Nestoil Reassures Investors of Financial Stability Amid Ongoing Legal Dispute Nestoil Group has moved to allay concerns among its partners and investors following recent media reports about enforcement actions against some of its assets, confirming that the issue stems from a commercial dispute currently before the courts. In a statement issued by its Corporate Communications…
AFC-Backed Firm Reaches Financial Close on 200MW Wind Farm in Egypt The Africa Finance Corporation (AFC) has announced that its portfolio company, Infinity Power, Africa’s largest independent renewable energy provider, has achieved financial close on the 200-megawatt (MW) Ras Ghareb Wind Farm project in Egypt. The project marks another major step in AFC’s mission to…
Komolafe Meets Bank of America Executive, Seeks Increased Funding for Nigeria’s Oil Production The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has met with the Managing Director and Head of Investment Banking Sub-Saharan Africa at Bank of America, Mr. Chuba Ezenwa, as part of renewed efforts to attract investments…
FG Enforces New Capital Requirement for DisCos, Unveils N4trn Debt-Clearing Plan The Federal Government has introduced a new policy requiring electricity Distribution Companies (DisCos) to meet a minimum capital adequacy requirement as part of the conditions for renewing their operating licences. The Minister of Power, Chief Adebayo Adelabu, announced the policy on Tuesday while delivering…
PINL Offers Free Surveillance of Oil and Gas Facilities Near TNP Pipeline Infrastructure Nigeria Limited (PINL) has announced the expansion of its surveillance operations — at no cost — to cover all oil and gas facilities located near the Trans Niger Pipeline (TNP). The company said the decision to render the service pro bono was…
Dangote Refinery Begins Expansion To 1.4 Million Barrels Per Day, Eyes World’s Largest Status The Dangote Refinery has commenced construction on a major expansion project that will increase its production capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, positioning it as the largest refinery in the world upon completion. According to the…
Aradel Holdings to Acquire Additional 40% Stake in ND Western Aradel Holdings Plc has announced that its wholly-owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire an additional 40 percent equity interest in ND Western Limited from Petrolin Trading Ltd. This was disclosed in a statement by the company’s Chief Financial…
Obi Calls for Diversification of Port Development as FG Approves $1bn for Modernisation of Lagos Ports The Federal Government has approved a $1 billion (N1.5 trillion) modernisation project for the Apapa and TinCan Island Ports in Lagos as part of efforts to upgrade infrastructure and enhance efficiency in Nigeria’s maritime sector. Minister of Marine and…
UAE Reaffirms Support for Africa’s Clean Energy and Green Industrialization Drive The United Arab Emirates (UAE) has reiterated its commitment to deepening partnerships with African nations to accelerate the continent’s clean energy transition and green industrialization. Speaking at the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum held in Freetown, Sierra Leone, the UAE’s…
Nigeria’s Oil Revenue Falls to N3.9 Trillion in Q4 2024 Amid Budget Shortfall Nigeria’s oil revenue declined by 22 percent to N3.9 trillion in the fourth quarter of 2024, reflecting a notable shortfall from the federal government’s budgetary target, according to the Budget Office of the Federation’s Q4 2024 Budget Implementation Report. The report, according …
