The Power Sector Recovery Programme (PSRP) recently developed by the federal government and the World Bank to revive Nigeria’s ailing power sector, has come up with an action plan for the sweeping restructuring of the 11 electricity distribution companies (Discos) that would enable government to take over any Disco found to be insolvent. Details of…
In line with the Federal Governments Strategy on incremental power, the Transmission Company of Nigeria has energized the 2ndAsaba-Benin 330kV transmission line on the 3rd of November, 2017, adding 600MW transmission capacity to its transmission network. In a statement signed by the General Manager (Public Affairs) Ndidi Mbah, TCN said that the newly energized Asaba-Benin transmission…
In its efforts to take advantage of the potential in the Nigerian agriculture sector, Oando and its JV partners as well as USAID have invested in improving agricultural practices in the country. This was made known at the annual Framers Day celebration in Igbogene, Bayelsa State which was in commemoration of the 2017 GRP, JV…
A human rights lawyer Femi Falana (SAN), on Wednesday, accused the Nigerian National Petroleum Corporation of failing to remit over $21.7bn and N376bn since 1999. The human rights activist said instead of piling up external loans, the Federal Government should be compelled by the Nigerian people to “embark on the immediate recovery and repatriation of…
The management of the Nigerian National Petroleum Corporation (NNPC) is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain. Declaring open the 2017 Fraud Awareness Week at the NNPC Towers, Abuja, on Tuesday, Group Managing Director of the Corporation, Dr. Maikanti Baru, said…
The Managing Director, Rural Electrification Agency (REA), Mrs Damilola Ogunbiyi, has called for the support of the ongoing decentralisation of power supply in the country through its off-grid and stand-alone systems. Speaking at Alaghodaro Investment Summit recently in Benin City, Edo State capital, an event where investment experts and heads of federal government regulatory agencies…
Seven Energy International Limited has announced an agreement on the terms of a comprehensive capital restructuring of the Group (the “Agreed Transaction”) between: (1) Seven Energy; (2) the Company; (3) certain other members of the Group; (4) Savannah Petroleum PLC (“Savannah”); (5) lenders under the US$24.1 million term loan facility (the “Term Loan 1 Facility”)…
Crude oil prices were under pressure on Tuesday, falling 3 percent on rising U.S. output forecasts and global demand concerns. Investors were also looking ahead to crude oil options expiration on Wednesday, which could prove to be a near-term bullish catalyst for the commodity that’s seen a bounce over the last month, according to Bill Baruch of Blue…
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has expressed the commitment of the Corporation to science education. The NNPC GMD, who stated this during the grand finale of the Corporation’s 2017 National Quiz Competition, on Tuesday in Abuja, said the Corporation’s stand was informed by the critical role…
TAG Oil Limited has announced the reports its second quarter results for the interim period ending September 30, 2017, highlighted by an 11% increase in revenues and a 34% increase in operating netbacks from the previous quarter. TAG Oil also added 809 gross acres to its petroleum mining permit portfolio with PMP 60291, which has…
