News

Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days on Wednesday and traded above the $50 per barrel mark. Oil prices were bolstered by the biggest one-week drop in the United States’ inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to supply cuts by the …

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The West Africa Gas Pipeline Company Limited has committed a total of $280,000 to building a new health centre in one of its host communities in Nigeria as part of its community development. WAPCo is the owner and operator of the West Africa gas pipeline built to supply natural gas from Nigeria to customers in Benin, Togo and Ghana. The …

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The House of Representatives on Wednesday asked the Federal Government to stick to the 2020 end date for gas flaring in the country in order to cut the harmful effects of the practice on the environment and the huge economic losses to the country. Worse still, the House observed that International Oil Companies operating in the country had defaulted in …

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Despite the economic stagnation that impacted negatively to businesses across sectors in the country, leasing firms braved the odds and generated N1.26 trillion in 2016, findings showed that the industry recorded 14 per cent growth in outstanding lease volume from N1.1 trillion in 2015. Consequently, experts believe the Nigerian leasing industry has remained vibrant and continued to provide succour to …

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The Bank of Industry (BoI) has partnered with the National Agency for Food Drugs Administration and Control (NAFDAC) to boost local production of regulated goods and services in the country with the funding of an Agilent High Performance Liquid Chromatography (HPLC) equipment to check counterfeiting. The acting Managing Director, BoI, Waheed Olagunju, explained that the partnership is in line with …

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The Ikebiri community of Bayelsa State has instituted a legal action against Italian oil giant, ENI, over an oil spill dating back to 2010, which has not been addressed. The oil giant, which operates in Nigeria through its subsidiary, Nigerian Agip Oil Company (NAOC), is responsible for the spill, which was allegedly caused by equipment failure. The community, supported by …

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The Federal Government should simplify taxes and reduce fees involved in laying fibre optic cables to encourage development of infrastructure for the technology industry, Google’s Manager in Nigeria, Juliet Ehimuan-Chiazor, has said. Ehimuan-Chiazor told Reuters, that boosting the technology industry will help diversify Nigeria’s oil-dependent economy, which is now in its second year of a recession caused mainly by low …

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The Nigerian National Petroleum Corporation (NNPC) and its partners in a new scheme are targeting a 285 per cent boost in domestic gas supply from 1.3 billion standard cubic feet per day (scf/d) to 5bn scf/d by 2020. The Group Managing Director of NNPC, Dr. Maikanti Kacalla Baru, said this Tuesday at the 7 Critical Gas Development Projects (7CGDP) stakeholders’ …

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A former central bank governor, Professor Charles Soludo, has called for the complete elimination of the “41 restricted item” by the CBN if it hopes to archive a unified exchange rate regime. Soludo made the call at the Recap Conference in Lagos, while speaking on the theme ‘Nigeria’s Current FX and Interest Rate policies: Thought and Suggestions’. He said: “Eliminate …

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Dayo Emmanuel Former Attorney General of Lagos State and ex-Chair of the state’s Independent Electoral Commission, Justice Ayotunde Phillip, has been appointed into the newly-constituted FIFA Ethics Committee. The appointment took place at the Congress of the world football governing body taking place in Manama, Bahrain. Phillip, 68 was the fourth female Chief Judge of Lagos State. She studied Law …

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