Month: August 2020

Nigerian Export Processing Authority lauds LADOL over Mammoet deals, Agric FreeZone Initiative

Damola Oyede

  Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has reportedly commended LADOL Free Zone over its deal with Mammoet as well as its initiatives in Agric and health free Zone. He stated this, according to a statement, when he made an official tour of the Zone on Tuesday 18th August 2020. “Prof. Adesugba expressed particular support for LADOL expansion in attracting Agricultural Processing and Healthcare companies into the Zone, as well as partnerships with international companies such as Mammoet,” the statement read. He was…

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Foreigner swindles Nigerian Army in N157bn military supplies deals + PHOTO

Aliyu Aliyu

  EFCC begins a manhunt for 46-year-old Nigerien ‘scammer’ who allegedly  duped the Nigerian Army to the tune of over $394million (N152, 315, 803, 981), Euro9.9million (N4, 539, 509, 271) and N369million. The Nigeria’s Anti-Graft agency, Economic and Financial Crimes Commission (EFCC) has launched a manhunt for a foreigner, 46 year-old Nigerien Aboubakar Hima who allegedly scammed the Nigerian Army to the tune of N157 billion over supplies of military wares. The EFCC said that its men are out with a Wanted Person poster for the military contractor who allegedly…

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Nigeria’s power transmission hits 5,420.30MW first time in 60 years

Aliyu Aliyu

The electricity transmission in Nigeria, a country of about 200 million people, hit 5,420.30 mega watt (MW), first time in about 60 years of the nation’s existence as a sovereign state. The country’s Transmission firm, Transmission Company of Nigeria (TCN), which declared this on Thursday, August 20, 2020, noted that the new all-time national peak of 5,420.30MW was effectively transmitted through the national grid at a frequency of 50.10Hz at 9:15pm, August 18, 2020. “This is the highest ever recorded in the nation’s power sector to-date, surpassing the previous peak…

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Buhari returns NDPHC to five Directorates, approves another 4-Year terms for MD, EDs

Precious Ibekwe

Nigeria’s President Muhammadu Buhari has pulled another string in the country’s power sector as he returned the number of Directorate at the Niger Delta Power Holding Company (NDPHC) to five. The President who on May 29, 2015 met the company, incorporated exactly fifteen years ago (August 2005), with five Directors, scrapped the structure put in place by the Goodluck Jonathan government where all the six geopolitical zones make up the five Executive  Directors and Managing Director. Checks by Platforms Africa showed that the company began operations after being incorporated with…

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Oil Producing Nation, Kuwait Runs Out of Cash, Warns On Salary Payment Default

Tim Bauer

  Kuwait has $6.6 billion worth of liquidity in its Treasury and not enough cash to cover state salaries beyond October, Finance Minister Barak Al Sheetan warned parliament. His warning was made as political wrangling again delayed efforts to return to international bond markets. The government is withdrawing from its General Reserve Fund at a rate of 1.7 billion dinars a month, meaning liquidity will soon be depleted if oil prices don’t improve and if Kuwait can’t borrow from local and international markets, he said. Managing the crisis has proven…

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Fresh Economic Recession imminent in Nigeria before December, SPE warns

Efe Wellington

Global body of Petroleum Engineers bemoans country’s heavy dependence on fuel imports, says act worsens forex liquidity challenge, burdens economy Fresh economic recession is imminent in Nigeria before December, apex global body of petroleum engineers and oil industry’s stakeholders, Society of Petroleum Engineers (SPE), has warned. Chairman, SPE Nigeria Council, Engineer Joe Nwakwue, who gave this warning on the sideline of a press conference to herald the 2020 SPE Nigeria Energy Industry Transformation Summit (NEITS) in Lagos, bemoaned the country’s heavy dependence on fuel imports, an act, he said, is…

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CEO Rahamaniyya Oil, Abdulrahman jailed in UK as feud with Sahara Energy worsened

Tim Bauer

  Here are the details of the oil contract in Nigeria between Rahamaniyya and Sahara Energy Resources Limited that led to a 10-month jail term for the oil mogul in UK prison A United Kingdom Court has jailed the Chief Executive Officer of Rahamaniyya Oil and Gas Limited, Abdulrahman Bashir, after he was found guilty of breaching multiple orders of the court in a pending suit instituted by Sahara Energy Resources Limited. Justice Butcher of England and Wales High Court handed a 10 months jail sentence to the oil mogul.…

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World Bank begins annual fiscal rating for Nigeria’s Kwara State

Aliyu Aliyu

  A five-day technical sessions to ascertain Kwara State’s compliance with the FG/World Bank-inspired States Fiscal Transparency, Accountability, and Sustainability (SFTAS) began on Monday in Ilorin, with local officials interfacing with independent verification agents (IVAs) from the office of the Auditor General of the Federation. Kwara State Commissioner for Finance and Planning Florence Oyeyemi Olasumbo who, according to a statement made available to Platforms Africa, said this at the opening session, maintained that the objective of the SFTAS is to strengthen fiscal responsibility and openness in government’s spendings. “She said…

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Mali Crisis: President Keita Resigns After Country suffers Coup, Mutiny

Aliyu Aliyu

  President Ibrahim Boubacar Keïta has resigned his position as Mali President following a military coup in the West African country on Tuesday. It had been widely reported earlier that Malian President and his Prime Minister, Boubou Cissé, were “arrested” late Tuesday afternoon in Bamako by mutinous soldiers supporting the opposition. “We can tell you that the president and prime ministers are under our control. We arrested them at his home ” (at the home of the Head of State), said a soldier, who requested anonymity. “IBK (President Keita) and his Prime Minister are in…

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NNPC deepens global Transparency index, makes EITI’s World Partner Firms list

Efe Wellington

  . GMD NNPC, Mele Kyari whose regime recorded the feat gives a nod to full and public disclosure of all beneficial owners and steps to identify the beneficial owners of Corporation’s direct business partners, including Joint Ventures and contracts. The Nigerian National Petroleum Corporation (NNPC) has become an Extractive Industries Transparency Initiative (EITI) partner company, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the EITI’s supporting company expectations. Coming 43 years after the establishment of…

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