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Power generation falls to 3,657MW as hydro output plunges

Electricity generation in the country fell below the 4,000 megawatts mark on Sunday as the output of the hydropower plants tumbled by more than a third. The latest data obtained from the Nigerian Electricity System Operator showed that the power plants on the national grid generated 3,657MW as of 6am on Sunday, down from 4156.7MW...

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Union Bank’s annual profit rises to N25.4bn

 Union Bank of Nigeria Plc has posted an increase of 2.8 per cent in its profit before tax for the 2020 financial year, compared to the previous year. Its pretax profit rose to N25.4bn in 2020 from N24.7bn in 2019, according to its financial statements released on Thursday. The lender’s gross earnings, however, fell by...

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Stock market records N140bn weekly loss

 The Nigerian stock market extended its decline last week as investors lost N140bn. The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 0.69 per cent to close the week at 38,382.39 and N20.08tn respectively. All other indices, however, finished higher with the exception of NSE Mainboard, NSE 30, NSE Insurance, NSE Consumer Goods,...

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Nigeria’s plan to repair refineries may fail, says IEA

The plan to rehabilitate government-owned refineries in Nigeria are unlikely to materialise, the International Energy Agency has said in a new report. The Paris-based organisation noted that Nigeria and other African refiners had missed out in the past decade’s oil demand growth. It said Africa, the world’s second-most populous continent, had become a major oil...

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FG refineries earn N21bn, lose N778bn in five years

The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown. The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities. The refineries, which are...

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Oil price slumps to $63 as vaccine rollout stalls

The international oil benchmark, Brent crude, fell on Thursday for the fifth straight day to its lowest in two weeks on growing worries about rising COVID-19 cases in Europe and strengthening of the dollar that hurts the value of oil. Brent, against which Nigeria’s oil is priced, tumbled by 6.21 per cent or $4.22 to...

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GTBank’s annual profit rises to N238bn

Guaranty Trust Bank Plc has reported a profit before tax of N239.09bn for the 2020 financial year, up from N231.71bn in 2019. GTBank, which released its audited financial statements on Thursday, said its profit after tax rose to N201.44bn last year from N198.85bn in 2019. Its gross earnings increased by 4.58 per cent year-on-year to...

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Nigeria’s daily oil production rises to 1.42 million barrels

Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production last month among its peers in OPEC. OPEC, in its monthly oil market report for March, said...

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Sylva, Barkindo, others to discuss gas-powered economy

The Minister of State for Petroleum Resources, Timipre Sylva, and the Secretary-General of the Organisation of the Petroleum Exporting Countries, Mohammed Barkindo, and other stakeholders will discuss the imperative of transforming Nigeria into a gas-based industry nation at an industry conference this month. Key senior executives across the oil and gas industry will converge on...

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AfCFTA’ll help Nigeria, others if well implemented – LCCI

The President of the Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, has said the African Continental Free Trade Area will boost economic growth on the continent if well implemented. Mabogunje noted that the implementation of the agreement had commenced, and some countries had started to trade under the new trade protocol. [READ ALSO]...

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NLNG named gas company of the year

’Femi Asu Nigeria LNG Limited announced on Wednesday that it won the ‘Gas Company of the Year Award’ at the recently concluded Nigerian Gas Association Biennial International Conference and Awards Event. NLNG said in a statement that it was recognised for outstanding contributions to the gas industry in Nigeria. It said this came on the […] Read Full Story

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Axxela completes 18km gas pipeline in Ogun

’Femi Asu Axxela Limited says it has successfully inaugurated an 18km gas pipeline system in Ogun State. The company said on Wednesday that this was done through its subsidiary Transit Gas Nigeria Limited, and in partnership with the Nigerian Gas Marketing Company Limited, a subsidiary of the Nigerian National Petroleum Corporation. The pipeline, which has […] Read Full Story

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Investors lose N240bn as stocks extend losing streak

’Femi Asu Investors in the Nigerian stock market lost N240bn in the first trading week of March as the market capitalisation declined further. The Nigerian Stock Exchange All-Share Index and the market capitalisation dropped by 1.18 per cent to close last week at 39,331.61 and N20.58tn respectively. All other indices finished lower with the exception […] Read Full Story

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Vietnam may turn to Nigeria for crude oil

’Femi Asu with agency report As the country’s domestic crude production continues to decline due to naturally aging fields, Vietnam’s Binh Son Refining and Petrochemical is currently testing Qua Iboe crude from Nigeria and Cabinda crude from Angola, for its Dung Quat refinery. S&P Global Platts reported on Wednesday that Vietnam was poised to actively venture […] Read Full Story

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Nigeria, Morocco sign MOUs on hydrocarbons, others

’Femi Asu The Federal Government and the Kingdom of Morocco have signed five strategic Memoranda of Understanding that will foster Nigerian-Morocco bilateral collaboration and promote the development of hydrocarbons, agriculture, and commerce in both countries. The Minister of State for Petroleum Resources, Chief Timipre Sylva, led the Nigerian delegation to the agreement signing ceremony on […] Read Full Story

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OPEC cautions Nigeria, others over crude oil production

’Femi Asu The Secretary-General of the Organisation of the Petroleum Exporting Countries has said OPEC and its allies need to remain disciplined with their production to ensure full oil price recovery as the global economy continues to rebound from the COVID-19 pandemic. “We must emphasise in strong terms: cautious optimism, cautious optimism, cautious optimism,” Barkindo […] Read Full Story