Category: Business News

By Oke Peter The Nigerian Association of Energy Economics (NAEE) said the Nigerian government will need estimated 1.6 billion dollars to complete critical infrastructure in generation, transmission and distribution of power between 2017 and 2020. The President of the association, Professor Wumi Iledare disclosed this in Abuja to mark the 2017 World Energy Day with…

By Oke Peter Vice-President Yemi Osinbajo on monday in Jakarta, Indonesia, said Nigeria was yet to overcome the consequences of the shady award of OPL 245 to Malabu Oil and Gas Limited in 1998. Osinbajo made the remark while addressing the conference on beneficial ownership organised by the Extractive Industries Transparency Initiative (EITI). Malabu, which…

By Oke Peter An international coalition that promotes public debate on the reforms in the extractive sector, Publish What You Pay, has disclosed that the Nigerian National Petroleum Corporation (NNPC) is still not transparent enough despite the various reforms introduced by the Federal Government to make the corporation accountable to Nigerians. According to the report,…

By Oke Peter The Federal Ministry of Power, Works, and Housing, the Nigerian Electricity System Operator (NESO) and Transmission Company of Nigeria (TCN), have contradicted one another over how much power Nigeria currently generates and transmits. NESO is a semi-autonomous sector under TCN, responsible for operating the transmission system, while TCN was recently transferred back to…

By Oke Peter The Organisation of Petroleum Exporting Countries’ Non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) has disclosed that based on the report of its Joint Technical Committee (JTC) for the month of September 2017, OPEC and participating Non-OPEC producing countries have achieved a record high conformity level with the voluntary production adjustments, reaching…

By Oke Peter The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Kacalla Baru, has stated that the Federal Government has mandated the Corporation to pursue an aggressive gas development programme to stimulate economic growth in the country. Dr. Baru made this disclosure recently in Lagos, during a Gas Roundtable meeting…

By Oke Peter Oil prices rose on Monday, over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent crude futures, the international benchmark for oil prices, were at $57.84. U.S. West Texas Intermediate crude futures were at $52.03 per barrel. The…

In this exclusive interview with Marcus Heal, Chief Executive Officer, Pan Africa Solar – at Future Energy Nigeria, he will be part of a panel discussion on Solar Projects in Nigeria. What is the background on Pan Africa Solar. Pan Africa Solar is well known in Nigeria as the ‘front-runner’ solar developer and we are…

By Oke Peter There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation (NNPC). The latest monthly oil and gas report released by the national oil firm showed that the…

By Oke Peter The immediate past president, Dr. Goodluck Jonathan, has tackled the ruling All Progressives Congress (APC) and the Minister of Power, Works and Housing, Mr. Babatunde Fashola, over the latter’s struggles with the power sector. Jonathan, who spoke in Abuja while receiving PDP chairmanship aspirant, Professor Tunde Adeniran, also added that APC has…