Category: Business News
Business News
TC Townhall: Emerging Tech–Artificial Intelligence and Blockchain workshop holds Feb 28
In its determination aimed at providing answers to the key questions that businesses, big corporations, and policymakers have about Artificial Intelligence and Blockchain.TechCabal has announced that it will convene entrepreneurs, investors, policymakers and corporate organizations including telcos and financial institutions to examine how businesses, individuals and countries across the continent can maximize the benefits of…
Blackout looms as fire guts TCN station in Ibadan
By Jumoke Adelabu Some states in the South-West such as Oyo, Osun and Ogun may experience blackout as a giant transformer at the transmission station belonging to the Transmission Company of Nigeria (TCN), at Ayede, Akinyemi, Ring Road, Ibadan, was yesterday gutted by fire. Energy Worth Online learnt that the T1B 150 Mega-volt Arm (MVA)…
Mining Indaba’s ‘Young Leaders in Mining Programme’ holds Feb 6
By Oke Peter In its determination aimed at establishing a forum for the next generation of miners, organiser of Mining Indaba has in invited students with interest in a potential career in the mining industry to attend Mining Indaba’s Young Leaders in Mining Programme on Thursday 6 February at the Cape Town International Convention Centre….
NERC moves to remove tariff-related liabilities from DisCos
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…
Senate set to probe NNPC’s $396m refineries’ repairs
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…
NUEE gives Power Ministry 14 days to pay disengaged workers
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…
Diversification from oil will be enhanced by investment flows
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…
Refineries posted N123.3bn loss in 10 months, NNPC says
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…
CDC Group boosts Africa-focused private equity funds with $400m
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…
British Prime Minister, African leaders urge investors to accelerate economic role on the continent
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…