Category: Business News

By Oke Peter The Nigerian National Petroleum Corporation (NNPC) and Bayero University Kano (BUK) have pledged to partner in the ongoing exploratory activities in the frontier basins across the country. The Group Managing Director of NNPC, Dr. Maikanti Baru, made this known Thursday when the Vice Chancellor of BUK, Professor Muhammad Yahuza Bello, paid him…

By Oke Peter Ikeja Electricity Distribution Company (IKEDC) has announced the Transmission Company of Nigeria, TCN’s plan to upgrade both T1 Ejigbo Power transformer and T3 Alimosho Power transformer from 30MVA to 100MVA. According to the power distribution company, the upgrade is part of her strategic effort to strengthen capacity. The project, slated to commence…

By Oke Peter The Federal Government has initiated a business model to end estimated billing for electricity customers in the country in the next three years. The proposed business model provides for the licensing of Meter Services Providers (MSP) by the Commission who would, on a competitive basis, provide for the financing, procurement, installation, maintenance…

By Oke Peter ExxonMobil has announced on Friday, that it has embarked on expansion of its research facility in Clinton, N.J., a key center of innovation that supports the company’s broad research and development programs. Expansion of the facility, home to ExxonMobil’s fundamental and process research and development, including advancing algae biofuel and carbon capture…

Sola Lawson is the Investment Director for West Africa at the African Infrastructure Investment Managers (AIIM), a member of the Old Mutual Alternative Investments (OMAI), the most experienced infrastructure equity investment manager in Africa with over 17 years track record and US$1.9 billion in asset under management across the power, telecommunications and transport sectors on…

By Oke Peter The Nigerian Electricity Regulatory Commission (NERC), on Thursday, announced a fine of N50m against the Ibadan Electricity Distribution Company (IBEDC), as a result of inappropriate financial transactions conducted by the Disco. According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in…

By Oke Peter An international oil giant, Total, has entered into an agreement with GASORED, a group of service station owners, to rebrand a network of around 250 service stations in and around Mexico City under the Total brand. Present in Mexico since 1982, Total is aiming to capitalise on the deregulation of the country’s…

By Oke Peter The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria will begin to export refined petrol and other petrochemical products within the next four years if plans to ramp up the country’s domestic refining capacity work out well. Kachikwu stated this recently in Abuja, while addressing journalists on…

By Oke Peter Seven Energy International Limited and its wholly-owned subsidiary, Seven Energy Finance Limited has announced an update on its capital restructuring. The Group continues to progress discussions with Savannah Petroleum PLC and the Group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ % senior secured notes due 2021…