Category: Energy

  France, The Netherlands and the United Kingdom have committed $350 million to invest in solar energy in Africa and electricity storage, Afrik21 reported at the weeknd. It is a strategic investment at a time Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from new funds to improve electricity supply. It is a $350 million commitment from France, The Netherlands and the United Kingdom. The latter will provide the greatest effort. The Dutch Government plans to invest $44…

Read More

  Indigenous downstream oil company, NIPCO Plc, stated at the weekend that it declared N254 billion turnover and a profit after tax of N1.58 billion for 2018 financial year based on its petroleum product outlets expansion and boost to its Liquefied Petroleum Gas (LPG) market share in Nigeria. Chairman of the company, Chief Bestman Anekwe, who – according to a statement – declared this at 15th Annual General Meeting of the company in Abuja, maintained that these achievements were recorded in the face of the prevailing difficult environment, which had…

Read More

    Ghana, Togo and Republic of Benin at the weekend pushed vigorously for a review of laws and regulations guiding the operations of $1 billion gas pipeline, which transports gas from Nigeria to the three countries. The fresh clamour for negotiations, a document of Agence Ecofin sighted by New Telegraph at the weekend read, took place in a context where Nigeria had closed its borders with its western neighbors, particularly Benin, and consequently Ghana and Togo. A closure that is not without consequences on the economies of these countries…

Read More

        The anti-granft agency, Economic and Financial Crimes Commission (EFCC), has begun a manhunt for culprits of multi-million dollars oil contracts’ infractions.     Already, forensic audit commissioned by the Nigerian Content Development and Monitoring Board (NCDMB)  has indicated over 15 oil firms of non-remittance of statutory funds into the government’s covers.   Considered this as a breach of contract, the board, checks showed, handed over the audit to the EFCC for “necessary action.”     A correspondence exchanged between the EFCC and NCDMB, sighted by this…

Read More

  Lafarge Africa Plc, a member of the LafargeHolcim, has assured its shareholders of improved return on investments. Addressing shareholders at the annual general meeting of the company in Lagos, the Chairman of the Board, Mr. Mobolaji Balogun, assured shareholders that the board and management would continue to drive improvement in results. “Despite the challenging economic and regulatory operating environment, the company has continued to make significant progress on a number of fronts, thereby ensuring solid operating performance. The earnings before interest, taxes, depreciation and amortization margins in the Nigerian…

Read More

As part of efforts to surmount cash-call challenges and put the upstream sector on a path of sustainable growth, the Nigerian National Petroleum Corporation (NNPC) is set to introduce the Incorporated Joint Venture (IJV) model to replace all the Joint Venture exploration and production projects.  This was disclosed by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the panel session at the Nigeria Oil and Gas (NOG) Conference in Abuja. A press release by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated…

Read More