SECTOR INSIGHT

Savannah Acquires ExxonMobil’s, Petronas’ Assets In Chad, Cameroon

Savannah Energy PLC has announced that it has signed a Share Purchase Agreement (“SPA”) with Exxon Mobil Corporation, ExxonMobil International Holdings, Inc. and Esso Exploration Holdings, Inc. (“Exxon”) and has separately signed an SPA with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS…

24/12/2021 0Comments

Shell Declares Force Majeure On Forcados Crude

Shell Petroleum Development Company of Nigeria (SPDC) says it has declared force majeure on exports of Nigerian Forcados crude oil after a malfunctioning barge obstructed a tanker path. SPDC is a Nigerian subsidiary of the Royal Dutch Shell Plc. Force majeure is a…

24/12/2021 0Comments

Titan Trust Acquires Majority Stake In Union Bank

Titan Trust Bank ‬Limited (TTB) ‭has become the majority shareholder in Union Bank of Nigeria Plc. This followed an agreement by ‭Union Global Partners Limited, ‬Atlas Mara Limited ‭and other majority shareholders to‬ divest 88.39 per cent shareholding in Union Bank ‭to‬…

24/12/2021 0Comments

NNPC Raked in N2.563trn from Petroleum Products Sale in 12 Months

The Nigerian National Petroleum Company (NNPC) Ltd yesterday revealed that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC) realised a total sum of N2.563 trillion from the sale of petroleum products between July 2020 and July 2021. The information contained in the…

23/12/2021 0Comments

Magodo Phase 2 Residents Stranded As Landowners Execute Supreme Court Judgment

There is palpable tension in Magodo Estate as many houses are under threat of demolition and possession as combined team of policemen stormed the area yesterday to write possession taken on many of them. The buildings were marked by stern looking policemen…

23/12/2021 0Comments

Landlords Raise Alarm Over Conversion Of Abuja Houses To Hotels

House owners on Mabglobal Estate, Karsana District, Abuja, have petitioned the Department of Development Control, Federal Capital Development Authority, following the conversion of residential buildings on the estate to hotels. In the petition signed by the President, Ahmed Thedicha, and General Secretary,…

23/12/2021 0Comments

NCAA Shuts Down Glo Abuja Base Station Over N4.5bn Debt

The Nigerian Civil Aviation Authority (NCAA) has shut down Globacom (Glo) facility in Wuse 2 Abuja over a N4.7bn debt. The exercise was led by the Director General of NCAA, Capt. Musa Nuhu, and was supervised by the Minister of Aviation, Sen.…

23/12/2021 0Comments

FG Reinstates Emirates’ Flight Schedule To Nigeria

The federal government has reinstated Emirates’ winter flight schedule to Nigeria. The schedule consisted of 21 weekly passenger flights to Nigeria, comprising two daily flights to Lagos airport and one daily flight to Abuja airport. This was contained in a letter dated December…

22/12/2021 0Comments

Nigeria, Ghana Get Trade Dispute Settlement Committee

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo has inaugurated an inter-Ministerial Committee for the implementation of the signed joint statement between Nigeria and Ghana. The joint statement and the inter-ministerial committee are the outcome of a high-level bilateral meeting…

22/12/2021 0Comments

Tax Credit: NNPC Hands Over N621bn Cheque For 21 Roads

The federal government has expressed optimism that the tax credit scheme given to taxable companies to build road infrastructures would help to salvage the deteriorating state of the road network in the country as the government faces a paucity of funds. Recall…

22/12/2021 0Comments

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