Category: Business News
Business News
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…
Sierra Leone’s President Wonie Bio, mining experts, others to attend Mining Indaba 2020
By Oke Peter The President of the Republic of Sierra Leone, Brigadier (Rtd.) Julius Maada Wonie Bio is confirmed to attend 2020 Investing in African Mining Indaba, taking place in Cape Town from 3 – 6 February 2020. President Bio was elected as the 5th President of the Republic of Sierra Leone in May 2018…
N166bn debt: Electricity firm begins mass disconnection in four South South states
The Port Harcourt Electricity Distribution Company (PHED) says it has commenced mass disconnection of defaulting customers in the four states it operates. The states are Akwa Ibom, Bayelsa, Cross River and Rivers States. The Manager, Corporate Communications of the company, John Onyi, confirmed this to News Agency of Nigeria (NAN) in an interview in Port…
TCN restores supply after power system collapses
Following the system collapse which occurred at 4.15 pm on Thursday, the Transmission Company of Nigeria (TCN) today said the national grid had been fully restored. It explained that the collapse occurred while the grid was recovering from an earlier partial system slump, which it described as “system disturbance.” “Full restoration of the grid was…
Women in Africa launches fourth edition of the WIA 54
For the 4th consecutive year, African women entrepreneurs can apply to the WIA 54 program. Launched by the Women in Africa initiative, through its WIA Philanthropy endowment fund and thanks to the support of its patrons Société Générale, Roland Berger, Honoris United Universities, Gfi Informatique, Stop Hunger, DS Avocats and the Total Foundation. WIA 54…
Power generation hits 4,898.2MW •Don’t revoke our licences, Discos beg NERC
The total quantum of electricity generated on the national grid since the beginning of 2020 reached a peak of 4,898.2 megawatts on Wednesday, latest industry data obtained on Thursday in Abuja showed. Findings from the Federal Ministry of Power showed that the grid had opened the year 2020 with a peak power generation of 4,678.8MW,…
Electricity tariff hike still subject to public consultation — NERC
By Jumoke Adelabu The Nigerian Electricity Regulatory Commission (NERC) has said the review of electricity tariffs in the country is subject to public consultation. The chairman of the board of NERC, James Momoh, said the proposed tariff is only a review that it is mandated twice in a year. Speaking at a briefing on an…
After UN appointment, FG reverses suspension of Rural Electrification Agency MD, Damilola Ogunbiyi
Loveth Ikolodo Days after joining and beginning her new assignment as United Nations Secretary-General’s Special Representative for Sustainable Energy for All, the Nigerian Government has reversed the suspension of Damilola Ogunbiyi as Managing Director of Rural Electrification Agency. Ogunbiyi was suspended by Minister of Power, Sale Mamman, over undisclosed infractions in the agency. Following her…