Nigeria’s Dangote refinery, situated on the outskirts of Lagos, has marked a significant milestone by exporting its first jet fuel cargo to Europe, as detailed in a recent S&P Global Insights report. BP is currently transporting this initial jet fuel shipment to Rotterdam, having secured a portion of a 120,000 metric tonnes tender offered at … Read more
President Bola Tinubu has approved a new investment in the energy sector to the tune of 100 million United States dollars. Permanent Secretary, Federal Ministry of Petroleum Resources, Ambassador Nicholas Ella, who made this known in a statement at the weekend, said the investment is part of efforts to ensure successful hosting of African Energy … Read more
Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more
The Managing Director (MD) of First Bank Nigeria Limited, Adesola Adeduntan, has resigned from the bank after leading the institution for three terms. In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled, ‘Notice of Retirement,’ the bank CEO whose tenure ought to elapse on December 31, 2024, voluntarily decided to step … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
The Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks: Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited. The suspension begins on March 18, 2024, and will last one month. The suspension was issued in a statement on Monday by Ghana’s national bank. The suspension comes in response to … Read more