The Economic and Financial Crimes Commission (EFCC) has alleged that there was a mismanagement of Air Arik loan and stripping of critical assets while under the management of the Asset Management Corporation of Nigeria (AMCON), then led by its former Managing Director, Ahmed Kuru. This was stated by an EFCC investigator, Mr Bawa Usman Kaltungo, …
As discussions about Nigeria hitting a $1 trillion economy target by 2030 continue, experts have hinted at the indispensable role of Small and Medium-sized Enterprises (SMEs), in realizing that goal. SMEs, which form the backbone of the economy (contributing nearly 50 per cent to GDP and over 80 per cent to employment), must be at …
Minister of Power Adebayo Adelabu has urged stakeholders to embrace the ongoing reforms in the power sector and work together to build a decentralised and competitive electricity market. He stated that ongoing reforms driven by the Electricity Act 2023 have attracted over $2 billion in new investments. Adelabu, who spoke at PwC’s Annual Power and …
The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria to further cut interest rates, noting that the high cost of borrowing still hinders production and undermines competitiveness in the real sector. The association made the call while reacting to the recent decision of the Monetary Policy Committee (MPC) of the CBN …
The emergence of the Dangote Refinery is fundamentally reshaping Nigeria's oil industry, leading to a sharp decline in the country's dependence on imported fuel from places like Malta. According to TradeMap data, Nigeria's imports of Malta petroleum oils and oils derived from bituminous minerals fell to $818 million in 2024, down from more than $2.1 …
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said constructing more modular refineries can help curb the cases of oil theft, pipeline vandalism and illegal refining in Nigeria. Lokpobiri stated this while inspecting the ongoing construction of a 30,000-barrel-per-day modular refinery project in Koko, Delta State, by Ebenco Global Link Limited. …
In a major strategic move to accelerate the expansion of the Dangote Refinery in Nigeria, the Dangote Group has entered into a partnership with Honeywell International Inc., boosting efforts to increase the plant’s capacity. The goal of the partnership is to significantly increase the refinery's capacity from its initial 650,000 barrels per day (bpd) to …
In its drive to expand the use of Liquefied Petroleum Gas (LPG), also known as cooking gas, the Nigerian government has set a target of reaching at least 5 million households by 2030. Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo said the drive has already enabled over one million households to …
The Nigerian National Petroleum Company (NNPC) Limited has announced a fresh deadline of mid-2026 for selecting technical partners to manage the operations and maintenance of the country's state-owned refineries after their ongoing rehabilitation is completed. This move is a critical step in the long-delayed and costly effort to revive Nigeria's moribund refineries and achieve energy …
The Enugu State Electricity Regulatory Commission (EERC) has warned MainPower Electricity Distribution Limited about alleged indiscriminate creation of new customer accounts without the provision of meters. The Commission said such practice violates its regulatory framework. According to a Commission statement, various complaints have been received from customers stating that MainPower has been opening new accounts …
