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Northern governors mourn businessman Alhaji Aminu Dantata

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Guaranty Trust Bank Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30, 2025

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Northern governors mourn businessman Alhaji Aminu Dantata

Kano business icon Aminu Dantata dies at 94

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Tag: Oil

Massive explosion hits Trans-Niger pipeline in Rivers
featured Oil and Gas

Massive explosion hits Trans-Niger pipeline in Rivers

A powerful explosion has struck a section of the Trans Niger Pipeline in Bodo Community, Gokana Local Government Area of Rivers State. The blast occurred late Monday night near the Bodo-Bonny Road, which is currently under construction. Thick black smoke and flames rapidly spread into the surrounding mangrove forest, as seen in videos circulating on […]

Okomu Oil Palm reports N32.9bn pre-tax profit in 2023
Business

Okomu Oil Palm reports N32.9bn pre-tax profit in 2023

Nigeria’s top oil palm production firm, Okomu Oil Palm, has revealed its financial results for FY 2023, reporting a pre-tax profit of N32.9 billion, up 43.4% from N22.9 billion in Financial Year 2022. The Times reported that the corporation, situated in Edo State, reported a revenue of N75 billion in 2023, a 26.6% increase from N59.2 billion […]

Oil losses continue as Brent oil sells at $78 per barrel
Oil and Gas

Oil losses continue as Brent oil sells at $78 per barrel

Brent crude was trading at $78.47 a barrel at 03:53 am GMT on Monday, January 22, according to an early analysis of oil prices. According to Reuters, prices struggled to gain traction as economic uncertainty weighed heavily on the outlook for global oil consumption, despite geopolitical concerns in the Middle East and a recent attack […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

Nigeria’s crude oil production hits 1.4mbd – OPEC

A report published by the Organization of Petroleum Exporting Countries, has revealed that Nigeria’s crude oil production will increase to 1.418 million barrels per day in December 2023. The PUNCH reported that Nigeria’s crude oil output grew by 100mb/d from 1.319mbpd in November, according to secondary sources cited by OPEC in its Monthly Oil Market Report for […]

Top ten oil producing countries in Africa
Oil and Gas

Top ten oil producing countries in Africa

It has been a turbulent year for Africa’s top oil producers, with global oil demand falling 11% in the first half of 2020 and OPEC+ eliminating 9.7 million barrels per day from the market in a historic agreement last April. African producers are now attempting to increase output to pre-COVID-19 levels as OPEC progressively reduces […]

Business featured

Shell to sell Nigerian onshore oil assets for $1.3bn

Shell Plc has agreed to sell its Nigerian onshore oil assets to a local partnership for more than $1.3 billion, subject to government permission. According to Bloomberg, Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed the deal in a statement on Tuesday, emphasizing the company’s focus on streamlining its portfolio and directing disciplined investments […]

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA
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NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA

The African Export-Import Bank as well as the United Bank for Africa have disbursed $2.25 billion from a $3.3 billion oil-for-cash loan facility created by the Nigerian National Petroleum Company Limited. The first payment of $2.25 billion has been disbursed, with a second tranche of $1.05 billion scheduled to follow. The $3.3 billion emergency loan […]

Dangote Refinery's polypropylene to enter market
Oil and Gas

Dangote Refinery receives fifth crude oil shipment 

The Nigerian National Petroleum Corporation Limited delivered the fifth crude oil shipment of one million barrels of Bonny Light to Dangote Petroleum Refinery on Thursday. The firm is currently planning to welcome the sixth million barrels of crude oil to the refinery by next week. This recent discovery is an important step forward for the […]

Economic hardship: Senator advises Tinubu to hold national stakeholders meeting
Business

Tinubu promises improvement in power, oil sectors in 2024

President Bola Ahmed Tinubu has pledged to improve the power and oil sectors by 2024. He claimed that the continuing work in the power and oil sectors would be delivered soon during his New Year’s Day address to Nigerians on January 1, 2024. According to him, his administration has been trying to improve service delivery […]

Manufacturing sector's GDP contribution falls to N1.49trn
Economy

Why foreigners dominate Nigeria’s oil industry – FG

The Federal Government of Nigeria expressed concern at the 2023 Nigerian Oil and Gas Opportunity Fair, lamenting the fact that despite efforts to enhance the degree of indigenous firm engagement in Nigeria’s oil and gas industry, the sector is still mostly controlled by foreign organizations. According to Arise News, despite all of the government’s efforts, […]

Oil Theft: Nigeria loses $150m every two days
Business

US oil prices drop amidst banking crises

Prices of oil in the United States declined on Tuesday due to the persistent banking crisis causing the oil market’s confidence to remain low. Reuters reported that Brent crude futures for May, 2023 delivery fell 1% or 71 cents to $73.08 per barrel, while U.S. West Texas Intermediate crude futures dropped 1.1% or 74 cents […]

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