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FAAC meeting ends in deadlock over NNPC’s N37bn underpayment

The Federation Accounts Allocation Committee meeting, which was convened on Tuesday to consider and approve the statutory allocation for February, ended in deadlock.

NERC orders Discos to engage independent meter providers

The Nigerian Electricity Regulatory Commission on Tuesday ordered the 11 power distribution companies to engage the services of the recently approved independent Meter Asset Providers in order to effectively bridge the over 4.74 million metering gap in the country.


CBN Intervenes in Forex Market with $210m

The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank sector of the foreign exchange market to the tune of $210 million.

Egbin Power Station Targets 5,000MW in Five Years

The Chairman of Egbin Power Plc, Mr. Kola Adesina has restated the commitment of the board of the company to expand the plant’s generating capacity from 1,320 megawatts to 5, 000MW in the next five years.

Benue Has Lost N8bn Worth of Rice to Herdsmen Attacks in 2018’

The Benue state Commissioner for Agriculture, James Anbua has stated that the state has lost over N8billion to herdsmen attack this year.


Seplat, Mobil others top stock market N76 billion loss

Price losses yesterday continued to outweigh gains on the trading floor of the Nigerian Stock Exchange (NSE), as most blue-chip companies, especially Seplat and Mobil constituted the losers’ chart, causing market capitalisation to plunge further by N76 billion.

Multiple levies, licences threaten N750bn lubricant sector investment

Lubricant Producers Association of Nigeria (LUPAN)’s investment of over N750 billion is being threatened by multiple government agencies demanding different levels or licensing of single product – based oil, the group has said.

National Assembly defers 2018 budget approval till May

The National Assembly has given up on its earlier plan to pass the 2018 budget in April. Instead, it has proposed a new date of May 2018.


Local firm bids to buy Petrobras’ $2b Nigeria’s oil stake

Global oil traders Vitol and Glencore are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2 billion, several sources familiar with the matter said.

NERC: meter regulation effective April 3

The Nigerian Electricity Regulatory Commission (NERC) yesterday said its Meter Asset Provider (MAP) Regulation (Regulation No. NERC/R/112) will become effective on April 3.


Okomu Oil FY Turnover 20.26 Bln Naira Vs 14.36 Bln Naira Year Ago

FT turnover 20.26 billion naira versus 14.36  billion naira year ago.


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