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11 new pipelines expected in Nigeria by 2023

11 new pipelines expected in Nigeria by 2023

Eleven new pipelines are expected to come on stream in Nigeria by 2023, GlobalData has said. According to the data and analytics company, Nigeria is expected to contribute around 35 per cent of Africa’s total planned and announced oil and ...

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Oil companies making profits, host communities suffering – Presidency

Oil companies making profits, host communities suffering – Presidency

International oil companies operating in Nigeria are making profits while most of the communities hosting them are being impoverished, the Presidency has declared. In his goodwill message at the 4th National Council on Hydrocarbons held in Abuja, the Senior Special ...

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NAICOM to drive full digitisation of operations in 2020

NAICOM to drive full digitisation of operations in 2020

•Plans to introduce agric index insurance The National Insurance Commission (NAICOM) has said it is pursuing full digitisation of operations in year 2020 to improve service to the public, adding that it is in line with global standards and practices.NAICOM’s ...

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States’ RoW demands may cripple FG’s digital economy plans

•Telcos should not be seen as IGR sources, says ALTON The demand by some states to charge far above the agreed Right of Way (RoW) levies is now seen as a move that will cripple Federal Government’s broadband plan and ...

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Oil rises above $70 amid US, Iran face-off

Oil rises above $70 amid US, Iran face-off

Oil prices surpassed $70 per barrel on Monday for the first time in more than three months as the United States warned of increased threats to energy facilities in the Middle East after the assassination of an Iranian general, Qassem ...

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We’ll enforce electricity tariff increase from April – Discos

We’ll enforce electricity tariff increase from April – Discos

Power distribution companies on Monday declared that the new electricity tariffs would become enforceable from April 1. Speaking through their umbrella body, the Association of Nigerian Electricity Distributors, the Discos explained that the new tariffs ordered by the Nigerian Electricity ...

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Company tax: FG to exempt firms earning below N25m

Company tax: FG to exempt firms earning below N25m

The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax, the Federal Government has said. Currently, all companies are expected to pay to the Federal ...

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Customs seize 1,000 litres of petrol daily

Customs seize 1,000 litres of petrol daily

Sixty days into the implementation of the directive on suspension of petrol to filling stations located 20 kilometres to the borders, over 60,000 litres of petrol have been seized from smugglers by the Nigeria Customs Service. The Public Relations Officer, ...

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PENGASSAN demands removal of Chevron MD

PENGASSAN demands removal of Chevron MD

The Petroleum and Natural Gas Senior Staff Association of Nigeria, Chevron branch, on Monday called for the removal of the Chairman and Managing Director of Chevron, Mr Jeff Ewing. The News Agency of Nigeria reported they made the call during ...

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CBN releases framework to address payment system risks

CBN releases framework to address payment system risks

The Central Bank of Nigeria on Monday released the Nigerian Payments System Risk and Information Security Management Framework to guide the management of risks associated with the payment system in Nigeria. The framework which had already been approved by the ...

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UBA Africa appoints new CEO, employs 4,000

UBA Africa appoints new CEO, employs 4,000

United Bank for Africa Plc on Monday appointed Oliver Alawuba as the chief executive officer of UBA Africa to oversee the bank’s  20 African country operations, except Nigeria. A statement said he succeeded Victor Osadolor, who retired from the group’s ...

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We saved N700bn through TSA, whistle-blowers, reforms – FG

Implementation of 7.5% VAT begins February 1 — Minister

Through the implementation of various public sector financial management reforms, over N700bn had been saved by the Federal Government. In addition to the N700bn savings, about N300bn had been recovered by the anti-graft agencies of government through the collaborative efforts ...

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Indices rebound by 2.09% over renewed stocks’ appetite

Indices rebound by 2.09% over renewed stocks’ appetite

Analysts predict mixed performance for equities this year Buying interest in the shares of some bluechip stocks drove the local bourse northward for four consecutive days last week, sustaining the positive trend since the beginning of the week. Consequently, the ...

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PDP, others kick as NERC denies increasing electricity tariff

‘Average power supply to Nigerian homes still inadequate at 9hrs/day’

 ‘It is obnoxious, provocative policy’ • What we have done, by agency The Peoples Democratic Party (PDP) and other stakeholders have rejected the alleged rise in electricity tariff, even as the regulatory agency denied approving any increase. There were reports ...

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U.S., Iran conflict pushes oil price above 2020 budget benchmark

U.S., Iran conflict pushes oil price above 2020 budget benchmark

• Stakeholders Weigh Implications For Nation’s Economy, Urge Caution • 3, 500 U.S. Troops En Route To Middle East • Killing Of Soleimani A Declaration Of War On Iran – IMN Iran may be raising red flag and vowing to ...

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Discos’ annual revenue collection rises to N466bn

Nigeria’s Power Generation Hits 4,898.2MW

Power distribution companies have set a new record of N466bn in their yearly revenue collection, the Association of Nigerian Electricity Distributors has said. ANED, which is the umbrella body for all the Discos, said the revenue collection rose by 10 ...

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Nigeria’s six months imports from China hit N2.2tn

Nigeria’s six months imports from China hit N2.2tn

Nigeria’s imports from China in the second and third quarter of 2019, (April to September) stood at N2.2tn; data obtained from the National Bureau of Statistics have shown. The country imported Chinese goods worth N1.02tn in the second quarter, representing ...

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Oil majors kick against FG’s $62bn claim

Oil majors kick against FG’s $62bn claim

International oil companies operating in the country are opposed to the claim by the Federal Government that they owe as much as N62bn with respect to Production Sharing Contracts. Last month, the President, Major General Muhammadu Buhari (retd.), signed the ...

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Electricity tariffs will increase April 1 – NERC

Electricity tariffs will increase April 1 – NERC

The Nigerian Electricity Regulatory Commission has said the electricity tariffs being paid by consumers will increase in April this year. NERC disclosed this in its December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the ...

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Oil jumps to $69 as US kills Iran’s Soleimani

Oil jumps to $69 as US kills Iran’s Soleimani

World oil prices jumped nearly $3 on Friday after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East, with Tehran warning of “severe” retaliation. The international oil benchmark, Brent crude, hit $69.16 ...

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