Trading activity in the insurance sector of the Nigerian Exchange Limited remained strong on Tuesday, as investors exchanged 72.36 million shares across 951 deals, with Cornerstone Insurance Plc and International Energy Insurance Plc emerging as the top gainers. Market data showed that Cornerstone Insurance Plc recorded the highest price gain of 9.25 per cent, closing
PETROAN’s National President, Billy Gillis-Harry, made the request during a courtesy visit to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Tuesday in Abuja. The Petroleum Products and Retail Outlet Owners Association of Nigeria has formally requested a seat on the board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority,
Nigeria has sealed a groundbreaking $200 million agreement aimed at expanding access to electricity in rural and underserved areas through renewable mini grids. The deal, signed with WeLight, a pan-African Distributed Renewable Energy company, is expected to provide stable and affordable power to millions of Nigerians who currently rely on expensive and unreliable alternatives. The
Oil marketers have expressed displeasure over the negative impacts of the unstable pricing index for the nation’s Premium Motor Spirit otherwise known as Petrol, saying the flip+flop is now threatening their businesses. The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris, raised the concerns. According to Gilly-Harris, fluctuating petrol
The Managing Director, Rural Electrification Agency (REA), Abba Aliyu, has said that Nigeria has so far secured $950 million in funding for its Distributed Access through Renewable Energy Scale-up (DARES) programme. Aliyu disclosed the development on Monday in Abuja during a renewable energy service company collaborative agreement signing ceremony with nine companies. HeAliyu the Federal
The Nigeria’s Naira flipflops in the foreign exchange market, has been described as a bold economic step that has provided competitive leverage for the country in the global economic competition. Since the assumption of Office of President Bola Tinubu, the Naira has been devalued by more than 70 percent. It fell from 460 to the
The Nigerian National Petroleum Company Limited (NNPCL) has reacted to the recent reports circulating on the social media regarding it’s alleged unilateral termination of the crude oil sales agreement in Naira between it and the Dangote Refinery .Clarifying the situation in a statement on Monday, the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the
The Lagos State Government has officially taken control of the state’s electricity market, following the official transfer of regulatory power from the Nigerian Electricity Regulatory Commission (NERC) to the Lagos State Electricity Regulatory Commission (LASERC). The shift is in alignment with the Electricity Act 2023 and recent constitutional amendments that empower states to regulate their
ABUJA — President Bola Tinubu reiterated yesterday that the removal of the fuel subsidy is a measure to safeguard the future of unborn generations. Speaking at the inauguration of the National Youth Congress Planning Committee at the Council Chambers, Presidential Villa, Abuja, Tinubu emphasized his administration’s dedication to youth empowerment and the creation of a
The Comptroller-General of Customs, Bashir Adeniyi said the seizures were made in less than three months as part of its ongoing anti-smuggling operation tagged “Operation Whirlwind.” Adeniyi also highlighted recent seizures made by the operation at the Federal Operations Unit in Ikeja. He attributed the smuggling of petrol to significant price disparities across Nigeria’s borders,
