Day: May 6, 2022

Nigeria Mulls Surge of 20% Share In African Lube Market

ADEOLA YUSUF

OVH Energy Marketing joins conversations on eradication of substandard lubricants in Nigeria Nigeria’s Lubricant market currently accounts for about 20% of Africa’s total lubricant demand and the country is planning to surge this share theough the adoption of innovative technological advancements, favorable regulations, increased stakeholder collaborations, and consumer education. Platforms Africa reports that stakeholders and participants at the virtual 2022 Nigeria edition of the International Lubricants Conference (ILC) who said this, shared insights on global trends as well as practical suggestions to improve the state of the industry. READ ALSO:…

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Buhari approves 2022 disbursement proposals for tertiary institutions

Abibat Babalola

Tertiary Education Trust Fund (TETFund) has confirmed that President Muhammadu Buhari, has approved the 2022 financial disbursement proposals for public tertiary institutions. Executive Secretary of TETFund, Sonny Echono, made this known while receiving in his office, representatives of the Committee of Vice Chancellors of Nigerian Universities (CVCNU) in Abuja. Echono said a meeting has been scheduled for next week with the representatives of the benefiting institutions to discuss further on the proposed reforms that have been approved for implementation ahead of the financial disbursement. READ ALSO: ASUU Strike: Nigeria Has…

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Addax Confirms One Dead in OML 124 Flowstation Bomb Explosion

ADEOLA YUSUF

“What we know about the explosion and how corpse, IEDs were found at the site in Imo,” Chines oil firm opens up   Addax Petroleum Development Nigeria Ltd. says a suspected vandal died in Wednesday’s explosion at its flowstation in Izombe, Imo. Platforms Africa reports that the oil firm in a statement on Friday by its  spokesperson,  Mrs Awatt Etta, said that an unexploded explosive device and the corpse of the suspected vandal were found at the incident site within its Oil Mining Lease (OML) 124. Addax said it was…

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Oil rises as supply concerns persist

Abibat Babalola

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $2.08, or 1.88%, to $112.98per barrel by 0922 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $2.00, or 1.85%, to $110.26 a barrel. READ ALSO: Oil Prices Rebound To $107.91 Per Barrel Oil price rises as OPEC projects steady demand growth 275 Oil Workers, Others Escape As Saipem Crane Vessel Nearly Sinks Brent and WTI…

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Why U.S. Is Enacting NOPEC, A bill to crush OPEC

Abibat Babalola

The U.S. leads the onslaught on OPEC with a bill to expose the oil producers’ group or its members to lawsuits for orchestrating supply cuts that raise global crude prices. Here is what to know about the NOPEC bill, in 700 words   A U.S. Senate committee was expected to pass a bill on Thursday that could open members of the Organization of the Petroleum Exporting Countries and its partners to antitrust lawsuits for orchestrating supply cuts that raise global crude prices. The No Oil Producing and Exporting Cartels (NOPEC)…

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Binance invests $500 million in Twitter

Abibat Babalola

Cryptocurrency trading platform Binance has invested $500 million in equity funding as part of a financing pledge worth $7 million to support the Tesla CEO Elon Musk’s Twitter buy. An amended regulatory filing showed a $500 million commitment from Binance. READ ALSO: Cryptocurrency for a layman, understanding threats, trend of financial revolution Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade Crypto Exchange Founder Disappears with $2bn, Lands 300,000 Users in Soup “We’re excited to be able to help Elon realize a new vision for Twitter,” Binance CEO Changpeng…

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Unknown gunmen Endorse CBN Gov, Godwin Emefiele, for President

Precious Ibekwe

Mr. Emefiele is yet to publicly declare interest but the unknown gunmen pledged to “surrender our arms” if  he emerges the presidential candidate of the APC   A group of armed men that claimed to be from the oil-rich Niger-Delta has endorsed Godwin Emefiele for president in 2023. Platforms Africa reports that the men who claimed in a video circulated on Thursday, to be members of Niger Delta Freedom Reserve Force said that the CBN governor is the only credible politician with the capacity to resolve Nigeria’s myriad of crises…

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Nigerians Pay more For Electricity As Discos Hike Tariff to N56.28 pkwh

ADEOLA YUSUF

“Not power supply, neither generation nor transmission, the only thing in Nigeria’s Electricity sector that has consistently and geometrically increased since privatisation is tariff imposed on customers. Sadly, what we have here is a case of an expensive darkness.”   The Electricity distribution companies (DisCos) have hiked tariffs for customers in full compliance to the Multi-Year Tarrif Order (MYTO) given to them by the Nigerian Electricity Regulatory Commission (NERC). Platforms Africa reports that the NERC on Thursday officially released different documents indicating the approved power tariff increase payable by consumers…

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