The Organisation of the Petroleum Exporting Countries (OPEC) has projected that the global oil demand is set to jump by 13 million barrels per day between 2021 and 2045, revising its previous projection upward, the organisation revealed in its World Oil Outlook(WOO) report yesterday. The cartel, however, warned of significant uncertainty surrounding the longer-term supply picture because of “major risks to the economic outlook, high inflation, energy policy goals being confronted with energy security challenges and questions regarding a perceived shortfall in upstream investment, all coupled with persisting and new geopolitical risks”. According to the report, oil demand is set…
Author: Elvis Eromosele
The National Moringa Farmers, Processors and Marketers Association of Nigeria (NAMFAPMAN) has begun collaboration with the Katsina government to support about 2,500 farmers to boost moringa production in the state. Its National Vice President in charge of the Northwest, Mr. Rabe Hashimu, disclosed on Monday in Katsina. He revealed that the state government assured the farmers of support in training the beneficiaries on moringa modern farming techniques. The national vice chairman added that the government had allocated three hectares of land to the farmers in each of the 34 local government areas of the state. According to him, the government…
Yemi Osinbajo, Nigeria’s Vice President on Monday said that Nigeria’s Energy Transition Plan (ETP) would require funding of about 1.9 trillion U.S. dollars up to 2060. Osinbajo represented by the Minister of Power, Mr Abubakar Aliyu, said this in Abuja while declaring open the ECOWAS Sustainable Energy Forum(ESEF)2022. ”For the sake of emphasis, it is relevant to note that Nigeria’s Energy Transition Plan (ETP) would require funding of about USD1.9 trillion up to 2060. ”USD410 billion of this amount is above usual spending and implies that we need to mobilise an additional USD10 billion per annum. ”The realisation of this…
The Inspector General of Police, IGP Usman Alkali Baba, Psc(+), NPM, fdc, CFR in obvious commitment to his policing agenda of Ethical Regeneration, Restoration of professional standard, enhancement of anti-corruption drive and delivery of quality service to the generality of Nigerians has continued to put round pegs in round holes. This was again made manifest with the recent deployment of a vibrant and thoroughbred officer, AIG Kayode Egbetokun as the new AIG Zone 7, Abuja. AIG Kayode Egbetokun becomes the 30th AIG of Zone 7 Abuja as he assumes duty on October 25, 2022. He succeeds AIG Aliyu Ndatsu Muhammed…
MTN Nigeria Communications Plc has posted an N269 billion profit after tax for the 9 months ended September 2022, showing a 22.1 per cent growth year on year. The company’s profit was largely driven by a jump in data revenue. The company’s revenue for the period stood at N1.45 trillion, a 20.7 per cent increase compared to N1.20 trillion recorded in the same period last year. A breakdown of the unaudited financial results for the 9 months which was released on Friday, showed that MTN’s voice revenue increased by 4.4 per cent to N753.7 billion from N722 billion recorded in…
The Nigeria Communication Commission (NCC) has put up another two slots of spectrum in the 3.5GHz Spectrum band for auction before the end of 2022, to boost the deployment of Fifth Generation (5G) services in Nigeria. The process, which was made public on October 21 with the publication of the Draft Information Memorandum (IM) for the auction on the Commission’s website, invited stakeholders to study the memorandum for purposes of making submissions ahead of a review of the IM on November 16. The final IM is slated for publication on December 18, while applications will be received by the Commission…
The Edo State Governor, Godwin Obaseki, has inspected the Duport Energy Park promoted by the Nigerian Content Development and Monitoring Board (NCDMB) and Duport Midstream Company Limited in Orhionmwon Local Government Area (LGA) of the state. The Energy Park has a 10,000 barrel-per-day refining capacity, a 50 megawatts plant capacity, a 60 million SCF gas processing plant and over 100 RAM data bank centre. The facility, on the back of ease of doing business reforms by the Obaseki-led administration, is the second refinery completed in the state, following closely behind the 6000bpd Edo Refinery constructed by AIPCC Energy Limited and…
The Equipment Leasing Association of Nigeria (ELAN) has revealed plans to promote economic and developmental growth through the leasing industry to provide the much-needed integral support for national economic growth.”The association disclosed at its 27th yearly general meeting held in Lagos, saying that the leasing sector has contributed over N14.3 trillion to Nigeria’s economy in the last 10 years. The meeting also witnessed the election of the new Chairman of the association, Mrs. Ngozi Elizabeth Ehigiamusoe, who assured Nigerians that leasing, as an industry, would continue to improve its contributions to the country’s economic development. The new Chairman of ELAN,…
Lagos State Governor, Mr Babajide Sanwo-Olu on Thursday presented a budget of N1.692 trillion to the House of Assembly. Tagged “Budget of Continuous Development”, the 2023 budget provides for revenue of N1.342 trillion and deficit financing of N350 billion, which is made up of N1.108 trillion Internally Generated Revenue and N234,235 billion total federal transfers. Sanwo-Olu also proposed a recurrent expenditure of N760 billion (45 per cent), out of which N403 billion is for overhead; N247 billion for personnel cost; and N109 billion for recurrent debt service. He proposed a capital expenditure of N933 billion (55 per cent) — N670…
Elon Musk has finally completed his $44 billion Twitter takeover deal, and fired the company’s CEO and financial chief thus ending a lengthy tug-of-war with its board of directors just before a key deadline. Musk took the struggling social network private late Thursday, ousting Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal. The agreement between Musk’s legal team and Twitter’s board was reached less than a day before the 5 p.m. Friday deadline imposed by Delaware Chancery Court Judge Kathaleen McCormick. Without a deal, Musk and Twitter would have clashed on opposite sides of a November trial. Reps…