Residents of Pearl Garden Estate and Pearl Nuga Park Estate located at Sangotedo Village in Eti-Osa Local Government Area of Lagos State have dragged Mr Kelchi Mbagwu and his CMB Building Maintenance and Investment Company Limited to the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes to secure…
Lagos — This week trading on the floor of Nigerian Stock Exchange, NSE for energy companies ended on a negative note as Total, Double One, Japaul Petroleum, and Capital Oil topped the losers’ chart. Total opened trading with N162, traded 37 deals 67,882 volumes valued at 10,170,968.90. Double One also opened trading with N175 in 19 trade…
The Nigerian Gas Marketing Company, NGMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, posted a profit of N12.476 billion for the year ended, 31 December 2018. In a statement issued after the Annual General Meeting of the NGMC in Abuja, the NNPC described the company’s performance as impressive, considering the challenges it faced in…
Lagos — Two non-executive directors of Oando Plc have resigned their appointment with the embattled energy company. According to a notice to the Nigerian Stock Exchange, NSE on Friday, seen by SweetcrudeReports, the affected directors include; Chief Sena Anthony and Mr. Oghogho Akpata. The memo signed by the company’s Company Secretary, Ayotola Jagun, and Head, Corporate Communications, Alero Balogun,…
Lagos — Schneider Electricsaid it has launched a new range of products for its Nigerian market to address power-related challenges and the need for premium protection and innovative offers from high-end users to low-income earners. The newly launched products include a range of affordable UPS from APC by Schneider Electric, with the brand’s guaranteed quality. In…
Port Harcourt — The Society of Petroleum Engineers, SPE, has explained how Artificial Lift Technology enhances oil production, saying that the technique is all about the recoverability of crude oil in a reservoir, to maintain and maximize production. Artificial Lift is the process of aiding the production of an oil or gas well, by either lightening…
Lagos — Following reports in May that Nigeria will cut the level of sulphur allowed in fuels imported into the country starting from this year, the state oil company, NNPC, has shortlisted some 40 firms for the direct sale, direct purchase, DSDP contract, SweetcrudeReports has learned. Reuters had in May, reported that although the country plans to…
The price of OPEC basket of fourteen crudes stood at $60.88 a barrel on Thursday, compared with $61.04 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
The Acting Managing Director. Niger Delta Development Commission, NDDC, Prof Nelson Brambaifa, has pledged to commission a pilot power project that will restore electricity to Ubima and Isiokpo communities in Ikwerre Local Government Area of Rivers State before the end of this month. Brambaifa who gave the assurance when he paid a courtesy visit to the…
Nigerian National Fleet set to come on board will be owned by both technical partners with 49% share and Nigerian investors with 51% share. This was made known by the Director General of NIMASA, Dr. Dakuku Peterside at a media breakfast meeting on the sideline of the ongoing Nor-Shipping Conference and Exhibition in Oslo, Norway…