Category: Business

SPDC Renamed After 46 Years As Renaissance Seals $2.4Bn Acquisition

ADEOLA YUSUF

Historic: Everything Tony Okonedo said about the deal that led to the re-christening of SPDC, the pioneer of petroleum industry in Nigeria + NEW NAME   Shell Petroleum Development Company of Nigeria (SPDC) has been renamed Renaissance Africa Energy Company Limited after 46 years of operation in Nigeria. Platforms Africa reports that this was sequel to the acquisition of the company’s entire stake by Renaissance Africa Energy Holdings today, Thursday, March 13, 2025. Renaissance announced that it had successfully completed the landmark transaction between itself and Shell for the acquisition…

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FACT CHECK: Did NNPC Suspend Naira-For-Crude Sale With Local Refiners?

Ganiyu Amodu

      Words like suspension and termination have been used by a section of the media to describe a six-month contract billed to expire at the end of March 2025     A section of the Nigerian media was on Monday awashed with a report that the Nigerian National Petroleum Company Limited (NNPC Ltd) has suspended the naira-for-crude contracts with local refineries. The report published by BusinessDay and a few online newspapers claimed that the said decision affected refiners, “including Dangote Refinery and other private operators.” The decision, which…

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Bickering Over Ascon Oil Worsens, Enenmoh’s Family Warns Public To Stay Off Assets

Abibat Babalola

The family of the late founder and owner of Ascon Oil Company Limited, Engineer George Ikemefuna Enenmoh, has alerted Nigerians and the business community, particularly the oil and gas sector of the economy, that they remain the “absolute owner” of the company until the shares sales purchase agreement it entered with Quest Oil and Engineering Services Limited in 2019 is fully paid. This was contained in a press statement issued by the matriarch of the family, and former Group Managing Director of the Ascon Oil Company Limited, Barrister Grace Enenmoh-Olowofoyeku.…

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‘Significant’ Oil Volume Discovered in Nigeria’s Songhai Field

Damilola Olonade

‘How, when we hit the Jackpot from eight reservoirs, logging over 1,000 feet on OML 85,’ NNPC Limited and FIRST E&P JV gives details The Nigerian National Petroleum Company Limited (NNPC Limited) and FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) have confirmed a significant hydrocarbon discovery in the Songhai Field, located in OML 85. Platforms Africa reports that the well was spudded on November 18, 2024, as part of efforts to increase and sustain the JV’s oil production over the next five years. It was…

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‘Fix Pipelines,’ Why NMDPRA’s 60k-Litre Tanker Ban Won’t Stop Explosion – Adeola Yusuf

Ganiyu Amodu

  Team Lead, Platforms Africa, calls for pipeline repairs, use of trains as alternative for fuel transport amid NMDPRA’s March 1 deadline     As Nigeria moves to implement a ban on 60,000-litre fuel tankers, Team Lead of Platforms Africa, Adeola Yusuf, has expressed concerns over the effectiveness of the measure in addressing tanker accidents. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has earlier announced a ban on 60,000-litre fuel tankers from operating on Nigerian roads. Speaking to journalists on Wednesday, February 19, in Abuja, Ogbugo Ukoha, NMDPRA’s…

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‘Meter Tampering, By-Pass,’ NERC Slams New Fines’ Thresholds On DisCos, Customers In Amended Order

ADEOLA YUSUF

    ‘11 For 11,’ Platforms Africa presents Eleven Things To Know About New Order and Implications On 11 DisCos, and millions of their customers      The Nigerian Electricity Regulatory Commission (NERC) has issued an amended Order detailing new threshold of penalties for customers and Distribution Companies (DIsCos) on “Unauthorised Access, Meter Tampering, and By-Pass.” Platforms Africa reports that the Amended Order, which replaces Order No: NERC/REG/41/2017, has taken effect from 22 January 2025. This amendment, NERC said in the Order notice sent to Platforms Africa, “aligns with the…

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‘2nd Time In 5 Years,’ Nigerian Billionaire Oil Mogul Jailed Abroad

Aliyu Aliyu

  Inside the multi-million dollars oil deals between the Nigerian businessman and CI Energy Company that landed the Chief Executive of Rahmaniya Group and Ultimate Oil & Gas In Dubai prison   A Dubai court has sentenced the owner of Rahmaniya Group and Ultimate Oil & Gas, Abdulrahman Bashar to one year in prison for a financial crime involving his dealings with CI Energy Company, an oil and gas firm. Premium Times, which reported this in an exclusive story, maintained that the ruling marked the second time in less than…

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NUPRC Goes Tough As 50 Oil Producers, Refiners Bicker Over Domestic Supply Anomaly

ADEOLA YUSUF

  . ‘Henceforth no export permits for crude oil cargoes intended for domestic refining,’ full statement the upstream regulator sent to Platforms Africa      The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has bemoaned the violation of domestic crude supply law by some producers and refiners, declaring that it would “henceforth deny export permits for crude oil cargoes intended for domestic refining, if oil companies do not fulfill their domestic crude obligations.” Platforms Africa reports that this came as more than 50 critical industry players, both the refiners and producers…

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Firm Govt Re-Awards N252.89 Billion Abuja-Kaduna Highway Contract To Inactive – CAC

Aliyu Aliyu

  ‘Blatant violation of procurement laws and corporate governance principles,’ CISLAC demands probe, wants culprits jailed   The Civil Society Legislative Advocacy Centre (CISLAC) has expressed worries over the federal government action for re-awarding the Abuja-Kaduna highway contract to Infoquest Nigeria Limited, an inactive company according to the Corporate Affairs Commission (CAC). In a statement signed by its Executive Director, Comrade Auwal Musa Rafsanjani, CISLAC called for an immediate investigation into the procurement process and those involved, emphasizing the importance of transparency and accountability in government contracting. The N252.89 billion…

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‘50% Hike,’ MTN, Glo, Others Get Govt’s Nod To Increase Calls, Data Tariff For Nigerians

Ganiyu Amodu

‘Tariff rates have remained static since 2013,’ full statement by thr NCC on the reasons the tariff hike application was approved    The Nigerian Communications Commission (NCC) says it will be granting approval for tariff adjustment requests by Network Operators in response to prevailing market conditions. Platforms Africa reports that this is pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators. According to a statement signed on Monday by the Commission’s spokesperson, Reuben Muoka,…

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