Technology group Wärtsilä has signed a ten-year Operations and Maintenance (O&M) Agreement for a captive power plant providing the energy for a Nigerian cement producing facility. The new cement plant is owned by Mangal Industries and is located in Kogi State, Nigeria. The order was booked by Wärtsilä in Q2, 2024. The power plant is critical …read more →
News & Reports
NUPRC Leads Industry Dialogue on Divestment
In a bid to foster transparency and efficiency in the Nigerian oil and gas sector, Engr. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has spearheaded an industry dialogue focused on divestment. The dialogue, which centered on the divestment framework initiative, attracted key stakeholders within the oil and gas …read more →
Access Holdings Vests 23.8 million Units of Shares on Senior Executives
In line with the disclosure requirements of the Securities and Exchange Commission and the Nigerian Exchange Limited, Access Holdings Plc, Africa’s leading financial services group, has announced the award of 23.8 million ordinary shares to some of its senior executives and executives of Access Bank, its flagship subsidiary. This is in pursuant of the terms …read more →
OPEC+ is Likely to Extend Production Cuts in June
Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year have failed to materialise so far. If OPEC+ (Organisation of the …read more →
Power Minister unveils Siemens mobile substations in Lagos & Kebbi
The implementation of the Federal Government-Government Siemens deal gains further momentum as additional mobile substations are inaugurated in Lagos and Birnin Kebbi, signaling a significant stride towards bolstering the nation’s transmission network. Minister of Power, Adebayo Adelabu, presided over the inauguration ceremonies, hailing the mobile substations as crucial infrastructure poised to catalyze uninterrupted power supply …read more →
Oyo State, Shell Nigeria Sign $100 Mn Deal for Gas Infrastructure Development
The Oyo State government, in collaboration with Shell Nigeria, has sealed a $100 million contract for the development and distribution of gas infrastructure under the Build-Own-Operate-Transfer (BOOT) model. Governor Seyi Makinde announced the milestone via his X platform, revealing that the signing ceremony took place in London. Makinde provided insights into the project, highlighting its …read more →
Fitch Revises Nigeria’s Economic Outlook to Positive, Citing Recent Reforms
Global ratings agency Fitch revised Nigeria’s outlook on Friday to positive from stable, citing the country’s economic reforms under President Bola Tinubu. Since taking office about a year ago, President Tinubu has embarked on sweeping reforms, including slashing costly petrol and electricity subsidies and devaluing the naira currency twice within a year to narrow the …read more →
Nigeria & OPEC’s Production Falls In April
Nigeria recorded the biggest crude oil production dip in April among the OPEC+ members, even when OPEC’s Oil Production fell in April OPEC’s crude oil production fell in April, according to a new Reuters survey, with news of the fall likely to add support to falling oil prices. According to the survey, the results of …read more →
Compensation On Lagos-Calabar Coastal Highway Begins — Umahi
The Federal Government has commenced compensating people who own buildings and structures affected by the construction of the 700-km Lagos-Calabar Coastal Highway. The Minister of Works, Dave Umahi, who disclosed this at a stakeholders’ meeting in Lagos, said the government is commencing the payment worth N2.75 billion spanning channel 0 to 3 today. “I wish …read more →
Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman
The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a …read more →