Daniel Terungwa The Federal Executive Council (FEC) has approved the construction of a deep seaport at Bonny at the cost of $461,924,369. The Minister of Transportation, Rotimi Amaechi, made this known when he briefed State House correspondents on the outcome of the 18th virtual meeting of the Federal Executive Council (FEC). Amaechi said that FEC…
By Ikenna Omeje The Federal Executive Council (FEC) on Wednesday, approved four Joint Ventures (JVs) , with combined investment value of $3.9 billion, the Infrastructure Concession and Regulatory Commission (ICRC) has said. According to the Acting Head, Media and Publicity, ICRC, Manji Yarling, in a statement on Wednesday, the approved Projects includes: three Full Business…
Transmission and distribution challenges are making the quantum of electricity generated in Nigeria rejected or forced to be reduced by an average of 4,210 megawatts daily, power generation companies have said. In a document obtained by Punch in Abuja from the Association of Power Generation Companies, the Gencos stated that the forced reduction of generated…
Ikenna Omeje The National Assembly has shifted deliberations on the Petroleum Industry Bill (PIB) to the first quarter of next year, the Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed on Wednesday. The minister who stated this on the margins of the Joint Executive-Legislature Leadership Retreat at the Presidential Villa Banquet Hall in Abuja,…
The Board of Trustees of the Environmental Rights Development Foundation (ERDF) has announced the appointment of Chima Williams Esq as Acting Executive Director of Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) following the disengagement of Godwin Uyi Ojo’s executive directorship effective from 3rd October 2020.The Board took the decision at an emergency meeting held…
Lagos, October 5, 2020: The Chairman and Managing Director, Chevron Nigeria Limited, Jeff Ewing, has lauded the 12-year partnership between Chevron and the Global Fund in the fight against infectious diseases – HIV/AIDS, tuberculosis (TB) and malaria – and building of resilient health systems in Nigeria. The Global Fund is an international financing and partnership…
Daniel Terungwa The United States-based International Centre for Settlement of Investment Dispute has ordered Inter Ocean Oil Company to pay the federal government of Nigeria the sum of $660,129.87 as reimbursement of its share of the arbitration costs incurred in the proceedings. The tribunal, headed by Prof. William Park, also absolved the federal government from any liability, maintaining…
Daniel Terungwa The Central Bank of Nigeria (CBN) has said it will sanction shipping and airline companies that continue to flout its stipulated guidelines on exports. CBN made this known in a circular titled: “Compliance with Export Procedures in Nigeria,” signed by its Director, Trade and Exchange Department, Ozoemena Nnaji, a copy of which was…
Daniel Terungwa Nigeria Extractive Industries Transparency Initiative (NEITI), has urged stakeholders of the mining and oil exploration industry to pay attention to the health and safety of people and environment where mining and crude exploration take place. The Executive Secretary of NEITI, Mr Waziri Adio, made the call while speaking during the launch of two…
Daniel Terungwa South Sudanese oil marketing giant Trinity Energy Ltd is set to inject $10 million worth of new investments in its Kenyan operations and also plans to build a $500 million crude oil refinery in South Sudan to serve the region with refined petroleum products. The firm, which controls close to 40 per cent…