The Chief Executive Officer, Heirs Energies, Osayande Igiehon, has reiterated the firm’s commitment to continually contribute to the country’s oil production output. This commitment, he noted, ensured that within three months of acquiring OML 17 by the firm from its previous operator in 2021 doubled production from 25,000 barrels per day to over 50,000 barrels….
Standard Chartered Bank has expressed strong support for Nigeria’s far-reaching economic reforms, describing them as a catalyst for investment inflows and sustained growth. A statement from the Ministry of Finance said the endorsement came during a high-level meeting between a delegation from the bank and the Minister of Finance and Coordinating Minister of the Economy,…
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange (forex). Speaking during a visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna, Audu described the agency as a cornerstone…
Carrier neutral data centre operator, Rack Centre, has said its newly built 12megawatt (Mw) LGS2 Data Centre will boost data sovereignty, reduce operating cost for businesses and spur economic growth. Speaking with reporters during a media tour of the facility ahead its inauguration in Lagos, its Chief Sales Marketing Officer, Folu Aderibigbe, said the new…
An indigenous solar energy company, LPV Technologies, has called for a radical shift in government policy with a call for a zero-import approach to solar panels, arguing that only through local manufacturing can Nigeria truly secure its renewable energy future. Speaking at a press briefing at its newly inaugurated facility in Lagos at the weekend,…
Open Access Data Centres (OADC), a subsidiary of WIOCC Group, said it has earmarked additional $240 million investments to expand its data centre in Lagos. The company said with the investment, it will upgrade the data centre situated in Lekki, and serve as the landing station for Google’s Equiano subsea cable in Nigeria, to 24…
A real estate company, Pennek Nigeria, has called for a single regulatory body to streamline processes and reduce costs for developers as a way of addressing the current housing deficits in the country. Its Group CEO, Kennedy Nnadi, in a statement in Lagos, stressed the need for increased public sector support for real estate developers,…
Schneider Electric has partnered Eko Atlantic City on smart, energy-efficient solutions in a sustainable way to transform urban areas. This strategic partnership aligns with United Nations SDG 11 of Building Sustainable Cities and Communities by ensuring Arica’s fastest-growing megacity is equipped with a reliable and resilient power infrastructure, setting new standards for smart and sustainable…
The recent completion of the acquisition of Shell Petroleum Development Company’s (SPDC) asset in Nigeria by the Renaissance Africa Energy Company, a consortium of ND Western, Aradel Holdings Plc, First Exploration and Petroleum Development Company Limited, Waltersmith Group and an international energy company, Petrolin Group, has been described as a “historic and the beginning of…
