PHRC), according to a statement by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, NNPC. “The incident, which was contained in less than two hours was caused by a spark while …

  Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday signed the 2022 Appropriation Bill of N1.758 trillion christened ‘Budget of Consolidation’ into law. Governor Sanwo-Olu, while signing the Bill at the Lagos House, Ikeja, said that the capital expenditure stands at N1.166 trillion, representing 66 percent of the budget estimates, …

* Contrary to the assertion in this op-ed, federal ownership of mineral resources did not start during the military era. It started during the early colonial era, when, admittedly, the country did not have a federal system of government. But, and this is crucial, it continued when Nigeria adopted the …

Former president Olusegun Obasanjo has theorized that the oil and gas found in the Niger Delta region belong to the federal government, and not to the oil-bearing communities. Legally speaking, Obasanjo can be said to be correct, because he was part and parcel of successive military juntas that cleverly and …

The Minister of the FCT, Abuja, Malam Muhammad Musa Bello on Tuesday, December 28, 2021 paid an inspection visit to the Next Cash and Carry Supermarket, Abuja which was engulfed in flames on Boxing Day, December 26, 2021. He was accompanied by the FCT Commissioner of Police, Mr. Sunday Babaji, …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to close out the 2020 marginal field bid round programme and has put in place all necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021 (PIA). The Commission’s Chief Executive, Mr. Gbenga …

The Bayelsa State’s Government Technical Committee on the Nov 5 oil leak at Oil Mining Lease (OML) 29 at Nembe on Sunday faulted claims that the leak was caused by sabotage. The Committee also raised the alarm that the regulatory agencies that are expected to be neutral in their findings …

Former President of Nigeria, Chief Olusegun Obasanjo has recalled the role played by late Desmond Tutu in getting the Nigeria’s debt cancelled during his tenure as President, declaring that his death was a personal loss to him. The late anti-apartheid scion, pro-democracy guru and human rights crusader died earlier today …

By Segun Giwa Akure, Dec.25,2021 Mr. Mufutau Abolarinwa, the National President of Cocoa Association of Nigeria, has described as falsehood, news making the rounds, that the European Union (EU) plans to ban export of cocoa from Nigeria, stressing that there was no iota of truth in the reports. He made this …

Patience Oniha, Director-General of DMO By Kadiri Abdulrahman Abuja, Dec.  25, 2021 The Debt Management Office (DMO) has said that the N250 billion Sovereign Sukuk offer attracted unprecedented subscription of over N865 billion. Director-General of the DMO, Ms. Patience Oniha made this known in a statement on Saturday. Oniha said …

Mr. Isiyaku Abdullahi, Managing Director, Pipelines and Products Marketing Company (PPMC) Ltd., at the scene of the pipeline explosion on Friday in Lagos. By Solomon Asowata Lagos, Dec. 24, 2021 The Nigerian National Petroleum Company (NNPC) Ltd. says Friday’s pipeline fire in Iyana-Odo/Baruwa axis of Lagos State will not disrupt …

Some stakeholders on the environment on Friday criticised the procedures adopted in the investigations to unravel the cause of the Nov 5 oil spill at Oil Mining Lease (OML) 29 in Nembe, Bayelsa. The regulatory agencies investigating the oil spill incident on Thursday attributed the spillage to sabotage whereas the …

LAGOS, NIGERIA The Board of Union Bank of Nigeria Plc (Union Bank) Thursday notified the NGX and Securities Exchange Commission that its investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders have reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank …

  By Gabriel Agbeja Abuja, Dec. 23, 2021 The Nigeria Civil Aviation Authority has shut down the main switch centre  of Globacom Limited at Wuse 2, Abuja over non-payment of outstanding debt of N4.7 billion. The NCAA Director–General, Capt. Musa Nuhu, carried out the exercise on Wednesday, under the supervision …

…As gas production goes up 4% A total sum of N203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd. This was contained in the July 2021 …

While the world is laser focused on the U.S. – China trade war, something equally significant that will reshape the global landscape for the next 30 to 50 years is emerging in Africa. With the African Continental Free Trade Agreement (AfCFTA) in force, there is a repositioning of the continent in ways …