Oil fell towards $75 a barrel to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply ample even as U.S. sanctions loom on oil exporter Iran. In a sign supply is plentiful, industry group the American Petroleum Institute said on Tuesday U.S. crude stocks had risen by 9.9…
An anti-corruption group, Socio-Economic and Rights and Accountability Project, on Tuesday, got court’s leave to file for a mandamus order against the Minister of Power, Works and Housing, Babatunde Fashola, over poor power supply in the country. The mandamus order is to compel Fashola to account for about N900bn sunk into the privatisation of the…
The Nigeria Security and Civil Defence Corps (NSCDC), Edo Command, has intercepted a truck laden with 45,000 litres of suspected illegally-refined petroleum products. Mr Makinde Ayinla, the State Commandant of the NSCDC, made the disclosure to Newsmen in Benin on Tuesday. Ayinla said that the truck was intercepted at Aduwawa area on Benin/Auchi road. He…
Research findings have revealed that use of hate-speeches dominates social media platforms. Specifically, the findings indicated that ethnicity and religious-based dangerous speeches are topmost and more frequently used by social media users. The monthly-based ICT research conducted by Centre for Information Technology and Development (CITAD) under the “Curbing Hate and Dangerous Speeches in Nigeria Project,…
Stakeholders in Rivers State have blamed the black soot occurrence and air pollution in the state on Federal Government’s failure to adequately provide petroleum products in the country. The stakeholders, comprising academics, environmentalists, traditional rulers, civil society organisations (CSOs), oil and gas regulatory agencies and security personnel, among others, argued that the gap created room…
The Shell Nigeria Exploration and Production Company (SNEPCo), says its local content strategy was built around the national framework as developed by the Nigeria Content Development and Monitoring Board. Bayo Ojulari, its Managing Director, who stated this at the company’s recent local content exhibition in Lagos, also explained that the strategy places strong emphasis on…
Nigeria is shutting out potential investors in its oil and gas sector with the delay in passing the various reforms bills expected to open up the sector for more investments. The group managing director, Afrinvest West Africa Limited, Ike Chioke, revealed a report which said this yesterday. The report noted: “Reminiscent of a huge blast from…
While Nigeria remains in darkness, the country however sells to other countries, an average of 22 million metric tons per annum (mtpa) of liquefied natural gas (LNG) to provide electricity that powers their homes and industries, the Executive Secretary of the Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote, has disclosed. Wabote, equally said…
The Group Managing Director, Sahara Power Group, Mr Kola Adesina, has said power firms do not gain anything from blackouts as their business is to sell electricity to consumers. Adesina stated this on Monday in Lagos, adding that the absence of cost-reflective tariff was limiting the power providers’ capacity to deliver better services. He said;…
A Chinese mining giant, Jin Bao Rong Group of Companies, said it is commencing exploration and mining operations soon in the Nigerian mining sector based on the improved business environment. Chief Executive Officer, Jin Bao Rong Group of Companies, Zhang Fenglan, who visited the Minister of State for Mines and Steel Development, Abubakar Bwari, last…
