Nigeria to Spend Nearly $4 Billion on Fuel Subsidies in 2024 Nigeria is projected to allocate 5.4 trillion naira ($3.7 billion) in 2024—50% more than the previous year—to maintain stable petrol prices. Additionally, the country plans to borrow an extra 6.6 trillion naira to address budgetary deficits, according to a draft document reviewed by Reuters…
Nigeria’s Bid to Host Africa Energy Bank Headquarters Gains Momentum Nigeria has emerged as a frontrunner in the race to host the headquarters of the Africa Energy Bank (AEB), as confirmed by a recent validation from a technical inspection team representing the Africa Petroleum Producers’ Organisation (APPO) and the African Export-Import Bank (Afreximbank). Following a…
APPO and Afreximbank Ink Establishment Agreement for Africa Energy Bank; Nigeria, Ghana, and Others Vying for Headquarters In a significant stride towards bolstering Africa’s energy landscape, the African Export-Import Bank (Afreximbank) and the Africa Petroleum Producers’ Organisation (APPO) have formally signed the Establishment Agreement and the Charter of the Africa Energy Bank (AEB). The momentous…
We spent more on social investments in 2023 – Shell, partners Total expenditure on direct social investments by the three Shell companies in Nigeria and their partners in 2023 was $42.2 million, a 23% increase compared to $34.29 million in the previous year. Shell exclusively spent $14.1 million. This was a significant mark-up in efforts…
NCDMB to Implement Changes for Enhanced Nigerian Content Fund The Nigerian Content Development and Monitoring Board (NCDMB) are set to introduce strategic changes aimed at bolstering the Nigerian Content Intervention (NCI) Fund, aiming to amplify its impact and efficiency. Engr. Felix Omotsola Ogbe, the Executive Secretary of NCDMB, disclosed these plans during a quarterly engagement…
Access Bank Honored as ‘Best Trade Partner Bank West Africa’ by IFC Access Bank has been recognized as the ‘Best Trade Partner Bank West Africa 2024’ by the International Finance Corporation (IFC). The prestigious award was presented at the Global Trade Partners Meeting (GTPM) held in Barcelona, Spain, underscoring Access Bank’s exceptional performance and dedication…
Central Bank of Nigeria Revokes Heritage Bank’s License Amid Financial Concerns The Central Bank of Nigeria (CBN) has taken the significant step of revoking the license of Heritage Bank, effective immediately. This decision was communicated through a statement by Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department, on Monday in Abuja. Sidi-Ali cited…
Kenyon International CEO Advocates for Utilizing Nigeria’s Idle Brownfields to Boost Oil Production and Meet Local Refining Demands Dr. Victor Ekpenyong, CEO of Kenyon International, has underscored Nigeria’s potential to significantly enhance its oil production and address local refining needs by leveraging its idle brownfields. Speaking at the Oil Well Intervention Conference (OWIWA 2024), West…
Fatal Fire at Lukoil Refinery in Komi Republic A tragic incident occurred yesterday at a Lukoil-operated refinery in Russia’s northern Komi Republic, resulting in the loss of two lives, as reported by Reuters, citing Russia’s environmental regulator. Contrary to initial speculations of a drone attack, the head of the Komi Republic clarified that the fire…
NUPRC’s Komolafe Clinches Champion Newspapers’ Most Outstanding Regulator Award Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has been honored with the prestigious Most Outstanding Regulator of the Year Award by Champion Newspapers. The ceremony took place at the renowned Eko Hotels & Suites in Victoria Island, Lagos. Presenting…
