Electricity consumers in the country may have to adjust their budgets, as tariffs in the country go could up anytime soon. An official of the Nigerian Electricity Regulatory Commission (NERC) Aisha Mahmud disclosed this at an event in Abuja. The commission had submitted a revised template to the Federal...
CBN Governor Godwin Emefiele yesterday defended the foreign exchange policies instituted by his regime. The apex bank, had in June 2015 issued a circular banning 41 goods and services that were hitherto imported, from accessing the official foreign exchange market. We are delighted we put forex restriction on 41 items....
The National Electricity Regulatory Commission  (NERC) has revealed that the Ibadan Electricity Distribution Company  (DISCO) gave a N6 billion interest free loan to its parent company Integrated Energy Distribtion and Marketing Limited  (IEML) from the N11.3billion it received from the Central Bank of Nigeria  (CBN) Electricity Market Stabilization Fund....
President of the World Bank, Jim Yong Kim  has revealed that the bank had focused its funding efforts on the North, due to a request made by President Muhammadu Buhari. Kim disclosed this on the sidelines of a conference held in Washington. He also stated that the bank was facing...
In  a series of tweets from its official twitter handle, the Presidency shed more light on the approvals made by Vice President Osinbanjo while he acted as President. According to the Presidency, the approvals given were not for contracts but for financing arrangements. Osinbanjo, while speaking to reporters on...
Nigerians who have struggled to buy brand new cars may have cause to smile again, as government is currently putting in place a loan scheme to enable them  finance purchase of the vehicles. Director-General of the National Automotive Design and Development  Council Jelani Aliyu mentioned this at an event...
Barely few weks after NERFUND, a government agency, revealed it may shut down operations due to unpaid loans, the Bank of Agriculture, has indicated that it could soon be following the sane route. The Bank of Agriculture stated that it was weighed down by N37 billion in unpaid loans to...
According to Executive Director of Association of Nigerian Electricity Distributors (ANED), Sunday Odunton, General Electric (GE) has set stringent conditions for its potential investment in Nigeria’s Electricity Distribution Companies (DisCos). The major condition GE is demanding for is the provision of a Sovereign Guarantee from the Federal Government so that...
Intels Nigeria Limited is not taking the termination of its  agreement lightly, as it has written a letter to the Nigerian Ports Authority calling the alleged termination highly injurious to the company. News broke yesterday, that the Attorney General of the Federation (AGF) Abubakar Malami had asked the agency...
Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, has said that various investors had been approached to build a refinery in Akwa-Ibom State. He made this disclosure on Wednesday, during a two-day PENGASSAN’s Triennial Retreat/Synergy workshop which opened in Uyo, Akwa-Ibom State. According to the...
In what is the latest in the series of controversies in the Buhari administration, the Kachikwu vs. Baru dispute has exploded into a very messy battle with everyone taking sides. Earlier today, Nairametrics reported that the NNPC came to the defense of its Group Managing Director, Maikanti Baru by...
In what many would term a heavy blow, the Federal Government has instructed the Nigerian Ports Authority (NPA) to terminate a pilotage agreement with Intel Nigeria Limited. MD of the NPA, Ms hadiza Bala-Usman was instructed to terminate the agreement in a letter written by the Attorney General of the...
The International Monetary Fund (IMF) has put the pressure on Emefiele and company at the Central bank of Nigeria (CBN) with its submission that the CBN may slow Nigeria's  economic growth in the coming years. This, it implied in its World Economic Outlook report, which was released at its...
The ongoing saga between the Minister of State for Petroleum, Ibe Kachikwu and the Group Managing Director of the NNPC, Maikanti Baru, has effectively split stakeholders and the general populace into two sides with supporters of Baru becoming more in number as well as louder and clearer in voicing...
Meristem Securities Limited, a financial service firm specialized in capital markets in Nigeria is set to release a game. The firm states that the game is set to take the form of virtual investment portfolio that is expected to teach its users how to invest in the Nigerian Stock...
