Category: Business News
Business News
NNPC still largest gas supplier to power sector, says Baru
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation, (NNPC), on Friday, said it has maintained its lead as the largest supplier of gas to the nation’s power sector. The Group Managing Director, NNPC, Dr Maikanti Baru in a statement in Abuja, attributed the feat to the effective management strategy adopted by the current leadership…
Shell, communities set to resolve dispute over OML 25
Stakeholders, including communities of Oil Mining Licence 25 in Akuku-Toru Local Government Area of Rivers State, and Shell Petroleum Development Company (SPDC) have agreed on the procedures for the re-opening of the oil field. The Memorandum of Understanding, which will be facilitated by the Rivers State Government, will be signed on July 1, 2019, and…
Africa Energy Forum team wins ‘Organiser of the Year’ for Mauritius anniversary edition
EnergyNet Limited, organiser of the foremost global investment meeting for Africa’s power, energy, infrastructure, and industrial sectors has received the ‘Organiser of the Year’ award from the event industry’s leading association the Association of Event Organisers (AEO), for the 20th Africa Energy Forum (AEF) held in Mauritius last year. The award recognised the outstanding commitment…
Femi Otedola: From Forte Oil to Geregu Power
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…
Africa50: An innovative African solution to an African challenge
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….
BOI: The bank for all seasons
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…
Pearl Garden Estate residents petition EFCC over Kelechukwu Mbagwu, CMB board’s real estate fraud allegations
Residents of Pearl Garden Estate and Pearl Nuga Park Estate located at Sangotedo Village in Eti-Osa Local Government Area of Lagos State have dragged Mr. Kelchi Mbagwu and his CMB Building Maintenance and Investment Company Limited to the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes to secure…
Father, son, arraigned for attacking Ikeja Electric staff
A father and his son were arraigned before a Magistrate court in Agbowa, on Thursday, 30th May 2019, for assaulting staff of Ikeja Electric while carrying out their duties in Oluhunda Community in Adamo, Ikorodu. From the video which trended on social media, the trio of Okiki Akintola, 50, Mohammed Akintola, 22 and Abdulameed Okiki…
Senate orders Shell to pay N6.9bn to Niger Delta communities
Damilola Shittu – Abuja The Senate has directed the Shell Petroleum Development Company to respect its earlier resolution which mandated it to pay N6, 936,899,900 to some oil producing communities in the Niger Delta region. The fresh directive followed the protest by people of the affected communities who lamented the refusal of the SPDC to…
Ikeja Electric, SLOT Foundation to empower 40 youths
Leading Electricity Distribution Company, Ikeja Electric (IE), has partnered with foremost mobile phones sales/support services company, Slot Foundation, to train 40 youths on repairs of Phones, Laptops and other mobile devices. The training, which is a Corporate Social Responsibility (CSR) initiative, will be held at the Slot Academy and will benefit 40 youths selected from…