FG seeks $450m from Islamic Development Bank for power sector

The Federal Government has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system...

Energy financing: Nigerian banks come of age

Nigerian banks, after having their fingers burnt in the past, seem to have finally awaken to the needs and opportunities in the energy sector,...

CAMAC approves stock dividend

CAMAC Energy Inc.’s board of directors approved a stock dividend on shares of its common stock. Stockholders of record at the close of business on...

ExxonMobil names new MD for Nigerian operations

Mobil Producing Nigeria Unlimited on Friday announced the appointment of Paul McGrath as the new Chairman and Managing Director of the organisation, with effect...

Afren obtains $300 million funding lifeline

Indebted oil producer Afren has reached a $300 million deal with bondholders that will provide it with vital funding by June at the expense...

UBA to invest $2 billion in power sector

United Bank for Africa (UBA) has invested $700 million this year in financing power assets in the country and plans to put $2 billion...

Nigeria, other African oil producers cut by Moody’s after review

The credit ratings of Nigeria and Angola, Africa’s two biggest oil producers, were among four countries downgraded by Moody’s Investors Service, citing the negative...

Forte Oil to get fresh capital injection, diversify upstream

The Group Managing Director  of Forte Oil, Mr. Akin Akinfemiwa has said that additional capital will soon be injected into Forte Oil Plc  that...

Presidency: Why Jonathan deferred budget presentation

The presidency Tuesday defended the decision of President Goodluck Jonathan to defer until further notice the presentation of the 2014 budget to the National...

Petroleum tax drops by N390bn – FIRS

The Acting Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said the Petroleum Profits Tax collection for the year has dropped...

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