In a surprising twist to the Dangote Refinery saga, disclosures have been made that the supposed 20percent equity investment by NNPCL in the Refinery is actually 7.5percent. This disclosure was made by Aliko Dangote himself at a media briefing earlier…
LG Autonomy: Fenrad welcomes Supreme court verdict as victory for grassroots governance and accountability
The Foundation for Environmental Rights, Advocacy and Development (FENRAD) have expressed its wholehearted support on the recent landmark decision by the Supreme Court of Nigeria barring state governors from holding and spending Local Government Area (LGA) funds. According to the…
Annelie Lundström appointed new CEO, Veracio
Annelie Lundström has been appointed as Veracio’s new CEO, replacing JT Clark, in the midst of a management shake-up. Veracio was recently acquired by American Industrial Partners (“AIP”), a middle-market private equity firm focused on the purchase and improvement of…
Dangote’s WTI Import Strategy: Nigeria’s High Cost of Crude Oil Grades, Profit Margin, and Freight Drove Dangote to Import Crude Oil from US
The high cost of Nigeria’s 35 crude oil grades including Bonga, Agbemi and others has been attributed as the reason why Dangote Refinery resorts to buying crude oil from the United States. Other factors attributable to Dangote Refinery going to…
NNPC refutes Alleged $2 Billion Oil-for-Cash Loan
The Nigerian National Petroleum Company (NNPC) Limited (NNPC) has stated that it is not currently seeking a fresh $2 billion oil-for-cash loan deal, contrary to some reports. The report had claimed that the NNPC was eyeing a new $2 billion…
Divestments: Indigenous Energy Companies Capable of Growing Nigeria’s Oil production -Seplat
Seplat Energy PLC, leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has that indigenous oil companies can grow Nigeria’s oil production. The company maintained that Nigeria’s sub-surface potentials could be largely optimized…
Frazenergy, Galileo Sign Investment Decision to Unlock $20 Billion Gas Infrastructure
FrazEnergy Ltd (a subsidiary of Oilserv) and Galileo Technologies, yesterday signed a Final Investment Decision (FID) to unlock the over $20 billion gas infrastructure deficit in the country. The milestone, according to FrazEnergy, is in line with President Bola Tinubu’s…
Nigeria to host African Energy Bank
Nigeria has been granted the hosting right for the African Energy Bank (AEB), after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding. Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told…
President Tinubu unfolds strategies for economic rejuvenation
President Tinubu inaugurated Presidential Economy Coordination Council; unveil measures for economic rejuvenation
Samoa Agreement Signed in the Interest of Nigeria – FG
Press Statement by the Federal Ministry of Information and National Orientation on Status of Samoa Agreement
