Category: Business News

An ENI spokesman said on Tuesday that Nigeria’s Brass River crude oil stream is under force majeure after a pipeline blast on Sunday evening, Reuters reports. Roughly 21,000 barrels per day (bpd) in total of the stream’s production were impacted by the blast, but just 4,200 bpd from ENI’s equity stake were out. The total…

A state of emergency has been declared in the tomato sector in Kaduna state, northern Nigeria, local media report. A moth called the Tomato Leaf Miner or Tuta Absoluta has ravaged 80% of tomato farms, Commissioner of Agriculture Daniel Manzo Maigar told the press. He calculated a loss of at least 1bn naira ($5.1m; £3.5m).…

The Federal Government has saved N680billion in five years through the establishment of theBureau of Public Procurement, BPP. The Acting Director-General of the BPP, Ahmed Audu, who revealed this on Monday, May 23, while speaking on the sidelines of a Procurement Cadre Conversion training for officials of Federal Government agencies, parastatals, Commissions and Institutions. Audu said…

The Federal Government, on Monday, May 23, said the nation would need a whooping $166 billion to meet its energy and transport infrastructure requirement over the next five years. Transportation Minister, Rotimi Amaechi, who revealed this during a public hearing on Nigerian Railway Authority Bill and National Transport Commission Bill, said the Federal Government and General…

The shares of South African telecommunications giant, MTN, plunged after Nigerian government suspended talks about a $3.9 billion fine. The suspension is as a result of the incomplete investigation by the House of Representatives into the nature of the penalty. The stock shed 2.6 per cent, the most since May 12, to R125 as of…

The increase in the spate of pipeline vandalism, particularly of gas pipelines in Nigeria’s oil-rich Niger Delta, has compounded the nation’s power supply situation. Generation capacity recently dropped to a new low of about 600 megawatts, MW, thus throwing many areas into  darkness, as residents national complain of barely receiving up to three hours electricity supply…