Issues that led to the blockage of Shell’s bid to sell off its asset for up to $2.4 billion to Renaissance consortium, comprising five companies by upstream oil regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) would soon be resolved, according to Presidency source. The two companies could then sit and continue negotiation. NUPRC found some…
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake has reaffirmed President Bola Tinubu’s commitment to repositioning the mining sector towards becoming a significant revenue earner for the country. A statement endorsed by the Minister’s Special Assistant on Media, Segun Tomori said the minister gave the president’s commitment while addressing Course 33 participants of the…
Seplat Energy‘s revenue hits N1.07tr Nigerian independent energy major, Seplat Energy PLC, has grown its revenue in nine months to N1.071trillion from N478.1billion year-on-year with cash generated from its operations rising to N633.8billion from N213.8billion y-o-year. With double listing on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), unveiled its unaudited results…
The Bank of Industry (BoI) has opened its application portal for would be beneficiaries of the Federal Government’s N75billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund. This is even as the Nigerian Association of Small Scale Industrialists (NASSI) lauded the FG for the intervention programme, describing it as lifeline for Nigerian MSMEs. A representative…
The Federal Government has allocated in excess of $75 million for the advancement of Compressed Natural Gas (CNG) infrastructure to foster cleaner and more sustainable energy across the nation. The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, made the announcement at the 18th OTL Africa Downstream Energy Week in Lagos. The theme…
Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company has said. Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for privately-owned business valued at…
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has put the country’s daily petrol consumption at between 45 million litres to 50 million litres. Its Chief Executive Officer, Mr Farouk Ahmed, disclosed this while speaking on the sideline of the ongoing 18th Africa Downstream Energy Week in Lagos. The 2024 OTL Africa Downstream Energy…
The just concluded verification of the National Identification Numbers (NINs) linked with Subscriber Identity Modules (SIMs) has led to a significant drop in the subscriptions database of all mobile network operators in the country as MTN, Airtel, Globacom, and 9mobile yanked off 64.3 million lines. According to the latest data released on Monday by the…
The Federal Ministry of Agriculture and Food Security has unveiled a strategy designed at reshaping the country’s wholesale markets and bolster food distribution network. This was contained in the Strategic Plan for the Development of Modern Wholesale Markets to Feed the Cities and Structure the Food Value Chain, a report that seeks to enhance food…