As Africa's biggest economy climbs out of recession, the government still requires more money to fund the budget. This was communicated on the floor of the senate as the letter seeking approval was read to the members of parliament. (source Reuters) President Muhammadu Buhari is seeking approval from lawmakers in the...
Oando Gas and Power has announced the rebranding of the company and change of its corporate identity to Axxela Limited. The rebranding of Oando PLC’s Midstream business subsidiary was said to be in a bid to renew its ambition and strategic growth plan. This change was not entirely unexpected following...
The Nigerian Communications Commission (NCC) has ordered telcos to deactivate any sim card that was left unused for up to 48 hours after registration. This could be related to its efforts to end the menace of ready-to-use SIM cards sold by certain local distributors. This announcement was made by...
The recent outbreak of monkey pox has had Nigerians worried with the rapid nature of its spread. Just yesterday, news filtered through that the viral disease could have spread into several states in the South-West, Lagos included. However, in the midst of several rumors, some fuelled by speculation and...
Africa’s richest man, Aliko Dangote, has announced a no more importation declaration as he seeks to put an end to what has been a heavy dependence on importation of almost every material into the continent and particularly into Nigeria. Speaking at the Financial Times’ 4th annual Africa Summit in...
In a statement marking its 4th anniversary in Africa, Uber revealed it had 7000 drivers and over 260,000 riders who actively use the app in Nigeria. The company also has more than 1.8 million active users in South Africa and 140,000 users in Ghana. The Uber economy could run into ...
A lawyer and current analyst, Liborous Oshoma has given an insight into what may have caused the friction between GMD of the NNPC Maikanti Baru and Minister of State for Petroleum resources Ibe Kachikwu. A memo written by the Minister to the President last week leaked. In the memo,...
President of Dangote Industries, Aliko Dangote, has accused Tanzanian President John Magufuli of scaring away foreigners through policies which appear designed to seize a majority share of assets belonging to such investors. He made this revelation at the Financial Times Africa Summit in London. Dangote has a large chunk of investment...
The Niger Delta Power Holding Company (NDPHC) has complained that it charges the lowest rate for electricity generation, a problem which the Managing Director of NDPHC, Mr. Chiedu Ugbo said was a problem caused by NBET. “Our tariff is somewhere around N18 while the rest of the generation plants are...
The Japanese government has unveiled plans to invest in the country’s electricity sector. Acting Managing Director of the Transmission Company of Nigeria (TCN) Usman Mohammed disclosed this in an interview. The investments will involve rehabilitation and construction of transmission facilities in Lagos State. “We are working in collaboration with some...
The Federal Government will soon sell its stake in 3 power generation plants. Managing Director of the Niger Delta Power Holding Company (NPDHC) Chiedu Ugbo disclosed this in an interview. The privatization process commenced in 2012, but was suspended in 2013. The there plants to be privatized include the...
  The United States Department of Homeland Security, DHS, encapsulates online safety best practices in a catchphrase: STOP. THINK. CONNECT. The first step is to STOP: ensure security measures are in place. THINK: about the far-reaching consequences of your actions/online activities. CONNECT: and enjoy your devices with more peace of...
Nigeria’s latest satellite TV operator, TSTv in a statement released today has announced it will commence full operations by November next month. TSTv had earlier been scheduled to commence operations on the 1st of October. Reasons behind the delay Managing Director of the company, Dr. Brighe Echefu while briefing newsmen, attributed...
The mention of tomato paste production in the country is almost always followed by the name of Africa's richest person, Aliko Dangote. This is not surprising given the multi-million Naira tomato processing firm that he built in Kano State. However, it seems that his competition just got a lot...
As the Nigerian government considers holding a bid round for marginal fields, we thought to highlight 10 things to expect when the bid guidelines are released by the Department of Petroleum Resources. The fields on offer would be publicly announced. Applicable fees may include (i) Application Fee, (ii) Bid...