The African Refiners and Distributors Association (ARDA), a pan-African organisation for the downstream oil sector in Africa, says Nigeria and other countries in the continent require $15.7 billion to upgrade 36 oil refineries. Founded in 2006, the ARDA is comprised of African oil refiners, importers, terminal operators, major marketers, distributors and regulators. In March, the federal executive council (FEC) approved the sum of $1.5 billion for the rehabilitation of Port Harcourt refinery. The repair, which will be executed by Tecnimont SPA, an Italian company, will be done in three phases of 18, 24 and 44 months In a statement, Anibor…
Author: Temitope N.
In a move towards deepening transparency, the Nigeria Extractive Industries Transparency Initiative (NEITI) has secured the trust of the Department of Petroleum Resources (DPR) and the Nigerian National Petroleum Corporation (NNPC) to ensure that the terms of all contracts signed in the petroleum sector are open and totally accessible to Nigerians as required by the global Extractive Industries Transparency Initiative (EITI). The Executive Secretary/Chief Executive Officer of NEITI, Dr. Orji Ogbonnaya Orji made the disclosure in Abuja at the end of a five-day knowledge sharing workshop for his staff in Abuja. According to him, a committee to resolve issues surrounding…
The Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation that promotes financial inclusion in Nigeria, says 38 million citizens — 36 percent of adult population — remain completely financially excluded. In its 2012 National Financial Inclusion Strategy (NFIS), the Central Bank of Nigeria (CBN) had projected that 80 per cent of Nigerians would have access to financial services by December 2020. But the data released by the financial sector development organisation shows that only 64 percent of Nigerian adults were financially included by the end of 2020. Of the figure, 51 percent of Nigerian adults have access…
First Bank of Nigeria Limited has debunked reports that its branches in the South-East part of the country have been closed due to the rising insecurity in the region. “This is to inform the public that our South-East branches are fully open for business. Please disregard any news making the rounds that is contrary to this. Thank you,” Bank’s Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, said in a statement on Wednesday. The bank noted that its branches in the South-East and in other parts of the country were “fully open for business.”
Shoprite, Africa’s largest food retailer, has sold its Nigerian operations to local investors 16 years after it opened its first outlet in the continent’s most populous country. The company sold its stake to Ketron Investment, a Nigerian company owned by a group of local investors led by property firm Persianas Investment, Ketron said in an emailed statement. Shoprite is changing its strategy “from an ownership model to a franchise model,” Ketron said. The acquisition has been approved by Nigeria’s federal competition and consumer protection commission. With the sale, Shoprite becomes the latest South African business to exit the West African…
The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries. The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC ministerial meeting on Tuesday. “In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations. “Also, the efficient, economic and secure supply to consumers; and a fair return on invested…
Nigeria has awarded the rights to develop marginal oilfields to 50% of the 161 firms shortlisted after they met all the conditions, the petroleum regulator said on Tuesday. Nigeria is looking to production from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the country’s foreign exchange. The award comes a year after the marginal field bid round in 2020 in which 591 companies applied to win 57 oil fields located onshore, swamps and offshore, said Sarki Auwalu, head of the Department of Petroleum Resources (DPR). Some of the indigenous…
The European Union is preparing sanctions on Belarus’ national airline and around a dozen top Belarusian aviation officials, three diplomats said, a stop-gap measure before economic sanctions following the forced landing of a passenger plane. The proposed asset freezes and travel bans are part of a package of new sanctions on Belarus from EU states, which are outraged that a Ryanair flight was pressed to land in Minsk on May 23 to arrest a dissident journalist and his girlfriend. EU governments, which described the incident as state piracy, say they are looking at targeting sectors that play a central role…
The Securities and Exchange Commission has directed all existing investment crowdfunding portals/digital commodities investment platforms to note the requirements and eligibility criteria for raising funds through and/or operating a Crowdfunding Portal and comply with the registration requirements or cease operations by the 30th of June, 2021. This was contained in a notice released by the Commission on Wednesday. According to the SEC, the rules governing Crowdfunding business in Nigeria came into effect on the 21st day of January, 2021, which was part of efforts by the Commission to ensure investor protection while encouraging innovation in the conduct of securities business.…
Henceforth, any organisation or individual seeking bank loans will provide sufficient evidence that the facility will be channelled into a venture that will not pollute or harm the environment in any way. Central Bank of Nigeria (CBN) Governor Mr Godwin Emefiele, who stated this on Thursday in Abuja at the celebration of the 2021 World Environment Day, themed “Ecosystem Restoration”, explained that the move was to keep a green and sustainable environment in the country. Emefiele, who planted trees alongside his deputies at the CBN headquarters, further noted that the Deposit Money Banks will adjust their lending policies accordingly. ‘In…