Category: Business News
Business News
AEF 2020: EnergyNet responds to COVID-19 pandemic
By Oke Peter Sequel to the declaration of COVID-19 pandemic as a world-wide emergency, organiser of the global investment meeting for Africa’s power, energy, infrastructure and industrial sectors, Africa Energy Forum (AEF), EnergyNet Limited has identified with the victims of the pandemic across the world. In a statement signed by its Head of Marketing, Amy Offord,…
NNPC announces reduction in PMS pump
In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly. Effective from today, 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from…
59.7% of electricity customers still on estimated billing, NERC says
By Oke Peter At the backdrop of a new and higher electricity tariff commencing next month across the country, about 5.8 million of electricity consumers are yet to be captured under the pre-paid meter scheme. This figure represents 59.7 percent of the total registered electricity consumers in the country. This came as the remittance from…
Ikeja Electric commissions new 33KV feeders to improve supply, expand network
Persistent in the drive to optimize its services in the sector, Nigeria’s leading electricity distribution company, Ikeja Electric, has commissioned two new Feeders, Igando 33KV and Ijegun 33KV, to further boost supply to customers in the network. With the completion of these Feeders, beneficiary communities will experience improved power supply, while the project has also…
COVID-19: 2020 Offshore Technology Conference in Houston postponed
By Oke Peter In recognition of the unprecedented global challenge associated with the current COVID-19 pandemic. The organiser of world’s foremost event where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters, Offshore Technology Conference (OTC) has announced the postponement of the 2020 edition…
Petrol imports gulped N1.71trn in 2019 —NBS
Jumoke Adelabu – Lagos The amount spent on petrol imported into the country dropped by 42 per cent to N1.71tn in 2019, data obtained from the National Bureau of Statistics (NBS) have shown.The N1.71tn represented 10.75 per cent of the amount spent on all imported goods last year, compared to 2018 when petrol accounted for…
Wunti becomes NAPIMS’ boss in major NNPC reshuffle
The outgoing Managing Director of the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), Mr. Bala Wunti, is stepping into one of the most important roles in the Nigerian oil industry following his appointment to the position of the Group General Manager, National Petroleum Investment Management Services (NAPIMS). NAPIMS…
FG constitutes committee to review oil benchmark for 2020 budget
Damilola Shittu – Abuja Following the drastic fall in the global price of crude oil, the federal government Monday in Abuja raised a committee to come up with a new oil benchmark for the 2020 budget. Buhari had on December 17, 2019 signed N10.59 trillion 2020 budget with $57 oil benchmark and N305 to $1…
Nigeria surpasses cooking gas consumption target —PPPRA
By Oke Peter The Petroleum Products Pricing Regulatory Agency has announced that Nigeria exceeded its Liquefied Petroleum Gas consumption target for the month of January 2020. The LPG is popularly called cooking gas in Nigeria. Specifically, the PPPRA said Nigeria recorded about 89,910 metric tonnes of national consumption of the LPG in January. The PPPRA…
Heatwave: Schneider Electric sensitises Alaba market traders on safety practices
Following the recent spike in temperature which has resulted in intense heatwaves affecting residents across Lagos, Schneider Electric has concluded an electrical safety sensitization campaign to avert possible hazards at home and workplaces. The Roadshow which was held at the Alaba International market, Lagos was aimed at enlightening members of the public on electrical safety….