The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued seven new regulations to guide operators in Nigeria’s oil and gas industry. The commission’s Chief Executive Officer, Engr. Gbenga Komolafe, who disclosed this in a statement issued on Thursday, clarified that the seven new regulations were aimed at creating a regulatory environment that assures efficiency, predictability, […]
…..analysts forecast $382bn spending on solar in 2023 The International Energy Agency (IEA) has predicted that investment in clean energy will extend its lead over spending on fossil fuels this year, with solar projects expected to surpass funding commitments on oil production for the first time. The Paris-based energy industry watchdog made this projection […]
Nigeria’s currency, the Naira, closed its exchange rate against the US dollar at black market on Friday, to trade at N780/$1 and representing 1.96% depreciation when compared with the N765/$1 it traded the preceding day. The latest exchange rate of the local currency marks the highest decline in its exchange value against the greenback since […]
The Nigerian National Petroleum Company Limited (NNPCL) has announced its signing of a series of agreements concerning Oil Mining License (OML) 130 with major oil exploration and production (E&P) companies in furtherance of its sustained efforts to improve Nigeria’s oil output on a sustainable basis. The company stated through its official Twitter account that the […]
The Federal Government on Thursday charged the newly appointed board members of the Nigeria Deposit Insurance Corporation (NDIC) to vigorously pursue sundry initiatives aimed at sustaining the stability of the nation’s financial system stability and growth in view of the increasing risks posed by financial technology (Fintech) and block chain technology to the global financial […]
Researchers and economic development analysts have attributed the improved financial sector’s contribution to Nigeria’s Gross Domestic Product (GDP) in Q1 2023 to higher charges on customers as e-transactions mainly characterized the sector’s operations in the period. The National Bureau of Statistics (NBS) had on Wednesday in its ‘Nigeria Gross Domestic Product Q1 2023’ report disclosed […]
The United Nations Environment Programme (UNEP) has harped on a “fundamental and urgent” need for collaboration with the global insurance industry to successfully tackle the climate emergency. The agency’s call came amid concerns about major re-insurers withdrawal from the global Net-Zero Insurance Alliance (NZIA). Earlier this week, another leading re-insurance the Swiss Re, announced its […]
Trading on the Nigerian Exchange (NGX) floor maintained a bullish trend for the third consecutive day this week on Wednesday amid bullish bargaining with investors gaining N167 billion, thereby driving up the broad market performance Available data from the Nigerian Exchange Group (NGX), the market’s supervisory entity, showed that the All-Share Index (ASI) grew by […]
The Lagos State Government has announced the raising of N134.8 billion in long-tenure bonds to finance infrastructure projects in electricity and other key sectors in the state The State Governor, Babajide Sanwo-Olu, who made the disclosure late Tuesday via his official Twitter account, expressed optimism that the investment would boost the short- and long-term development […]
The Central Bank of Nigeria (CBN) has revoked the licences of 132 Microfinance Banks (MFBs), three four Primary Mortgage Banks (PMBs) and two other finance companies in furtherance of its regulatory roles in the nation’s financial system. The revocation of the licensed MFBs and other financial institutions (OFIs) licences was contained in a gazetted circular […]