PPMC gets N184.02bn from sale of petroleum products in March
Sale of petroleum products by the Pipeline and Products Marketing Company (PPMC) decreased from the N198.94 billion realised in the month of February to N184.02 billion in May, 2018. Total revenues generated from the sales of white products for the period March 2017 to March 2018 stands at ₦2.129 trillion, where Premium Motor Spirit (PMS)…
NNPC, others sign NLNG Train-7 contract
President Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit (NFIU) Bill into law, which is expected to strengthen the Executive Order 6 and as well help to tackle terrorism financing. Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, who stated this yesterday while briefing State House Correspondents, said NFIU…
ECOWAS approves new regional electricity market regulation
Ministers of Energy from the Economic Community of West African States (ECOWAS) member states have approved ERERA’s Rules on Sanctions, one of the documents critical to the functioning of the regional electricity market.
Service Level Agreement to reduce Nigeria’s oil contracting cycle
The Service Level Agreement (SLA) signed by the Nigerian Content Development and Monitoring Board (NCDMB) and the Oil Producers Trade Section (OPTS), is aimed at shortening the protracted...
11 Plc rewards customers, promises continuity
As part of its efforts to give back to society, 11 Plc, formerly Mobil Oil Nigeria Plc has rewarded its loyal customers with items ranging from engineering tools, gas cookers, motorcycle, to tricycle.
Solid minerals resources as effective means of exiting the crude oil curse
The Bitumen reserve in Nigeria is twice the volume of existing crude oil. However, it is sad to admit that most of the Bitumen used for the country’s road construction and maintenance are imported.Considering that Nigeria’s vast mineral wealth cannot be exploited all at once, few minerals could be prioritized for development.
Poverty, infrastructure gap persist amid $48b oil earnings
Though Nigeria has in the past 10 years made about $484 billion from crude oil (about N150 trillion going by current exchange rate of N305/$1), the country’s level of poverty and infrastructure decay have reportedly moved from bad to world worst.
NERC suspension order: IBEDC gets temporary reprieve
Ibadan Electricity Distribution Company Limited, IBEDC, Monday got a temporary reprieve from the 21 days ultimate order given to it by the Nigerian Electricity Regulatory Commission, NERC within which to dissolve its present Board of Directors. Ruling in a case with suit no: FHC/ABJ/CS/665/18 between Ibadan Electricity Distribution Company Plc (IBEDC) & 8 Ors v…
US debt highest of post-war era
US sovereign debt is approaching historically high levels and in three decades debt service will cost as much as Social Security spending, the Congressional Budget Office reported Tuesday. The annual projections from the independent congressional body drew a grim picture of America's fiscal situation, forecasting that interest costs as a share of GDP will double…
Gradual return of Nigeria’s solid minerals sector
The submission of the Technical Audit reports on Ajaokuta Steel Plant, which ascertained that the plant is 95.7 per cent ready, showed that Nigeria is on the part of reviving its solid mineral sector. Ajaokuta Steel Company Limited is Nigeria’s largest steel plant located in Ajaokuta, Kogi State. The plant, which has been described as…