76% of Nigerian Companies Strengthen Cyber Defenses – Sophos Report Sophos, a global leader in cybersecurity solutions, has released a report titled “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” revealing significant improvements in cyber defenses among Nigerian companies. According to the report, a remarkable 97% of companies with a cyber…
Saudi Arabia Announces Discovery of Seven Oil and Gas Deposits. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, has announced the discovery of seven new oil and gas deposits in the kingdom’s Eastern Province and the Empty Quarter. The announcement was made via the official Saudi news agency, SPA. The discoveries were made by the…
Nigerian Navy Destroys 10 Illegal Refinery Sites in Bayelsa. The Nigerian Navy’s Forward Operating Base in Brass, Bayelsa State, has successfully destroyed 10 illegal refinery sites, a speedboat, and a total of 100,000 liters of stolen crude oil in Nembe local government area. Captain Ifeanyichukwu Mabeokwu, Commanding Officer of the Forward Operating Base (FORMOSO), addressed…
NSCDC Arrests Four Illegal Miners in Anambra. The Nigeria Security and Civil Defence Corps (NSCDC) in Anambra State has apprehended four individuals involved in illegal mining activities within the state. Maku Olatunde, the Commandant of the NSCDC in Anambra, presented the suspects to the public in Awka, the state capital, on Friday. He stated that…
Oil Prices Decline Amid Weak U.S. Fuel Demand and Profit-Taking. Oil prices dipped on Friday as investors responded to weak U.S. fuel demand and engaged in profit-taking at the end of the quarter. Additionally, key inflation data for May increased the likelihood that the Federal Reserve might cut interest rates this year. Brent crude futures…
Sonangol Aims to Strengthen Regional Ties in Oil and Gas Sector. The Angolan government is on track to complete the privatization of its National Oil Company (NOC), Sonangol, by 2026. This initiative aims to diversify the government’s 30% stake in Sonangol, attracting private investors to help expand the company’s operations across the oil and gas…
BP halts hiring, slows renewables roll-out to win over investors. BP’s (BP.L), opens new tab new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have…
Tinubu’s Policies Propel Maritime Sector Transformation, Boost Revenue – Bello-Koko. Mohammed Bello-Koko, the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), has credited President Bola Ahmed Tinubu’s economic policies for the significant transformation of the maritime industry and the enhancement of revenue generation by the Authority. During an unscheduled visit to…
Nigeria Earns $5 Million from Gold, Highlights Mining Sector Challenges and Opportunities. In a significant milestone for Nigeria’s mining sector, the Minister of Solid Minerals Development, Dele Alake, proudly presented gold bars produced by the country’s artisanal and small-scale miners to President Bola Tinubu. The Solid Minerals Development Fund (SMDF) refined the gold, demonstrating the…
OPEC Fund Approves US$605 Million in New Development Financing The OPEC Fund for International Development (OPEC Fund) continues to expand its portfolio with the approval of US$605 million in new financing. During its 188th Governing Board meeting held in Vienna, the board concluded a series of high-level engagements, greenlighting key development projects focused on global…
