Author: Julius Alagbe

Port Harcourt Refinery Resumes Full Operations after Brief Scale Down The Port Harcourt refinery has resumed full operations after a brief “scaling down”, Mr Ibrahim Onoja, the company’s Managing Director has said. Addressing newsmen after a facility tour of the refinery on Sunday night, Onoja said the facility had resued distribution of products, including Premium Motor Spirit, kerosene, and diesel. ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity. ”We replaced most of the equipment including pumps installation and cables. “The plant is running and we are trucking out our…

Moody’s Ratings has changed the outlook on the Government of Angola to stable from positive and affirmed the country’s foreign and local currency….

Employment in Euro Area Worsened as Services, Manufacturing Deteriorate The Euro Area’s manufacturing sector deteriorated further in November, with the Hamburg Commercial Bank (HCOB) Eurozone Manufacturing PMI dropping to 45.2, indicating sharper contractions in production, new orders, purchasing, and inventories. Employment saw its steepest decline since August 2020, led by Germany and Austria. Weak demand drove aggressive price discounts, while operating costs fell slightly for the third month. Key economies, including Germany, France, and Italy, faced significant downturns, while Spain and Greece showed slower improvements. Backlogs fell sharply, reflecting persistent overcapacity. Despite subdued historical levels, business confidence ticked up to…

The global cryptocurrency market opened with mixed sentiment on Monday after the top 10 crypto assets overnight rallied

The naira suffered losses against the US dollar despite the fact that the Central Bank of Nigeria (CBN) intervened twice this week.

China, Nigeria to Partner on Renewable Energy, Smart City Mr Fang Qiuchen, Chairman of China lnternational Contractors Association (CHINCA) has revealed plans for China and Nigeria to collaborate on new energy projects, digital smart cities, and infrastructure development. Fang made the announcement in Abuja at a sideline interview with newsmen during the opening of China-Africa Economic and Trade Expo (CAETE) Exhibition in Africa (Nigeria). He said that the longstanding relationship between China and Nigeria, dating back to 1991 would be leveraged to share China’s advanced technology in various sectors, particularly infrastructure. According to fang, the partnership would address Nigeria’s energy…

The naira strengthens against the US dollar across foreign exchange markets as inflows from international oil companies and foreign portfolio investors boost liquidity. Spot data from the FM

IFC Invests $605m to Advance Egypt’s Green Transition, Support SMEs IFC has announced $605 million in commitments to three projects that will support economic development in Egypt across key sectors including climate finance, sustainable tourism, and access to finance for micro, small, and medium-sized enterprises (MSMEs). IFC’s Vice President for Africa, Sérgio Pimenta, signed the three projects during a visit to Egypt to underscore IFC’s commitment to supporting the country’s economic development and its private sector. The three projects are: A $300 million investment in a bond from Arab African International Bank (AAIB), which is Egypt’s first sustainability bond and…

MTN, ORAN to Advance True Open RAN, Next-Gen Telecommunications in Africa The ORAN Development Company (ODC), headquartered in Northern Virginia with development teams in the UK and India, have announced a strategic partnership with MTN Group, Africa’s largest telecommunications operator providing transformative connectivity solutions for the continent from some of the densest cities in the world to rural villages. Together, the companies plan to develop and test innovative Open RAN (ORAN) solutions tailored to unique requirements of networks across Africa. This collaboration supports MTN Group’s commitment to provide affordable, high-quality telecommunications throughout the continent, with advanced Open RAN architectures enabling…

FCMB to Divest interest in Subsidiaries, Raise Additional Capital FCMB Group Plc has called emergency meeting with its shareholders to obtain approval to increase and raise additional capital. In a notice, the group told the Nigerian Exchange about plan to hold Extraordinary General Meeting of the shareholders virtually on December 19th, 2024. The meeting was scheduled to authorised FCMB board of directors to increase the group capital from up to N150 billion to N340 billion with plan to divest interest and re-plug the process into its banking arm. According to the notice, the additional capital can be raised through the…