How Fire gutted $1bn World Trade Centre Skyscraper Abuja + PICTURES

  Fire on Monday gutted the 24-storey skyscraper of the World Trade Centre in Nigeria, located in the country’s Federal Capital Territory, Abuja. Former Nigerian President Goodluck Jonathan had in September 2011 launched the project said to cost over $1 billion with an estimated completion date initially slated for 2013. An eyewitness account showed that the fire started from the top of the 24-storey skyscraper which dots the skyline of Central Business District, Abuja. Smoke, as at the time of this report, was seeing billowing from the pinnacle of the…

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Prepare to bear petrol price burden, Oil Minister Tells Nigerians

  Nigerian Minister of state for petroleum resources says President Buhari never promised to keep petrol price low The Government of Nigeria, Africa’s biggest crude oil exporter, has bluntly told millions of Nigerians that they would henceforth bear the burden of higher prices of Premium Motor Spirit (PMS) otherwise known as petrol. The country’s Minister of State for Petroleum Resources, Chief Timipre Sylva, who declared this in a statement published on the ministry’s Instagram page siģhted by Platforms Africa, declared that at no time did the Federal Government promise to…

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US firm battles Nigeria over $80m Yacht linked to Diezani, Aluko

  Enron Nigeria Power Holding rejects Nigeria’s power deal suspension, demands $22 million from sale of seized Galactica Star   A former unit of Enron Corporation, the United States energy-trading giant, Enron Nigeria Power Holding Limited, has began a legal battle with Nigerian authorities over suspended power deals. The company has also joined the country and the United States (U.S.) authorities in serious bickering over the proceeds of the sale of a luxury yacht, Galactica. The U.S. authorities seized the Galactica in 2018 after filing a lawsuit to recover assets…

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NNPC: Remittances to Nigeria’s Coffers hit N1.7trn In One Year

  The Nigerian National Petroleum Corporation (NNPC) paid a whooping N1.7 trillion to the country’s Federation Account Allocation Committee (FAAC), between February 2019 and February 2020. The national oil company, which said this in its Monthly Financial and Operational Report (MFOR) for April, 2020 obtained by Platforms Africa, revealed that it recorded a total export of $370.69 million in February, a decrease of 14.75 per cent compared to the previous month. It added in a statement by its spokesperson, Dr. Kennie Obateru, that crude oil export sales contributed $281.14 million…

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Banks, Oil firms, traders fret as Nigeria begins Africa’s 2nd longest bridge shutdown July 24

  11.8km all-important Third Mainland Bridge’s shutdown to last till January 2021 The Nigerian Government has announced the shutdown of the 11.8 kilometers Third Mainland Bridge, second longest in Africa, for six months starting from Friday, July 24. This decision, Platforms Africa gathered exclusively, has raised concerns among staff of Banks, Oil Companies and other corporate institutions with headquarters or major offices on the various Islands in Lagos, Nigeria’s commercial capital. The bridge is longest and biggest of the three bridges that link the companies headquarters to the Muritala Muhammed…

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Nigeria’s Central Bank pulls N188bn depositors’ money from 14 commercial banks + Full List

  The apex bank in Nigeria, Africa’s biggest crude oil exporter, Central Bank of Nigeria (CBN), has debited 14 banks in the country  to the tune of N118billion in line with its Cash Reserve Ratio (CRR) compliance requirement. These banks Pla6forms Africa gathered are: Access Bank Plc: N3 billion Guaranty Trust Bank Plc: N15 billion First Bank of Nigeria Ltd: N12.4 billion Ecobank Nigeria: N7 billion Sterling Bank Plc: N5 billion Fidelity Bank Plc: N11 billion Union Bank of Nigeria Plc: N12.5 billion First City Monument Bank Ltd: N10 billion…

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Polaris Bank, Pan Ocean’s feud over N240bn loan degenerates + AMCON’s OML 147 takeover

  The feud between Polaris Bank-led consortium of lenders and Pan Ocean group over N240 billion loan has degenerated with Asset Management Corporation of Nigeria (AMCON’s) takeover of Pan Ocean Oil Gas company with all its assets inclusing Oil Mining Lease (OML) 147. Pan Ocean had accessed funding for the project from the consortium of banks led by Polaris Bank Limited (Former Skye Bank Plc) for the development and production on Oil Mining Lease (OML) 147, which came from OPL 275 in 2014. OML 147 is expected to attain peak…

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Raising Finance to Acquire A Marginal Field? Key Issues to Consider – FBNQuest

On the 1st of June 2020, the Federal Government of Nigeria (“FGN”) via the Department of Petroleum Resources (“DPR”) formally announced the commencement of the long-awaited marginal field bid round. According to the guidelines published by the DPR, a marginal field is defined as a field that has been discovered and left unattended for a period of not less than 10 years from the date of first discovery or such field as the President may from time to time, identify as a marginal field. The first marginal field bid process…

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Nigeria’s labour union Threatens War over Banks, Power charges hike

  The Nigeria Labour Congress (NLC) has threatened a war over attempt by either public or private enterprises in the Africa’s biggest crude oil exporter to hike user access and service charges under the guise of economic downturn occasioned by the COVID-19 pandemic. President of NLC, Comrade Ayuba Wabba, who, in a statement made available to Platforms Africa, vowed that all labour unions would resist the move, noted that Nigerians were already passing through a chain of very hard times, said they were entitled to fair, equitable and just utility…

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Nigeria’s President Buhari probes anti-graft boss, Magu over recovery funds’ diversion

  It is now the case of hunting the hunter in the Nigeria’s anti-corruption war as the President, Muhammadu Buhari, began the probe of the acting Chairman of the country’s anti-graft agency, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, over his alleged diversion of funds his agency recovered from looters. Magu may be on his way out of office, and also may be looking forward towards accounting for alleged infractions preferred against him by Abubakar Malami, the Attorney General of the Federation (AGF) and Minister of Justice. Sources within…

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