A landmark agreement worth $1 billion has been signed between Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., a Chinese firm, and NIGUS International, a Nigerian firm, to finance and implement solutions aimed at ending gas flaring in Nigeria. The pact, signed in Abuja on Friday, comes in response to a national directive from President…
Allegations of financial impropriety have surfaced within the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, with a document revealing that Minister Edu Betta purportedly disbursed N585,198,500.00 into a personal account. The document, reportedly signed by Edu and addressed to the Office of the Accountant-General of the Federation, instructed the disbursement of the sum to…
The Nigerian National Petroleum Corporation Limited (NNPCL) recently announced that the Port Harcourt refinery, currently undergoing repairs, is nearing completion of testing, which will ensure its efficient operation. According to the NNPCL spokesperson, Femi Soneye, the testing phase is expected to conclude shortly, marking a significant step towards the refinery’s full operation. The initial processing…
The Minister of Defence, Dr. Bello Matawalle, has presented two state-of-the-art unmanned water vessels to President Bola Tinubu, as part of efforts to enhance Nigeria’s security infrastructure. The vessels, known as the S2 and S3 Swift Sea Stalkers, were donated by Swift Ship Company, USA, to aid in combating insecurity on the nation’s waterways and…
A consortium comprising Nigerian financial institutions, fintechs, and blockchain experts, known as the Africa Stablecoin Consortium (ASC), is gearing up to introduce a compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. In a statement released on Friday, the consortium announced that the launch of the cNGN stablecoin is aligned with the recently established Regulatory…
The Manufacturers Association of Nigeria (MAN) has put forward a series of recommendations aimed at enhancing the performance of the real sector in 2024. MAN’s director-general, Segun Ajayi-Kadir, communicated these suggestions to the federal government in a statement issued in Lagos. He emphasized the need for the government to utilize the savings from fuel subsidy…
The Trade Union Congress (TUC) has called on the Federal Government to honour all agreements made with organised labour in 2023, particularly regarding the national minimum wage. In a joint New Year message signed by TUC President, Festus Osifo, and Secretary General, Nuhu Toro, the union emphasized the need for the government to fulfil its…
Foreign direct investors have significantly increased their asset disposals in Nigeria, reaching a staggering $200 million, according to the Central Bank of Nigeria’s (CBN) economic report for the third quarter of 2023. This surge in divestment reflects a growing trend of multinational corporations withdrawing their business operations from the country. The report highlights a notable…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has refuted claims of a clash with petroleum marketers regarding the removal of petrol subsidies. In a statement released by Olufemi Soneye, the chief corporate communications officer of the company, NNPC Ltd clarified that there was no confrontation with petroleum marketers, particularly the Independent Petroleum Marketers Association…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced its action plan for 2024 and the near term of 2024 to 2026, outlining key regulatory measures to advance its mandate. Mr. Gbenga Komolafe, the Chief Executive of the Commission, revealed that the Regulatory Action Plan (RAP) is designed to enhance predictability, future licensing rounds policy…