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Fitch upgrades Fidelity Bank’s Issuer Default Rating from ‘B-’ to ‘B’

Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the ...

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Bridging Claims: NMDPRA Pays N74 Billion to Marketers in 7 Months

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has paid the sum of N74 billion to oil marketers as bridging claims in the past seven months. The authority made this known in a statement signed by Mr Kimchi Apollo, the General Manager, Corporate Communications, NMDPRA, on Wednesday in Abuja. “So far, the authority paid N71,233,712,991 bridging claims and another ...

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Reps Probe Oil Spills, Abandoned Wells in Niger Delta

House of Representatives had mandated its Committees on Petroleum Resources (Upstream) and Environment to investigate the actual cause of the oil leaks at OML 18, OML 29 and OML 63 and abandoned wells in Niger Delta. The Committees were also saddled with the responsibility of determining the magnitude, scope, and effect of the leaks on affected host communities, examine the ...

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FG Approves New Projects to Boost Power Supply

The Federal Executive Council (FEC) yesterday approved projects to boost power supply across the country, comprising a dollar component of $22. 6 million and a naira component worth N5.1 billion. Minister of Power, Abubakar Aliyu, disclosed this when he briefed State House correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. Aliyu ...

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No Refinery is Functional in Nigeria – NNPC Boss

Mr Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Ltd says there is no single refinery working at the moment in the country. Kyari disclosed this when he appeared before the House of Rep joint Committee on Petroleum Resources (Downstream) on Tuesday in Abuja. The committee is investigating the increased in prices of diesel and ...

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Ardova, Matrix and Others Receive Marginal Field License to Boost Oil Production in Nigeria

The Federal government yesterday handed over fifty-seven oil fields located onshore and swamps of the Niger Delta to Ardova, Mainland, Matrix and other local oil companies with the mandate to quickly develop these fields in order to boost Nigeria’s daily oil production which had dwindled over the years. The government said that these companies Ardova Oil, Suntrust Oil, Energia Ltd ...

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Salpha Energy Upgrades Rural Dwellers and SMEs With Solar Power

………by Chiamaka Ndubuwa…….The Chief Executive Officer of Salpha Energy, Sandra Chukwudozie said that the biggest growth so far for her company has been the reaching out to people who are in the rural areas powering them and their businesses with Solar energy. Speaking at the just concluded “African Women for the Energy Transition” which took place in Sheraton, Lagos and ...

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Hyde Energy Seeks More Investment in Infrastructure for LPG Sector

…..,…by Jennifer Dike……. The Chief Executive Officer (CEO) of Hyde Energy, Oladimeji Edward has re-emphasied the need for more investment in Infrastructure for the Liquefied Petroleum Gas ( LPG). This Edward said will go a long way to drive the huge domestic market for the sector. Speaking at the just concluded 2nd West Africa LPG Expo & NLPGA Summit 2022 ...

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Savannah Energy Commences First Gas Sales to the Central Horizon Gas Company

Savannah Energy PLC, the British independent energy company focused on the delivery of Projects that Matter in Africa, has announced that Accugas Limited (“Accugas”), the Company’s 80% indirectly owned subsidiary, has commenced gas sales to Central Horizon Gas Company Limited (“CHGC”), a subsidiary of Axxela Limited (“Axxela”), and a major gas distribution company situated in the South-South region of Nigeria. ...

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Scarcity: FG to Sanction Erring Fuel Stations, Maintains N165 Pump Price

The Federal Government has threatened to sanction any fuel stations or depot selling above the stipulated approved pump price of Premium Motor Spirit (PMS). The threat followed the persistent fuel scarcity being witnessed in the FCT and its environs as well as in other parts of the country. Mr Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory ...

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