The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below the Federal Government’s benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China. The 2020 budget, which was signed by the President Muhammadu Buhari in December, was based on oil production…
The underlying causes of disruptions and disputes could be moderated by improving contracts, audits and controls Oil and gas projects are complex, usually large-scale and involve integrating complicated supply chains and diverse technologies. But this complexity does not explain the delays, disruption, defects, lost productivity and higher costs that afflict so many of these construction…
By Oke Peter The Nigeria Electricity Regulatory Commission (NERC) on Thursday moved to remove historical related liabilities from the financial records of DisCos. NERC said that the order No. NERC/196/2020 that it issued yesterday seeks to resolve the continued accumulation of future tariff-related shortfalls during the transition to cost-reflective tariffs and to prevent the accrual…
Damilola Shittu – Abuja The Senate on Thursday agreed to probe the Nigerian National Petroleum Corporation (NNPC) over the $396m expended on turnaround maintenance of refineries in the country between 2013 and 2015. The red chamber also mandated the committees on Petroleum Downstream, Upstream and Gas to carry out a holistic investigation into the expenditure…
The National Union of Electricity Employees (NUEE) has issued 14 days ultimatum to the Federal Ministry of Power to pay more than 2,000 workers that were disengaged from the defunct Power Holding Company of Nigeria or risk industrial action from electricity workers.The union gave the ultimatum on Wednesday during a media briefing in Lagos. It…
Arguably, after politics and security, the question of service delivery in the Nigerian power sector, a highly sensitive one at that, is the most discussed in the country today. The distribution sector of the electricity value chain is constantly in the news embroiled in one service delivery controversy or the other. Some of the areas…
The Nigerian government has participated enthusiastically in the U.K/Africa investment summit. It is likely to attract substantial investment flows, which will help boost productivity and output in the medium term. The diversification of the economy away from oil dependence will be enhanced by these flows and domestic commodities output is expected to surge. In the…
Damilola Shittu – Abuja Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation (NNPC) made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses…
UK’s publicly owned impact investor, CDC Group, has unveiled a string of new partnerships totalling nearly $400 million at the UK-Africa Investment Summit (AIS) in London. The bulk of the funds will be to provide African banks with greater liquidity to support SMEs, entrepreneurs, and microbusinesses in their regions. These include: A $100 million trade…
The UK-Africa Investment Summit, the first of its kind hosted by the UK Government, was attended by the foreign secretary, Dominic Raab, the international development secretary, Alok Sharma, and Prince Harry. UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at…
