Nigeria: Fidelity Bank Takes over Kano, Benin and Kaduna Discos

The Bureau of Public Enterprises (BPE) Tuesday disclosed that Fidelity Bank has activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DisCos and has taken over the three Discos. The BPE also said that they have initiated action to take over the Boards of these DisCos and exercise the […]Read More

Nigeria: OPEC Secretary-General, Mohammad Barkindo, Dies at 63.

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, is said to have died at the age of 63. The incident occurred on 5th July 2022. Barkindo died on Tuesday evening, according to the Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari. “We lost our esteemed Dr Muhammad […]Read More

Germany May Need More Than $15 Billion To Solve Its

The $15.7 billion (15 billion euro) that Germany has extended as a credit line for gas purchases this summer may not be enough to help Europe’s biggest economy reach adequate levels of gas storage by the winter, according to the head of the German federal network agency, Bundesnetzagentur. If Russian gas to Germany stops flowing after […]Read More

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Russia Announces 82-Million-Ton Arctic Oil Discovery

Russian state-run Rosneft has confirmed an 82-million-ton oil discovery in the Pechora Sea in the Arctic. Rosneft discovered the field thanks to a drilling campaign in the Medynsko-Varandeysky area. “During the tests, a free flow of oil was obtained with a maximum flow rate of 220 cubic meters a day,” the company’s statement read on […]Read More

AEDC embarks on 40 quick-win projects to improve power supply

The management of Abuja Electricity Distribution Company (AEDC), says it is embarking on 40 quick-win projects geared towards rehabilitating its network to increase availability of electricity. Its Managing Director, Mr Adeoye Fadeyibi, in a statement on Saturday, said that the projects rangefrom relieving over loaded feeders and network strengthening. Also planned is the purchase of […]Read More

WTO: Countries sign global trade deal

In a significant move since over a decade of the existence of the World Trade Organization (WTO), the organisation last Friday major deals on tackling food insecurity, curbing harmful fishing subsidies and temporarily waiving COVID-19 vaccine patents after days of round-the-clock talks. WTO Director-General, Ngozi Okonjo-Iweala said the Trade Ministers’ conference had struck an “unprecedented […]Read More

Climate Change: Nigeria plans to phase out use of kerosene

President Muhammadu Buhari has stated that Nigeria will end use of kerosene for lighting by the year 2030. This was made known in a Press Statement issued by Garba Shehu, Buhari’s Senior Special Assistant on Media and Publicity after a virtual meeting hosted by hosted by President Joe Biden of the United States, on Major Economies Forum […]Read More

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Oil Deal: Nigeria loses $2.7b fraud case against JP Morgan

On Tuesday, a UK Court ruled against Nigeria in its $1.7 billion fraud claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 Malabu Oil Deal. The Judge, Sara Cockerill, held that the FG couldn’t establish that it had been defrauded in the case particularly in the role […]Read More

SpaceX’s Starship ready for first Orbital Flight in July –

SpaceX’s CEO, Elon Musk has said that his Company will be ready to launch its first orbital flight to space in July 2022. This follows from the conclusion of environmental reviews by the Federal Aviation Administration that SpaceX can conduct orbital launches of its Starship vehicle from its Texas test facility subject to the completion […]Read More

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Nigeria: Oil Market – High Crude Prices Shoot Aviation Fuel

The price of aviation fuel has increased by 121.4 per cent to N620 per litre in June 2022, from N280 per litre in the corresponding period of 2021, due mainly to the rising price of crude oil in the international market. The price of crude, currently hovering at $128 per barrel, had stood at about […]Read More