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Author Archives: Business Hilights

W’Bank leaks Buhari’s secret, seeks investment in human dev

World Bank Nigeria

Fresh revelation on why massive developments have been tailored to the northern part of Nigeria was on Thursday, made by the President of the World Bank Group, Jim Yong Kim. He revealed that President Muhammadu Buhari, during his first meeting with him, asked World Bank to focus on northern Nigeria in developments and noted that the bank has been doing ...

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Lack of commercial viability forcing us to reject power—Discos open up

dam scheme

The spokesman of the Association of Nigerian Electricity Distributors (ANED) and Director of Advocacy and Research, Sunday Olurotimi Oduntan in Abuja on Thursday opened up on why many power Distribution Companies (Discos) engage on load rejection. Nigeria is currently serviced by 11 Discos. He explained that Discos actually reject electricity sent to them for their customers based on the commercial ...

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Cement backward integration attracted $6bn FDI in 2002—Lafarge

lafarge CM, Mobolaji Balogun

…Now saves N240bn annually More details of the success story of Cement backward integration in 2002 has been revealed by the Procurement Director, Lafarge Africa Plc, Lolu Alade-Akinyemi, at the ongoing 23rd Nigeria Economic Summit in Abuja. He explained that backward integration which translates to rising local production of cement was driven by favourable government policies from 2002, saying “Today, ...

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Baru reveals how he convinced refinery investors to site in A’Ibom

Udom E 33

Fresh details have emerged on why a new set of investors in oil refinery changed their mind to locate the plant in Akwa Ibom State. Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, on Thursday said “Although the preferred location of the investors was not Akwa Ibom State, he had convinced them to consider establishing the ...

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Why INTELS, experts rejected NPA’s termination of agreement

NPA Usman

Reactions have started trailing the sudden termination of Pilotage Agency Agreement between the Nigerian Ports Authority (NPA) and Nigeria’s Oil and Gas logistics giant, INTELS Nigeria Limited. Both INTELS and industry stakeholders say action send’s wrong signal of policy inconsistency, abuse of due process and government’s unseriousness to ease of doing business campaign. Industry pundits say NPA’s decision to terminate ...

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Ghanaians, Kenyan developers rout Nigerians @ TechCrunch’s Startup contest

Techcrunch Africa

Nigerian technology startups failed to win a price at the just concluded Facebook sponsored   first-ever TechCrunch’s Startup Battlefield Africa 2017 in Nairobi, Kenya. TechCrunch’s Startup Battlefield Africa saw 15 startups battle it out to win a US$25,000 prize. Nairobi-based Lori Systems, with its product and service in the Productivity and Utility category, was crowned the overall winner for its logistics ...

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‘Free roaming for ECOWAS states best ease of doing business policy’

ECOWAS-States

Telecoms analysts have started reviewing the recent approval for free regional roaming regulation for member states of the Economic Community of West African States (ECOWAS), saying the deal if implemented will boost regional trade and business. Before now, roaming rate for the ECOWAS states is high and does not encourage any form of interaction, thus frustrating businesses and relations. In ...

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Osinbajo opens up on NNPC contracts while PMB was away

Osinbajo buhari

Fresh angle on Thursday emerged on the trending crisis of insubordination and its denial rocking the petroleum industry since the petition form Minister of State, Dr. Ibe Kachukwu leaked to the press. Vice-President Yemi Osinbajo, yesterday admitted that he approved the Nigerian National Petroleum Corporation (NNPC) joint venture financing contracts as disclosed by the government-owned oil firm without recourse to ...

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OPEC, allies production limits regain control over supply glut

opec

There seems to be relative stability on global oil prices throughout this week as members of OPEC and even allies regained critical control over the oil market due to their production limits were able to nutralise supply glut that caused prices to plunge recently. However, leading oil and gas industry data giant, he IEA warned Thursday that further restraint is ...

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NPDC reechoes equity production of .5m bpd by 2020 in Owerri

NNPC Headquarters.

The Nigerian Petroleum Development Company (NPDC), has once again, restated the growing trending that will lead oil equity production to 500,000 bpd by year 2020. Speaking at the ongoing Nigerian Content Workshop in Owerri, Imo State, the Managing Director of NPDC, Mr. Yusuf Matashi, however, linked success of the target to efficiency of local content regime in the industry. He ...

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