AfrexInsure, the specialty insurance subsidiary of the African Export-Import Bank (Afreximbank), has announced a strategic partnership with Oando Plc to provide tailored specialty insurance solutions for the energy company’s operations in Nigeria. The partnership aims to protect Afreximbank’s investment in Oando’s operations, including a $650m financing for Oando’s acquisition of Nigerian Agip Oil Company Assets
Carviva, a leading Auto-Tech company, has announced a significant milestone in its Fuel Wallet platform, achieving $1m in fuel token transaction value over a two-year trial period. This achievement underscores the growing trust and adoption of the innovative solution by fleet organisations, corporates, small businesses, and individuals. According to the founder and CEO of Carviva
The stalled negotiations between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refineries over the naira-for-crude deal have sparked concerns among market analysts, who warn that the collapse of the agreement could threaten liquidity in the foreign exchange market and undermine the country’s efforts to curb inflation. The naira-for-crude contract, which was introduced on
FirstBank, one of Nigeria’s leading financial institutions, has marked 131 years of service, reaffirming its commitment to empowering individuals, families, and businesses to achieve their financial goals. In a message to its customers, the bank highlighted its enduring legacy of trust, innovation, and excellence, stating that it remains dedicated to putting its customers first. “For
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reaffirmed its commitment to promoting transparency in the oil and gas sector, with a particular focus on reviewing the recent divestments by international oil companies (IOCs). According to NEITI Executive Secretary, Ogbonnaya Orji, the agency will conduct a comprehensive examination of the divestments involving 26 oil blocks
The Abuja Electricity Distribution Company (AEDC) has announced a planned power outage in various parts of the Nigerian capital, Abuja. The affected areas include the Nnamdi Azikiwe International Airport, the National Assembly Complex, and other key locations. According to the AEDC, the power outage is necessary to enable the company to carry out essential maintenance
Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, expressed his belief that Nigerians possess the ability to overcome corruption through unity and shared commitment. His remarks were made in a goodwill message to Muslims across the nation celebrating Eid-el-Fitr, delivered in Abuja on Sunday. “Tackling economic and financial crimes, as well
The World Bank is poised to approve fresh loans totalling $632 million to Nigeria today, our correspondent has gathered. This development comes amid growing concerns over Nigeria’s increasing debt profile.According to reliable sources, the loans are targeted at supporting critical sectors, particularly nutrition improvement and quality basic education in the country.Documents obtained revealed that the
The West African Container Terminal (WACT) operating at Onne Port in Rivers State is set to implement a significant tariff increase starting tomorrow, April 1, 2025. According to a notice issued by the terminal operator, both Terminal Handling Charges (THC) and storage fees will be adjusted upward after receiving necessary approvals from relevant regulatory agencies.Our
In a startling revelation, the Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered N9.3 trillion in unremitted liabilities owed to the federal government by revenue-generating agencies, according to its 2023 industry report released yesterday.This massive sum represents approximately 72% of the federal government’s projected budget deficit of N13 trillion for the 2025 fiscal year, raising
