Business and Economy

The Shell Petroleum Development Company of Nigeria (SPDC) and its joint partners have signed a gas supply and aggregation agreement that will support the 140 Megawatts Aba Integrated Power Project in Abia State. The agreement, signed on Friday in Abuja, was between SPDC, Geometric Power Aba Limited (GPAL); and Gas …

The Association of Nigerian Electricity Distributors, ANED, has lent its voice to the ongoing row between the Governor of Edo State, Godwin Obaseki and the management of Benin Electricity Distribution Company (BEDC). Speaking in response to media queries, ANED’s Executive Director for Research and Advocacy, Chief Sunday Oduntan, in a …

  The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said that development of the blue economy is a veritable strategy for advancing African economies and lifting the people out of poverty. Dakuku stated this on Monday in Nairobi, where he led a …

 The Economic and Financial Crimes Commission, EFCC, on Wednesday,  November 28, 2018,  handed over 116 (One Hundred and Sixteen) cars and 20 (Twenty) landed properties in Edo, Rivers and Lagos States recovered from one Michael Obasuyi Osasogie to First Bank Plc. Trouble began for Osasogie after a petition he wrote to the …

Shell Nigeria Gas, SNG, has re-trained 30 firefighters in Abia State and donated firefighting equipment to the state fire service. This intervention was triggered by two recent fire disasters in the state which resulted in deaths and loss of property worth millions of naira. Over 150 shops in the timber …

  Hydrogen has long been used across several industries, including the process for converting heavy petroleum extracts into lighter, exploitable forms of fuel. But the objective of turning hydrogen itself into a viable and clean energy source to power vehicles and heat houses is the potential game-changing solution that could …

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has congratulated the Secretary-General of the International Maritime Organisation (IMO), Ki-tack Lim, on his re-election as head of the specialised United Nations body. Dakuku, who is also the Chairman of the Association of African Maritime Administrations …

The House of Representatives Committee on Maritime Safety, Education and Administration has commended the Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) for its efforts in repositioning the country’s maritime sector for greater efficiency. The committee gave the commendation in Lagos, when it paid an oversight visit to …

ABUJA – The Central Bank of Nigeria (CBN) has again intervened in the interbank foreign exchange market by injecting the sum of $210 million in the sales concluded on Wednesday, November 21, 2018. Figures obtained from the Bank indicated that it offered the sum of $100 million to the wholesale …

The facility was oversubscribed at USD 268.5 million, with Ecobank Transnational Incorporated (ETI) increasing Deutsche Bank’s mandate as arranger from USD 150 million to 200 million LOME, Togo, November 20, 2018/ Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group (www.Ecobank.com), announced Tuesday the successful close of …

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Monday in Abuja flagged off the 2018 Nutrition Week aimed at increasing awareness on the dangers posed by malnutrition and serve as a platform for mobilizing stakeholders towards addressing the scourge in the country. Senator Udoma who was …

The Shell Petroleum Development Company of Nigeria Limited (SPDC) says out of the over N41 billion disbursed for community projects in the Niger Delta, about  N15 billion went to Rivers State under the Global Memorandum of Understanding. “Between 2006 and end of 2017, a total of N14.86 billion has been invested …

The November 2018 meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has been rescheduled. According to a statement by Isaac Okorafor, Director, Corporate Communications, CBN, the meeting has been moved from Monday and Tuesday, 19th & 20th November to Wednesday and Thursday, 21st and …

Akwa Ibom State Governor, Udom Emmanuel, Wednesday, presented the 2019 Budget Proposals to the State House of Assembly tagged, ‘Budget of Industrialisation for Poverty Alleviation’. Highlights of the proposals show a total budget size of N670.718bn made up of Capital expenditure of N445.936bn and Recurrent expenditure of N224.782bn, comprising: Personnel Costs …

STAFF and management of The Shell Petroleum Development Company of Nigeria Limited (SPDC) have spent the last two weeks working as volunteers in the distribution of relief materials worth over N300 million to communities affected by devastating floods in the Niger Delta states of Rivers, Bayelsa, and Delta. With staff …

By Folasade Folarin Abuja, Nov. 14, 2018 The Federal Government on Wednesday said it had raised 2.86 billion dollars three-series international bond under its Global Medium Term Note Programme. Mr Paul Abechi, Special Adviser to the Minister of Finance on Media and Communications disclosed this in a statement in Abuja. He said …

Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has reiterated the commitment of the Bureau to ensuring that the principle of integrity, professionalism and accountability which played out through the selection process of the Transaction Adviser is maintained towards transforming NIPOST “as one of the …

By Isaiah Eka Uyo, Nov. 14, 2018 Gov. Udom Emmanuel of Akwa Ibom on Wednesday presented 2019 budget of N670.72 billion to the state House of Assembly for consideration. The News Agency of Nigeria (NAN) reports that the budget, christened “Budget of Industrialisation for Poverty Alleviation,’’ is higher than that …

By Grace Alegba Lagos, Nov. 13, 2018 The Federal Controller of Works in Lagos, Mr Adedamola Kuti, on Tuesday issued final eviction warning to auto spare parts dealers at the popular Ladipo Market in Lagos, trading on its Right of Way (RoW). Kuti also served final notices on car dealers …

  ABUJA – In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, injected the sum of $210 million in the inter-bank foreign exchange market. Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received …

aThe Minister of Budget and National Planning, Senator Udoma Udo Udoma says the Federal government is committed to the diversification of the country’s economy away from dependence on oil and gas. Senator Udoma who was delivering the keynote address at the 42nd Annual Conference Dinner of the Institute of Chartered Secretaries …

The Investiture ceremony of Engr. (Mrs.) Funmi  Akingbagbohun, as the 13th Chairman of the Nigerian Society of Engineers (NSE),  Ikeja branch, was held in Lagos, Nigeria on November 9, 2018. The theme of the program was ‘Enhancement and Empowerment of Engineering Professionalism’ and it held at the Sheraton Lagos Hotel …

The Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri, in Abuja, has said the House of Representatives of Nigeria will in the next one or two weeks present the Asset Management Corporation of Nigeria (AMCON) Amendment Bill seeking to further empower and embolden …

    The recent report that two global banks – HSBC and UBS- have closed shops in the country should be a source of concern to well meaning Nigerians. Though no reasons were given for their decision to leave the country, it could be assumed that the banks no longer …

By Edith Ike-Eboh Abuja Nov. 7, 2018 The Nigerians National Petroleum Corporation (NNPC) says it has transferred the sum of N128.40billion into the federation account in August. The Corporation disclosed this in its monthly Financial and Operational report released in Abuja on Wednesday. It said that between August 2017 and …