Category: Business News

By Oke Peter Eko Electricity Distribution Company (EEDC) has announced planned power outage programme that will affect some residents of Lagos metropolis for five weeks. Eko Disco’s General Manager, Corporate Communications, Mr. Godwin Idemudia said in a statement, on Tuesday, that the planned outage was to enable Transmission Company of Nigeria (TCN) to carry out…

House of Representatives Committee on Public Petitions says it will investigate alleged missing $60.3bn Petroleum Profit Tax and Royalty revenues at the Central Bank of Nigeria. Chairman of the committee, Mr Uzoma Nkem-Abonta (Abia-PDP), stated this on Wednesday, in Abuja, following failure by the CBN to appear before the committee to defend its submissions over…

The Nigerian National Petroleum Corporation (NNPC) has secured a total of $3.7bn in Alternative Financing Agreement in the last three years, Group Managing Director of the Corporation, Dr. Maikanti Baru has said. Dr. Baru, who made this known while speaking at the 35th Annual Conference of the Nigerian Association of Petroleum Explorationists (NAPE), in Lagos on…

Two off grid projects were recently announced in Nigeria, one consisting of a partnership between Pan Africa Solar and BBOXX (PAS BBOXX), adding to the growing momentum of the off grid sector across Africa -The first project – headed up by Pan Africa Solar – is an 80MW utility scale Photovoltaic Power Plant located in…

Yann Arthus-Bertrand, President of the GoodPlanet Foundation, and Patrick Pouyanné, Chairman and Chief Executive Officer of Total, today signed an agreement for a project to deploy 8,400 biodigesters in Telangana State, India, to improve the lives of 45,000 people and contribute tackling climate change. This voluntary carbon neutrality initiative, eligible for certified carbon credits, will…

Niger State Governor, Alhaji Abubakar Sani-Bello has expressed optimism that the 700 megawatts Zungeru Hydro-electricity Generation Project will be delivered on scheduled by December 2019. Also, former Chairman of the Senate Committee on Power, Senator Philip Aduda has said that the nation’s fourth hydro-electricity generating station would grossly improve power supply when completed in the…

Siemens has announced a cut about 6,900 jobs, or close to 2% of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables. Most of the cuts, about 6,100, will be made before 2020 at Siemens’s Power and Gas division, which once thrived on supplying…

Halliburton has announced that it is working with the Akwa Ibom State government to inaugurate and open Nigeria’s first oil and gas training center fully-equipped with oilfield operations tools. The Akwa Ibom Oil and Gas Training and Research Center will provide courses in field development, drilling and completions engineering, well intervention solutions and digital technologies…

A relentless flow of natural gas from America’s shale basins is drawing bears to the market—and that’s music to the ears of at least one Asia-backed investor. Kalnin Ventures LLC—an investment company with funding from Thailand’s largest coal miner, Banpu Public Company Ltd.—has spent about $417 million over the past two years snapping up 55,000…

Over 40 illegal refineries were uncovered by men of the Edo State Police Command at a forest in Egono village, near Auchi, headquarters of Estako West local government area of the state. The policemen, who were combing the forest in search of criminals and kidnappers hideout in the forest, stumbled upon the illegal refineries. The…