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Petrol marketers to gain N8.3bn on depot price reduction

Petrol marketers to gain N8.3bn on depot price reduction

Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. On ...

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I’ve never violated any process in AfDB — Adesina

I’ve never violated any process in AfDB — Adesina

African Development Bank President, Dr Akinwumi Adesina, has denied violating any process of the bank. Adesina, in a statement, said “the bank’s institutional framework was solid and efficient” and he stood by it. He insisted that he was innocent of ...

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CBN suspends intervention-loan repayment for one year

CBN suspends intervention-loan repayment for one year

The Central Bank of Nigeria has said it is giving one-year moratorium on all principal repayments for COVID-19 intervention loans through its participating Other Financial Institutions with effect from March 1, 2020. The apex bank said this in a circular ...

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Customs challenge ruling stopping duty on passengers baggage

Customs challenge ruling stopping duty on passengers baggage

The Nigeria Customs Service, on Wednesday, appealed against a ruling that it lacked the powers to collect import duty on items contained in passengers’ baggage. An Abuja Federal High Court, presided by John Tsoho, had on May 13, while ruling ...

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NCC suspends spectrum trading, to adopt new policy

NCC suspends spectrum trading, to adopt new policy

The Nigerian Communications Commission on Wednesday said it has suspended the Spectrum Trading Guidelines of 2018 for the Nigerian telecommunications industry. A statement by the Director of Public Affairs of NCC, Dr Henry Nkemadu, stated that the Board of Commissioners ...

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Nigerian Breweries, Stanbic lead as market gains N9bn

Nigerian Breweries, Stanbic lead as market gains N9bn

The local bourse on Tuesday opened the trading week on the positive trajectory after two-day Sallah holiday declared by the Federal Government. The major performance measures, the NSE ASI and market capitalisation, rose further by 0.07 per cent each as ...

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Oil crash threatens Nigeria’s gas flaring reduction

Oil crash threatens Nigeria’s gas flaring reduction

The oil price crash brought on by the coronavirus pandemic looks set to put a damper on gas flaring reduction efforts in the country as oil firms cut capital spending. International and indigenous oil firms operating in the country have ...

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Nasarawa to complete abandoned N5.4bn power plant

Nasarawa to complete abandoned N5.4bn power plant

The Nasarawa State Governor, Abdullahi Sule, has said his administration will complete the ex-Governor Abdullahi Adamu’s abandoned N5.4bn Farin-Ruwa Independent Power Plant in the state. Adamu, who was the first civilian governor of the state, now Senator representing Nasarawa West ...

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NNPC increases June selling prices of crude oil

NNPC increases June selling prices of crude oil

The Nigerian National Petroleum Corporation has increased prices at which the country’s crude oil grades will be sold next month. The country’s July crude oil loading programmes showed higher output on key grades on Tuesday after the country reduced its ...

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World airlines’ debt to hit $550 billion by end of year

World airlines’ debt to hit $550 billion by end of year

• FG to bail out carriers, ground handlers, others The airline industry’s global debt could rise to $550billion by year-end, the International Air Transport Association (IATA), has said. The debt is a $120billion increase over debt levels at the start of ...

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Dockworkers, Seafarers Exempted From Travel Restrictions As Essential Workers – NIMASA

Dockworkers, Seafarers Exempted From Travel Restrictions As Essential Workers - NIMASA

Following the new protocols by the International Maritime Organisation (IMO) designed to lift barriers to crew changes, amid the coronavirus pandemic, the Nigerian Maritime Administration and Safety Agency (NIMASA] has stated that seafarers and dockworkers are on essential duties and ...

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Troubled shipping lines eye bailout

Troubled shipping lines eye bailout

Some of the world’s biggest shipping companies are turning to government support to sail out from the fallout of the coronavirus pandemic. With a quarter of all scheduled sailings cancelled over the past three months and a collapse in consumer ...

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‘How best to harvest post-COVID-19 opportunities at seaports’

‘How best to harvest post-COVID-19 opportunities at seaports’

The coronavirus pandemic is not a threat to jobs in the maritime industry; rather, it holds opportunities for Nigeria to fully exploit the port potential to strengthen the national economy. National President, Association of Nigerian Licensed Customs Agents (ANLCA), Tony ...

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Transporters decry lack of rail connectivity to Nigerian seaports

Transporters decry lack of rail connectivity to Nigerian seaports

The West Africa Road Transport Union (WARTU), has decried lack of rail connectivity into Nigerian seaports, saying this encourages cargo diversion to neighbouring countries. Chairman WARTU, Nasiru Salami, who disclosed this in a statement yesterday, urged the Nigerian government to ...

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Allow market forces determine petrol pump price, NNRC tells Federal Government

Allow market forces determine petrol pump price, NNRC tells Federal Government

The Nigeria Natural Resource Charter (NNRC) has urged President Muhammadu Buhari to allow market forces determine prices of petroleum resources in the country, stressing that the move would go a long way to sustain the nation’s revenues in the short ...

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PETAN restates need for local content, lauds NLNG’s Train 7 stakeholders

PETAN restates need for local content, lauds NLNG’s Train 7 stakeholders

The Petroleum Technology Association of Nigeria (PETAN) has commended the signing of the engineering, procurement, and construction (EPC) contract for Train 7 with the SCD Joint Venture Consortium with Saipem, Chiyoda, and Daewoo by the Nigeria LNG. According to the ...

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SMEs to benefit as REA moves to implement AfDB funded off-grid project

SMEs to benefit as REA moves to implement AfDB funded off-grid project

The Rural Electrification Agency (REA) has said arrangements are being concluded for the implementation of component two; ‘Productive Use Appliances and Equipment in Off-Grid Communities of the African Development Bank (AfDB) financed Nigeria Electrification Project. Being implemented with collaboration with ...

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Despite NOCs’ budget cut, FG explores options for oil in North

Despite NOCs’ budget cut, FG explores options for oil in North

Though National oil companies (NOCs) across the world are estimated to cut exploration budgets by $5 billion to around $14 billion this year, the Federal Government has stated that the plan to explore prospects of hydrocarbon in the Northern region ...

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10 power plants idle, generation sinks to 2,627MW

10 power plants idle, generation sinks to 2,627MW

The number of the nation’s power plants sitting idle increased by three on Monday to 10, prompting generation to tumble below 3,000 megawatts. Total power generation in the country fell to 2,626.9MW as of 6am on Monday from 3,738MW the ...

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Nigeria’s GDP rose by 1.87% in Q1 – NBS

Nigeria’s GDP rose by 1.87% in Q1 – NBS

Nigeria’s Gross Domestic Product grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020. The National Bureau of Statistics disclosed this in its ‘Nigeria’s Gross Domestic Product’ report for the first quarter of 2020 on ...

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