News Reports

Minister of State for Petroleum Resources, Timipre Sylva.

Reduction of Nigeria’s oil JVs equity my priority — Sylva

Currently, the NNPC holds about 60 per cent equity in all the joint venture operating agreements in the oil and gas industry.


Why CBN approved new bank charges, proposed VAT increase – Emefiele

Mr Emefiele says there was nothing new in the bank charges announced on Tuesday.

Map of Nigeria used to illustrate the story

FG, States, LGs share N740.9 billion for August

The committee stated that as at August 19, 2019, the Excess Crude Account (ECA) is $328.1 million.

Azura independent power plant in Ihovbor Community, near Benin City, Edo State.

Lack of cost-reflective tariffs discouraging investment in Nigeria’s electricity sector

“Investors must cover their costs to make further investments,” said Mr Okeke of Azura Power

Cyril Odu

Union Bank board chairman is dead

Mr Odu died on Tuesday, a disclosure sent to the Nigerian Stock Exchange, said.

Qatar Airways

Qatar Airways annual loss widens to $639m

The results mark a steeper loss from the previous year when Qatar Airways reported a loss of 69 million dollars.

MTN Nigeria office

MTN plans to raise N100 billion from commercial paper

An MTN official suggested the firm would issue the commercial paper through the Nigerian Stock Exchange.

Godwin Emefiele, CBN Governor

CBN imposes additional charges on transactions on individual bank accounts

Nationwide implementation of cashless policy effective March 31, 2020, CBN says.

Boeing 737 [Photo Credit: Linkdin]

Dana Air takes delivery of first Boeing 737 aircraft

The arrival of the new aircraft is confirmation of the airline’s commitment to increase its capacity and meet the demands of its guest.


Andela lays off over 250 engineers in Nigeria, other African countries

The form says it Wants to focus on experienced talents.

Saudi Arabia

Saudi, Gulf stocks fall after attacks on Aramco oil plants

Aramco has agreed to buy a 70 per cent stake in SABIC from the Saudi state Public Investment Fund.

ARMY: Nigerian Soldiers (Army) on duty. [PHOTO CREDIT: The Guardian]

BPP: Purchasing military hardware from other nations could compromise Nigeria’s security

“Military hardware purchased from other nations puts the country at a disadvantaged position…”

(L-R) MD, Saipem Contracting Nigeria Ltd, Walter Peviani; NLNG MD, Tony Attah; Chairman NLNG Board of Directors, Osobonye LongJohn; NLNG Deputy MD, Sadeeq Mai-Bornu; Perm. Secretary, Federal Ministry of Petroleum Resources, Folasade Yemi-Esan; NLNG General Counsel and Company Secretary, Aka Nwokedi (left standing), and NLNG Assistant Company Secretary, kechukwu Eke, at the signing of the Letter of Intent for NLNG Train 7 EPC Contract with SCD JV in Abuja on Wednesday.

UPDATED: NLNG shareholders agree to construct multi-billion-dollars Train 7

The Managing Director of NLNG, Tony Attah, said the signing of the Letter of Intent will pave the way for the commencement scheduled for the end of October this year.

Digital technologies are transforming African businesses, but obstacles remain

Digital technologies are playing a role in Nigeria’s agricultural sector too.

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN injects $210 million into forex market

The bank reaffirms commitment towards ensuring stability in foreign exchange market.

Central bank of Nigeria (CBN)

CBN releases regulation for electronic payments, collections

The regulation is a revision of the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014).

Oil rig used to illustrate the story.

Oil rises as Saudi signals OPEC cuts to continue under new minister

A Saudi official said on Sunday there would be no shift in Saudi and OPEC policy.

NNPC Towers: P&ID and the Petroleum ministry signed the contract here

How NNPC secured positive judgement against ESSO, Shell in U.S. – Official

ESSO referred its claims to arbitration in Nigeria and obtained an Arbitral Award of $1.799 billion on October 24, 2011.

International Monetary Fund (IMF)

IMF removes age limit for position of managing director

The position of IMF chief has always been held by Europeans.

Are Facebook, Google truly spying on you? Here’s a new clue

The conspiracy theory suggests that Facebook ”listens to users through their cell phones in order to collect information with which to serve them ads”.

Oando-PLC [Photo Credit:]

Oando announces ‘significant gas discovery’ in Niger Delta

NNPC owns 60 per cent stake in the project, while Oando and NAOC, the operator controls 20 per cent each.

African Development Bank

Ex-PenCom DG gets African Development Bank appointment

The appointee will oversee the bank’s annual forum which is holding this year in South Africa.

Julius Berger Nigeria Plc joins consortium to bid for projects in Philippines

The company is bidding for the project as a partner in a consortium with Frey-Fil Corporation in the Philippines

A Daar Communications media truck [photo: Business Post NG]

Daar Communications reports N2.2 billion loss despite increased revenue

Mr Dokpesi said the about N925 million increase in revenue during the year did not translate into profitability.

Crude oil extraction [Photo credit: Bloomberg]

Nigeria loses 22 millions barrel of crude oil in six months — Gov Obaseki

The governor said the figure could double by the end of the year.