The Abuja Electricity Distribution Company (AEDC) has unveiled a list of 25 customers with outstanding electricity bills, signaling its intention to disconnect those who fail to settle their debts by June 3. In a notice issued on Saturday, the DisCo emphasized its resolve to disconnect all customers with pending electricity bills by the specified date. … Read more
The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) has successfully cleared $831 million of foreign airlines’ trapped funds from June last year to date. This significant development has reduced the global total of such trapped funds to approximately $1.8 billion. At its peak in June 2023, Nigeria had … Read more
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
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced its intention to join an indefinite nationwide strike, which has been called by the Organised Labour, starting Monday. In a statement issued on Saturday, NUPENG General Secretary Afolabi Olawale confirmed the union’s commitment to fully participate in the strike. This move follows the … Read more
The Nigerian currency, Naira, on Thursday saw a slight depreciation against the United States dollar in the official market, trading at N1,476.24 per dollar. According to data from the FMDQ Exchange, this marks a loss of N2.58 for the Naira, a 0.17% decline from its previous rate of N1,473.66 on Tuesday. READ ALSO :EFCC arrests … Read more
Aliko Dangote, the founder of Dangote Group, has disclosed challenges faced by his $19 billion refinery project in Lagos, attributing them to local and international criminal organizations he likened to an “oil mafia.” Speaking at the Afreximbank Annual Meetings, Dangote emphasized the formidable nature of these groups, comparing them to drug mafias in terms of … Read more
The Nigerian government has pledged to surpass the $5 billion initial capital base target for the Africa Energy Bank, contingent upon the bank establishing its headquarters in Nigeria. This commitment was articulated by Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during a dinner event for heads of mission from member states of the … Read more
The Naira experienced a notable appreciation in the parallel market yesterday, strengthening to N1,485 per dollar from Monday’s rate of N1,490 per dollar. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar. Data from FMDQ indicated a significant improvement in the NAFEM, with the indicative exchange rate falling … Read more
Aliko Dangote, Africa’s richest person, has announced that the Dangote Petroleum Refinery will begin supplying petrol by mid-July. This update follows a slight delay from the previously anticipated June start date. Speaking during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos on June 9, Dangote provided clarity on the … Read more
In a significant corporate shift, Diageo, the foreign majority shareholder in Guinness Nigeria Plc, has agreed to sell its controlling equity stake of 58.02 percent to Tolaram, a Singaporean multinational company. The agreement, signed on Tuesday, outlines that Tolaram will acquire Diageo’s shareholding and enter into long-term license and royalty agreements to continue producing the … Read more