Category: Business News
Business News
Nigeria ranks as second worst electricity supply nation in 2017
Nigeria has been ranked as the second worst nation in power supply, and the worst in Africa, as power drops to 3,851 megawatts (MW), according to the Spectator Index of the world’s worst electricity supply in 2017.In the report released on the Spectator Index Twitter handle yesterday, of the 137 countries examined in the report,…
Gencos gulped N152.9bn of CBN’s N701bn power sector fund in 7 months
By Energy Worth The Nigeria Bulk Electricity Trading Plc (NBET) has disbursed a total of N152.974 billion to 23 power generation companies (Gencos) within the first seven months of 2017, Energy Worth can report. This disbursement represented 21.6 per cent of the N701 billion payment support facility provided by the Central Bank of Nigeria (CBN)…
PENGASSAN lauds Baru for industrial peace
*Members of PENGASSAN presenting an award plague to Dr Maikanti Baru, during the event. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has conferred a distinguished award on the Group Managing Director of the of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, for promoting industrial harmony since assumption of office.The award,…
TCN to inaugurate 1,400 capacity transformer by Jan ending
Determined to keep pace with anticipated increase in power generation in the country, the management of Transmission Company of Nigeria (TCN), announced plans to commission 1,400MW capacity transformers by the end of January, 2018, across the different geo-political zones of the country.The Interim Managing Director and Chief Executive Officer, Mr. Usman Gur Mohammed, made this…
Only National Assembly can appropriate on general subsidy -NNPC
The Nigerian National Petroleum Corporation (NNPC) has clarified a statement wrongly attributed to the Managing Director of Petroleum Products Marketing Company (PPMC), Mr. Umar Ajiya, suggesting that NNPC does not require the National Assembly’s nod to subsidize Premium Motor Spirit, otherwise called petrol.For the avoidance of doubt, Mr. Ajiya who was a guest at the…
Oil slips from three-year high as market seen vulnerable to pullback
Oil slipped from a three-year high amid speculation that a surge in hedge-fund buying had pushed prices up too quickly. U.S. crude futures lost 0.4% while in London Brent retreated from $70/bbl, a level it crossed last week for the first time since 2014. Money managers increased their bullish bets on U.S. crude to the…
Nigeria’s Shoreline in $530-million deal to boost oil output
Shoreline Group, a Nigerian oil producer, plans to almost double its crude output after agreeing a $530-million finance deal with Vitol Group and local lenders. Shoreline will seek to boost production to between 80,000 and 100,000 bpd this year, CEO Kola Karim said. The company currently pumps about 55,000 bpd. Besides Vitol, the world’s biggest…
NNPC targets huge investments in Nigeria’s Oil & Gas industry
The Nigerian National Petroleum Corporation (NNPC) is eyeing massive investments in the nation’s Oil and Gas Industry with a view to improving the nation’s revenue and creating jobs for the citizenry. Group Managing Director of the corporation, Dr. Maikanti Baru, who was represented at the occasion by NNPC Kaduna Zonal Manager, Alh. Aliyu Ja’afaru, disclosed this…
Power generation hits 4,327mw despite gas pipeline fire
Power generation in Nigeria increased by 1,100 megawatts in four days despite last Thursday’s fire incident that affected the Escravos-Lagos Pipeline supplying gas to some power plants.While the nation’s current transmission capacity was put at 7,000MW, network operational capacity stood at 5,500MW.Total electricity generation stood at 4,327MW as of 6am last Thursday, January 11, compared…
Sierra Leone inaugurates Solar Park Freetown project
In West Africa, Sierra Leone ended off 2017 on a high note as the Ministry of Energy inaugurated the Solar Park Freetown clean energy project. The President of Sierra Leone, Dr. Enest Bai Koroma, launched the landmark 6MW Solar Park Freetown Project together with the former minister of foreign Affairs, Dr. Samura Kamara and minister…