The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has reiterated the need for the country to discontinue heavy dependence on crude oil to guarantee public revenue and foreign exchange. According to the News Agency of Nigeria (NAN), Emefiele made the call on Saturday in Abuja at the prize presentation ceremony to…
By Ikenna Omeje The Board of Directors of the African Development Bank has approved a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) to establish the COVID-19 Off-Grid Recovery Platform (CRP). The $50 million blended finance initiative, will provide relief and recovery capital to energy access businesses, supporting them through and…
Eni has entered the UK offshore wind market for electricity production through the acquisition of a 20 percent stake from Equinor and SSE Renewables of the Dogger Bank (A and B) project. A release by the company on Friday said, ”The project involves the installation of 190 state-of-the-art turbines situated approximately 80 miles from the…
The Nigerian National Petroleum Corporation (NNPC) has defended the withdrawal of over $21billion from the dividends account of the Nigeria Liquefied Natural Gas (NLNG), saying it was not illegal. The Group Managing Director of the NNPC, Mele Kyari, represented by the Chief Financial Officer of the corporation, Mr. Umar Ajiya, on Thursday, at an investigative…
By Mordi chukwunonso Esther The Federal High Court in Yenagoa, Bayelsa State, has adjourned to February 25, 2021 on the case between OML29 host communities and Aiteo Exploration and Production Company Limited, on the adverse impact of oil exploration on them. In a report released by sweet crude reports,the adjournment, according to the presiding judge, Justice…
By Mordi chukwunonso Esther Vulnerable women in Imo have received N475 million from the Federal Government under its conditional cash transfer programme for rural women. Minister of Humanitarian Affairs, Disaster Management and Social Development, Mrs Sadiya Farouq, Speaking at the official flag off of the programme in Owerri on Friday, said the programme was designed…
By Ikenna Omeje The African Development Bank’s Board of Directors has approved a $5 million investment in an initiative tagged, ‘SPARK+ Africa Fund’ to deliver clean cooking solutions to over two million households across Africa. According to a release by the bank, the European Commission will contribute an additional €10 million. The Bank’s investment, which…
By Mordi Chukwunonso Esther Eko Electricity Distribution Company (EKEDC) deepened its Corporate Social Responsibility (CSR) investments on Thursday, with the donation of two ventilators to tertiary hospitals in Lagos to help fight the coronavirus pandemic. The two tertiary hospitals – Lagos University Teaching Hospital (LUTH) and Lagos State University Teaching Hospital (LASUTH) – received the…
By Mordi Chukwunonso Esther Emeritus Professor of Petroleum Economist and Policy Research, Prof. Wumi Iledare, has advised the federal government to cede 50 per cent of the oil royalties to the host communities. In a report released by the street journal, Iledare said this would help accelerate development in the oil producing communities that are…
Daniel Terungwa Chairman of the National Oil Corporation (NOC), Mustafa Sanallah has discussed with the CEO of the Italian company Eni the resumption of some significant projects that stalled because of funding shortfalls. The meeting, which was held at the NOC’s HQ, dealt with ways to maintain production rates in onshore and offshore fields and…