Author: Ogochukwu Ndubuisi

Design & Build Expo: SABA Steel, Coleman Others Partner Ecobank Leading global brands in the building, design and finance sectors are partnering with Ecobank Nigeria for its inaugural Design & Build Expo. Key partners include SABA Steel, Nigeria’s largest steel manufacturer; Coleman Wire & Cables, the leading cable producer in West Africa; Donna Spectre, a prominent indigenous oil and gas logistics company; Dulux Paints, a top paint brand in Nigeria. Others are HTL Africa, a forward-thinking architectural firm; ITB Nigeria Limited, leading Construction Company in Nigeria and West Africa; Mota Engil Nigeria, a civil construction company; and Chapel Hill Denham, …

The Nigerian National Petroleum Company Ltd. (NNPC) has officially unveiled its latest crude oil grade, the Utapate crude oil blend to the international crude oil market.

Import Licence: NNPC Asks Court to Strike Out Dangote Refinery’s Suit The Nigeria National Petroleum Corporation Limited (NNPCL) has asked a Federal High Court in Abuja to strike out a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE, describing it as “incompetent.” The NNPCL, in a notice of preliminary objection filed by its team of lawyers led by Kehinde Ogunwumiju, SAN, before Justice Inyang Ekwo, argued that the suit is premature. The application, marked: FHC/ABJ/CS/1324/2024 dated and filed on Nov. 15, was sighted on Wednesday. NNPCL seeks two orders, which include an order of the honourable court striking out…

FAAC: FG, States, LGs Share N1.411 Trillion for October The Federation Accounts Allocation Committee (FAAC), has shared N1.411 trillion among the Federal Government, States and Local Government Councils (LGCs) for October. This is according to a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation on Wednesday in Abuja. The communiqué said that the revenue was shared at the November meeting of FAAC held in Bauchi State and chaired by the Accountant- General of the Federation. Oluwatoyin Madein. FAAC meeting was held after the 2024 National Council…

Reps Recommend N500m Recapitalisation for DISCOS The House of Representatives has recommended a recapitalisation programme of not less than N500 million for all Electricity Distribution Companies (DISCOS) in the country to remain operational. The recommendation followed the adoption of a motion by Rep. Ibrahim Isiaka (APC-Ogun) at plenary on Wednesday in Abuja. Moving the motion earlier, Isiaka said that the activities of DISCOS in the country were posing a threat to the economic stability and welfare of Nigerians. He said that consumers are being coerced into paying for meters that they have earlier financed, causing financial strain on households and…

Ecobank Opens London Stock Exchange to Celebrate Eurobond Issuance Ecobank Transnational Incorporated (ETI), parent of the leading pan-African Ecobank Group, today opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market. In a statement, the Group said it will use the net proceeds from the issuance of the Notes for general corporate purposes, including refinancing the US$350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024 Speaking to this, Jeremy Awori, CEO, Ecobank Group, said: “Our successful Notes issuance demonstrates how…

The Nigerian Navy says its units under the auspices of Operation DELTA SANITY, successfully uncovered and destroyed 23 Illegal Refinery Sites and recovered large quantity of stolen crude oil in October.

Cabotage Funds Secure with CBN, NIMASA Says The Nigerian Maritime Administration and Safety Agency (NIMASA) says funds accrued under the Cabotage Vessel Financing Fund (CVFF) remain intact. Dr Dayo Mobereola, the Director General of NIMASA, said this in a statement by the agency’s Head of Public Relations, Mr Edward Osagie, in Lagos on Tuesday. According to him, it is securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA). He dismissed allegations in a recent publication suggesting that funds had disappeared from the CVFF account as “false and misleading.” “There has been no disappearance of…

President Bola Tinubu has written the National Assembly, seeking amendment to the 2023 National Social Investment Programme Agency Establishment Act.

The prices of crude oil fell on Tuesday over demand concerns amidst expectation of surplus supply in the global commodities market.  Brent to $72.65 per barrel at the last look, while the US benchmark West Texas Intermediate also decreased to $68.69 per barrel.