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Seplat eyes N252bn Imo gas fields development

•As Kachikwu, Saudi Aramco discuss investment options Jude Johson and Libby George Nigerian oil company Seplat said on Wednesday it had taken a final investment decision to develop gas fields in the country’s Imo state and would raise $700 million (N252 billion) for the venture in partnership with state-owned NNPC. This is coming

Borno State declares Thursday public holiday for Buhari’s visit

Mukaila Ola  The Borno State Government has declared Thursday, April 25, 2019,  as public holiday to enable every residents of the state capital, Maiduguri troop out to give visiting President Muhammadu Buhari a rousing welcome. An announcement by the state commissioner for information, Mr. Mohammed Bulama on Wednesday read: “Sequel to the

Singapore’s Olam to buy Dangote Flour Mills for N130bn

Jude Johnson, Syed Saif and Hussain Naqvi The Singapore-based commodity trader Olam International on Tuesday said it will buy Nigeria’s Dangote Flour Mills for an enterprise value of 130 billion naira ($424.9 million). The deal will be funded by internal cash resources and existing borrowing, Olam added. ($1 = 305.9500 naira) Olam’s

Iran Sanctions: Nigeria to benefit as oil prices spike, hit six-month high

Jude Johnson, Julia Payne and Jamie Dettmer Nigeria and other oil producing countries will benefit from the decision by the United States to stop oil waiver granted to some countries on the Iran sanctions. This may however, depend on how other oil producing countries maximised the opportunities presented by the US

Fire extinguished on Nigeria’s oil-exporting NCTL pipeline -Aiteo

Camillus Eboh and Libby George A fire on Nigeria’s oil-exporting Nembe Creek Trunk Line reported on Sunday has been completely extinguished, operator Aiteo said in a statement. The company declared force majeure and closed the pipeline, one of two lines exporting Bonny Light crude oil, over the weekend. Royal Dutch Shell said that

We have ‘largely depreciated’ Boko Haram terrorists – FG

•President Buhari not ‘sleeping on duty' Jude Johnson The Federal Government had again insisted that it has “largely depreciated the efficiency and efficacy of Boko Haram insurgents.” The Minister of Information and Culture, Lai Mohammed, gave the stance during a media interview in Abuja on Monday. This is similar to

How FG, States, LGcs Shared N8tr in 2018

•Delta, Akwa Ibom, Lagos received highest shares Godsgift Onyedinefu The Federal Government, 36 states and the 774 local government councils in Nigeria shared a total sum of N8trillion from the Federation Account in 2018 in spite of the shut-ins in several oil installations during the period. The allocations were made after the