Damilola Shittu – Abuja Following the removal of Dr Maikanti Baru as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) and appointment of Mr Kolo Kyari as the new NNPC helmsman by President Muhammadu Buhari on Thursday, the corporation threw more light on why Baru was relieved of his job. In a…
Mozambique’s long-awaited giant LNG project is now set for completion Anadarko’s positive final investment decision on the $20 billion-plus Area 1 Mozambique LNG project is a significant achievement for a development that has faced numerous challenges over the last decade. The project, which is based on gas from Area 1 in the Rovuma Basin, is…
By Oke Peter There are reports that a total of 3,109.5 megawatts of electricity could not be generated on the country’s power grid on Wednesday as a result of gas, frequency and water management constraints in the sector, latest figures from the industry released on Thursday showed. According to the report, 1,709.5MW of power could…
Oil entrepreneur, Femi Otedola, on Wednesday, June 19, 2019, finally sold off his majority stake in indigenous oil company, Forte Oil. In a move that trails a series of announcements concerning his decision to back away from the downstream oil business, Otedola has switched business focus to the power sector, in particular, the Geregu gas…
Yusuff Wale Raphael is the Business Development Manager, North Africa, Nigeria and Ghana, Wärtsilä Energy Business. He has over 16 years of experience in marketing and business development in the Nigerian Oil and Gas and Power Industry. Wale began his career as a Process Engineer in one of the Nigerian refineries and he has been…
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, mostly in the energy, ICT and transport sectors. Its COO, Carole Wainaina, in this interview with African Business, speaks on how Africa50 is building a team to support its mission and describes some of its priority projects….
The United Kingdom government’s foreign investment arm, CDC Group, has announced it will invest $300 million in power grid development in Africa over the next five years. This contribution will be made through Gridworks, a company that will be launched shortly to this end. The company will make investments in African transmission networks, but also…
The African Development Bank (AfDB) remains strong with growing operating revenues and allocable income generated since 2010 reaching $2.5 billion, the Bank Group’s Treasurer, Hassatou Diop N’sele, stated on Thursday. In 2018, the Bank earned $214 million in allocable income, 48 percent of which has been reinvested in the institution to reinforce reserves and its…
By Oke Peter Foremost technology group, Wärtsilä has launched a modular, reliable and efficient solution for sustainable power generation, with fast delivery and installation, Modular Block at the ongoing Africa Energy Forum (AEF) in Lisbon, Portugal. The Wärtsilä Modular Block power plant solution is a pre-fabricated, modularly configured, and expandable enclosure for Wärtsilä medium-speed 34SG…
The Bank of Industry is Nigeria’s oldest and largest development bank. It celebrates its 60th anniversary this year and given the strides it has made over the past few years, there is every reason to believe it will achieve its centenary in due course. Anver Versi reviews the bank’s performance over the past year. Olukayode…
