Category: Business

Gas Minister Commissions Tetracore Energy’s 3.1 MMscf/d CNG Facility

ADEOLA YUSUF

. “Why investment in CNG, LPG infrastructure is critical for Nigeria’s energy security,” What Ekpo, Sanwo-Olu, Abiodun, Olakunle Williams, said at the event that also witnessed groundbreaking ceremony of 5.2MMscfd LNG facility   Tetracore Energy Group, an integrated energy solutions provider, has commissioned its new state-of-the-art 3.1 MMscf/d (84,000 scm/d) compressed natural gas (CNG) facility. The facility, Platforms Africa reports, aims to supply CNG to approximately 1,500 vehicles per day in line with President Bola Ahmed Tinubu’s Presidential CNG Initiative (Pi-CNG). Also, the gas company held the groundbreaking ceremony of…

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Accelerate Pre-paid Meter Installation, EKEDC Orders Vendors

ADEOLA YUSUF

. Utility firm demands priority for its customers In fresh order to meter vendors   Eko Electricity Distribution Company (EKEDC) has announced plans to expedite the installation of prepaid meters for customers who have already made payments under the Meter Asset Provider (MAP) scheme but are yet to receive their meters. The DisCo has also disclosed a plan to launch a comprehensive metering initiative aimed at reducing the number of unmetered customers, following the deregulation of electricity meter prices under the MAP scheme by the Nigerian Electricity Regulatory Commission (NERC).…

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Labour Suspends Strike For Five Days

ADEOLA YUSUF

“Not yet uhuru,” what President of the Trade Union Congress, Festus Osifo, wants Nigerians to know about the latest on industrial action Organised Labour has suspended its nationwide strike for five days to give room for uninterrupted meeting with the tripartite committee on the new national minimum wage. The President of the Trade Union Congress, Festus Osifo, disclosed development this to newsmen on Tuesday in Abuja. Osifo spoke after the organs of Organised Labour met in Abuja on Tuesday following a position presented to it by the Federal Government team…

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Labour Shuts National Grid, Throws Nigeria into Darkness

ADEOLA YUSUF

“Aso Rock, National Assembly, all airports, hospitals, universities, everything .. everyone disconnected from the grid,” reactions + statement the TCN sent to Platforms Africa on the grid’s shutdown   The Organised Labour Unions in Nigeria have shut down the national grid, throwing the Africa’s biggest economy into natuonwide darkness, Platforms Africa reports. The action, which was a result of the nationwide strikebdecalred by the labour unions, has disconnected everyone and everything in Nigeriabfrom the grid. General Manager, Public Affairs, Transmission Company of Nigeria (TCN), Ndidi Mbah, confirmed this in a…

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ExxonMobil, Seplat $1.2Bn Asset Sale To Be Finalised In 30 Days

ADEOLA YUSUF

. NNPCL resolves deals, partners await NUPRC’s consent in 4 weeks   After over two years of delays, the Nigerian National Petroleum Company Limited (NNPC Ltd) has finally signed a settlement agreement with Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. resolving the long-standing compliance issues under Section 14 of the 2019 Joint Operating Agreement (JOA) contained in the Petroleum Industry Act (PIA). This settlement was reached between the management of the two organizations on Thursday, thereby granting consent to the sale of ExxonMobil’s 40…

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Real Reason Tomato Price Skyrocketed – Growers

ADEOLA YUSUF

The Tomatoes Growers Association of Nigeria has blamed the current hike in prices of the produce on ‘Tuta absoluta,’ Sharon insect infestations on local farms across the country. The Kaduna State chairman of the association, Mr Rabiu Zuntu, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos. NAN reports that ‘Tuta absoluta,’ also known as Tomato Leaf Miner, is a specie of moth in the Gelechiida pest family. It is a serious pest that attacks tomatoes in Europe, Africa, western Asia, and South…

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DisCos Remit N188.70Bn To NBET, MO In 3 Months

ADEOLA YUSUF

“Eko Disco number 1, Kaduna Disco number 11,” Here is Who-pays-what List of remittances by 11 DisCos   The eleven (11) Electricity Distribution Companies (DisCos) in Nigeria paid N188.70 billion to the Nigerian Bulk Electricity Trading (NBET) Plc and the Market Operator (M0) in the third quarter of 2023. Platforms Africa reports that the payment is 69.88 percent of the total invoices of N270.05 billion issued for electricity purchased from Generation Companies (GenCos) and supplied to electricity consumers in the quarter. This was revealed in the fourth quarter Q3,23, statutory…

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Nigeria’s Oil Production Hits 1.7 Million Barrels Daily

ADEOLA YUSUF

. 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

ADEOLA YUSUF

+ 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

ADEOLA YUSUF

“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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