Business – Page 22 – Platformsafrica

NCDMB, BOI Ink Amendment of MoU on $50m NOGaPS Manufacturing Fund

August 27, 2023 ADEOLA YUSUF

. Angola, Namibia to replicate funding model The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have signed an amendment to the Memorandum of Understanding (MoU) on the $50million NOGaPS Manufacturing Fund. The Fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to the Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities established by the NCDMB, and increase access to affordable finance by the manufacturing entities. The signing of the amended MoU took place in Lagos on…

NLNG Restates Commitment To Community-Driven Development In Host Communities

August 24, 2023 ADEOLA YUSUF

NIGERIA LNG Limited (NLNG) has restated its commitment to the Global Memoranda of Understanding (GMoU), signed with its host communities in 2021, to drive community-initiated sustainable development. The company stated this on Tuesday at the commissioning of projects by the Rumuji Community Cluster. The projects, which include a one-kilometre Rumuji/Rumuewhor Link Road, Scholarships to 29 university undergraduate students, and renovation and furnishing the Rumuji Community Development Foundation (RCDF) Secretariat, were funded and completed under the GMoU programme. Under the GMoU framework, clusters were created to drive community-initiated projects through a…

How, Why UK Slammed £100,000 Bribery Charges On Diezani

August 23, 2023 ADEOLA YUSUF

“What we know about her collecting £100,000 bribe in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties” – UK’s National Crime Agency (NCA) on trials of Nigeria’s erstwhile powerful oil minister Diezani Alison-Madueke, Nigeria’s former Minister of Petroleum Resources, in faraway, United Kingdom (UK) court, is now facing a case of collecting bribe while in office, upping the ante for the erstwhile powerful minister wanted in Nigeria on sundry charges of corruption. Coming about eight years after escaping…

Average Daily Petrol Consumption Sheds 16.8% To 52m Litres – NMDPRA

August 22, 2023August 22, 2023 ADEOLA YUSUF

Petrol consumption in the country dropped by 16.8 percent in July, 2023 to 52 million litres daily compared to 64.96 million litres recorded in June, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has shown. According to the Authority, the land-based stock and closing stock less dead stock of petrol was 1.120 billion litres as of the end of July 2023. It added that marine stock which included berth and offshore availability was 521 million litres. READ ALSO: Ministers Must meet Nigerians’ Expectations, I Believe Them, Says…

Obasanjo, Yar’Adua, Jonathan, Buhari Spent N14 Tr On Fuel Subsidy In 16 Yrs

August 17, 2023 ADEOLA YUSUF

NEITI releases audit report, says Nigeria’s loss to crude oil thieves, Saboteurs hit N16.25 trillion in 11 years. Nigeria has spent $74.39 Billion which tranIates to N13.7 trillion on fuel subsidy from the years 2005 to 2021, the Nigeria Extractive Industry Transparency Initiative (NEITI) has declared. Platforms Africa reports that the time frame falls within the second term of ex-President Olusegun Obasanjo, a part of the term of late Umaru Yar’Adua, the term of ex-president Goodluck Jonathan, and the two terms of former president Muhammadu Buhari. READ ALSO: BREAKING:…

Who-Gets-What: Full List Of Ministers And Designations

August 16, 2023August 16, 2023 ADEOLA YUSUF

The Presidency on Wednesday unveiled the designation of the ministers that will work with President Bola Tinubu. Below is the full list of the ministers and their designations Minister Of Communications, Innovation And Digital Economy: Bosun Tijani READ ALSO: JUST IN: Tinubu Retains Petroleum Ministry, Assigns Portfolios To Ministers Kenya Reinstates Fuel Subsidy After Months of Violent Protests BREAKING: NNPC Borrows $3bn Emergency Loan Lagos Muslims Protest, Petition Lawmakers Over Sanwo-Olu’s Cabinet List Minister Of State, Environment And Ecological Management: Ishak Salako Minister Of Finance And Coordinating Minister Of The…

BREAKING: NNPC Borrows $3bn Emergency Loan

August 16, 2023August 16, 2023 ADEOLA YUSUF

Why we borrowed the loan from Afrexim Bank – Kyari The Naira on Wednesday got some relief as the Nigerian National Petroleum Company Limited (NNPCL) signed a commitment letter and term sheet with the Afrexim Bank for an emergency $3bn crude oil repayment loan. Platforms Africa reports quoting a very brief statement from the NNPCL, which confirmed that the signing was conducted in the bank’s headquarters in Cairo, Egypt. READ ALSO: Kenya Reinstates Fuel Subsidy After Months of Violent Protests 5 MDs In 10 Years: Abuja DisCo Gets New…

Kenya Reinstates Fuel Subsidy After Months of Violent Protests

August 16, 2023 ADEOLA YUSUF

President Ruto removed fuel and maize flour subsidies in September and increased taxes this year. Kenya has reinstated a small subsidy to stabilise retail fuel prices for the next 30 days, the energy regulator says, in a reversal of government policy after public anger over the high cost of living. After taking office in September, President William Ruto removed fuel and maize flour subsidies put in place by his predecessor, saying he preferred subsidising production rather than consumption. The move was also aimed at cutting government spending as the…

96 Crew-Member Seplat’s Oil Rig Capsizes, Kills One, Three Missing

August 16, 2023August 16, 2023 ADEOLA YUSUF

Tragedy struck in Ovhor area of Delta State on Tuesday, when an oil rig belonging to Seplat Energy Capsized with 96 crew-members on board. Platforms Africa reports that 96 Crew Member were on board when the tragedy struck. of the crew members were rescued safely, while one died and three others were still missing as at press time. The swamp drilling oil rig- “Majestic” capsized on its way to a drilling location in Ovhor in Delta State. Chief Executive Officer, Mr. Roger Brown, confirmed the incident, saying an emergency response…