After three years of shutdown over rampant theft and related damage, Nigerian independent producer Belemaoil Producing has resumed operations at Oil Mining Lease 55, Reuters reported on Monday, citing the company. Located about 40 km west of the Bonny oil export terminal, Belemaoil acquired OML 55 from Chevron Corp. in 2015. However, the company was…
Nigeria and other African countries pay a whopping $4.2billion on debt servicing. Nigeria, according to the National Bureau of Statistics (NBS), the country’s public debt stock which includes external and domestic debt stood at N121.67 trillion ($91.46 billion) in Q1 2024 from N97.34 trillion ($108.23 billion) in Q4 2023. This indicates a growth rate of…
Artificial Intelligence (AI) is fueling the sophistication of attacks across the electronic commerce or ecommerce ecosystem with the use of deep-fakes to defeat verification systems being a key threat. This threat, combined with rising levels of ‘friendly fraud’, where fraud is committed by the customer themselves, such as refund fraud, is increasingly threatening merchant profitability,…
A group, Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has restated its commitment promoting and safeguarding the integrity, transparency, and ethical standards of the blockchain industry in the country. The group, in a statement jointly endorsed by Obinna Iwuno and Barr Mela Claude Ake, President, and member, SiBAN Board of Trustees of SiBAN…
Nigeria lender, Access Holdings Plc, said its subsidiary, Access Bank Plc, has secured a provisional licence from the Bank of Namibia to establish a commercial bank in the country. In a statement to the Nigerian Exchange and the general public, Managing Director/Chief Executive Officer of Access Bank PLC, Roosevelt Ogbonna, explained why the Tier-1 lender…
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised alarm over the surge in petrol prices in Lagos and Abuja, has warned the Federal Government of the dire consequences of a sharp increase in the pump prices of petrol in the country. NACCIMA said it will lead to the asphyxiation of…
Techno Oil Ltd has bagged the Bank of Industry (BoI) award for high ethical standards and integrity in their business operations.The company was honored alongside May & Baker, Emzor Pharmaceuticals, Poly Products Nigeria Ltd., Falcon Corporation Ltd., Lucky Fibre Ltd. and Dantata Plastics Ltd and other leading companies last week.The companies were lauded for repaying…
Nigeria’s premier technology company, Zinox Technologies, has marked its 23rd anniversary. The tech giant was founded by Forbes Best of Africa’s Leading Tech Icon, Leo Stan Ekeh, a tech enthusiast and philanthropist. Established in 2001, Zinox has been at the forefront of providing advanced technology solutions in the country and across the continent. Zinox was…
Stanbic IBTC Bank has restated its commitment to grow the gas sector by increasing its funding requirements. The bank said from storage, production, delivery and even down to the renewable energy side of the divide there were a whole lot of products in place to support the gas value chain. Describing renewable energy as key…
