Nigeria’s Oil Production Hits 1.7 Million Barrels Daily

. How we achieved new output mark – NNPC   The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, says Nigeria’s oil production has reached 1.7mbpd as of Saturday. The NNPCL boss who stated that the production is coming from 1.28 million barrels per day a few months ago, did not state whether the growth in production includes condensate. However, some stakeholders are asking for the technical presentation regarding Kolman River and Bornu Basin (the Nigerian sector of the Chad Basin,) discoveries to be presented…

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NNPCL Reacts As Fire Guts Petrol Depot In Lagos

+ Full statement Olufemi Soneye, Chief Corporate Communications Officer NNPC Ltd, sent to Platforms Africa on the incident   The Nigerian National Petroleum Corporation Limited (NNPCL) on Friday stated that the depot gutted by fire in Lagos belonged to Honeywell and not its subsidiary. Platforms Africa reports that many news outlets have earlier claimed that the facility located at Kayode Street, Marine Beach, Apapa area of the state belonged to the NNPCL. READ ALSO: ‘Operations Not Impacted,’ NLNG Confirms Gbarain Ubie Gas Plant’s Explosion Student Loan Application Portal Opens May…

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Nigerian Bank Managers ‘Borrowed’ N549bn From Depositors’ Accounts

“Which kind play be this?” Nigerians react, demand probe of those found guilty    Directors and key management personnel of Deposit Money Banks borrowed about N549bn from their financial institutions in five years. This is according to an analysis of the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023. However, the banks’ loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023, a report by The PUNCH showed. These transactions dropped to N52.40bn for eight…

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Metering: EKEDC Issues 2,000 Minimum Stock Mandate Order To MAP Vendors

. ‘Reopening Metering portal, 4G-enabled meters for all.’ Full details of templates the utility firm released to customers on how prepaid meter backlog will be cleared   Ahead of the plan to re-launch its prepaid meter portal within the Meter Assets Providers (MAP) scheme, Eko Electricity Distribution Company (EKEDC) has implemented a new prerequisite stipulating that MAP vendors must have a minimum stock of 2,000 smart prepaid meters on hand before being authorized to sell and install meters for new customers. Mrs Rekhiat Momoh, Acting Managing Director/Chief Executive Officer of…

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‘Done Deal;’ Shell To Exit South Africa, Gives Reason

Energy company, Shell Plc, has announced its decision to sell off its majority stake in the South African downstream subsidiary, Shell Downstream SA (SDSA). The decision comes after conducting a thorough evaluation of its global operations. Shell Downstream SA (SDSA) was established a decade ago when Shell South Africa and Thebe Investment Corporation, a black empowerment firm, decided to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe Investment Corporation acquired a 28% equity share in the venture. READ ALSO CBN Issues July 7 Deadline For PoS Operators’…

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See Exemptions To CBN’s Cybersecurity Levy

Central Bank of Nigeria (CBN) has mandated all banks to begin charging a cybersecurity levy on transactions. The levy is to be implemented in two weeks and is a follow-up on earlier letters emphasizing compliance with Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. The Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 has provided for the levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act. READ ALSO Takeaways From Tinubu’s Trip to Riyadh…

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List Of African Nations With Heaviest Chinese Debts

“Number 8 may shock you!”   The COVID-19 outbreak and Russia’s invasion of Ukraine had a negative economic impact, making it harder for many African countries to pay down their national debt. According to the United Kingdom’s Chatham House, more than 20 low-income African nations were at a high risk of defaulting. Bloomberg revealed that China accounts for 12% of Africa’s $696 billion (KSh 94 trillion) external debt. Due to the extent of Chinese lending, the World Bank noted that seven African nations were either in debt distress or at…

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N225/kWh To N206.80/kWh: Ikeja DisCo Slashes Tariff For Band A Customers

Ikeja Electric Distribution Company (IE) has announced the reduction of its electricity tariff for customers under Band A from N225/kWh to N206.80/kWh. In a circular signed by the management of the company on Monday, IE said the customers will now pay N206.80/kwh, rather than the stipulated N225/kwh ordered by the Nigeria Electricity Regulatory Commission (NERC). According to the statement, IE guaranteed to provide 20 to 24 hours of electricity to users under this Band, adding that the tariff for customers under other categories will remain the same. READ ALSO Viral…

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NISO Assumes National Grid Control, Operations As NERC Unbundles TCN

▪️  What becomes the date of all staff under defunct System Operator   The Nigerian Electricity Regulatory Commission (NERC) has issued a new Order for the establishment of the Nigerian Independent System Operator Limited (“NISo”) effective from 1 May 2024, to hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as NERC may specify. This was contained in the Commission’s order, tagged ORDER NO: NERC/2024/45, İssued on April 30, 2024, jointly signed by Sanusi Garba,…

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Major Marketers Supply 300m Litres, Plot End To Fuel Queues Nationwide

The Major Energies Marketers Association of Nigeria (MEMAN) has revealed that the association’s members in Apapa and other locations in Lagos are currently taking delivery of Premium Motor Spirit (petrol) from 8 vessels this week, totaling over 300 million liters – well above the normal levels. He has emphatically assured that the ongoing fuel scarcity and queues in Nigeria will not last more than two weeks, contrary to speculations, and has assured the public that there is an adequate supply of the product. Mr. Huub Stokman, the Chairman of MEMAN, speaks during…

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