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Author Archives: admin

Nigeria Exited Recession Faster Than Expected – World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter. The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated ...

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Shell Confirms Oil Spill in Bayelsa Community

The Shell Petroleum Development Company (SPDC) has confirmed oil spill from its facility at Agbura-Otuokpoti area of Yenagoa, the state capital.The comapny’s Media Relations Manager, Bamidele Odugbesan, confirmed the incident in an interview in Yenagoa on Friday.Odugbesan said the company got a report of the spill on March 31.“At about 8.30am on March 31, a community surveillance vendor reported a ...

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PPPRA, NNPC, Others Meet to Review Petrol Pricing Template for April

The Petroleum Products Pricing Regulatory Agency (PPPRA), the Nigerian National Petroleum Corporation (NNPC) and stakeholders in the downstream petroleum industry met on Friday to review the petrol pricing template for April. It was said that the meeting became necessary as the ex-depot price of the commodity has hit N234/litre due to the spike in crude oil prices at the international ...

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OPEC, Allies Agree to Ease Oil Production Curbs

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, yesterday resolved to gradually ease its oil output cuts from May till July. Sources said OPEC, which has been implementing deep cuts since oil prices collapsed in 2020 due to the COVID-19 pandemic, agreed to ease production cuts by 350,000 barrels per day in May, another 350,000bpd ...

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EKEDC Celebrates With Customers On Easter, Assures Of Quality Service Delivery

Eko Electricity Distribution Company, EKEDC, has congratulated Christians on this year’s Easter celebration. The Company in a statement by the General Manager, Corporate Communications Godwin Idemudia, said Easter is a time of reflection and gratitude to God for His demonstration of love to mankind. “We join Christians across the country to celebrate this year’s Easter. As we celebrate, we are ...

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Why Metering Under NMMP is Slow — Ikeja Electric

Ikeja Electric (IE) Plc said on Friday that it had metered only some 24,000 customers under the National Mass Metering Programme (NNMP) of the Federal Government flagged off in October 2020. Mr Felix Ofulue, Head, Corporate Communications, IE, gave the figure at a news conference on Wednesday in Ikeja. He said that 106,701 customers of the electricity distribution company had ...

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Kyari Explains How Transparency Policy Influenced Financing for PHRC Rehab

…As NNPC, NEITI Renew Commitment to Deepen TransparencyThe Nigerian National Petroleum Corporation (NNPC) has begun to reap the benefit of its management’s commitment to transparency and accountability with bountiful opportunities of private sector financing for its projects.This was disclosed by the Group Managing Director of the NNPC, Mallam Mele Kyari, while playing host to the management team of the Nigeria ...

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Power Shortage Due to Load Shedding by TCN – DISCOs

Ikeja Electric and Eko Electricity, two of the nation’s major power distribution companies have attributed the drop in power supply in Lagos to a shortage in the allocation received from the national grid. The Discos informed their customers via Twitter that the reduction in power allocation resulted from load shedding by the government-owned Transmission Company of Nigeria, which manages the ...

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NCDMB Investments Restricted to Govt Policies, Projects – Wabote

The Nigerian Content Development and Monitoring Board (NCDMB) has said that it only partners with strategic policies and projects that are promoted by the Federal Government and would not invest in oil and gas businesses that have competitive private players. The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote made the clarification on Tuesday when he hosted members of the ...

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Electricity: 11 DISCOs Indebtedness to NBET Hits N510.53 Billion

The liquidity situation in Nigeria’s power sector has continued to witness downturn as the indebtedness of the Distribution Companies, DISCOs to Nigerian Bulk Electricity Trading Plc, NBET, increased to N510.53billion in 2020, indicating an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile accrued due to the inability of the 11 ...

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