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Eandel Magazine Eandel magazine is an iconic publication based in Lagos Nigeria, serving as the go-to industry resou

Nigeria’s oil and gas sector, the lifeblood of Africa’s biggest economy, where investments have been too few and far bet...
23/07/2024

Nigeria’s oil and gas sector, the lifeblood of Africa’s biggest economy, where investments have been too few and far between, could be taking a hit due to the ongoing public disagreement between Dangote Industries Limited (Dangote) and the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA). If it becomes fully operational, the $20bn Dangote facility, Nigeria’s biggest single local investment located in the outskirts of Lagos, could process half of Nigeria’s daily oil output....

Nigeria’s oil and gas sector, the lifeblood of Africa’s biggest economy, where investments have been too few and far between, could be taking a hit due to the ongoing public disagreement between D…

Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday. Th...
22/07/2024

Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday. This move aims to end years of idleness at Nigeria’s state-owned refineries and, if successful, could lower fuel prices, according to analysts. The Nigerian National Petroleum Company (NNPC) made the announcement during an emergency session at the National Assembly. Lawmakers convened the session to interrogate central bank authorities, the national economic management team, and the NNPC about the country's economic standing....

Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday. This move aims to end years of idleness at Nigeria’s state-owned refineries an…

The UK has appointed Mark Smithson as the Country Director for the UK’s Department for Business and Trade (DBT) in Niger...
19/07/2024

The UK has appointed Mark Smithson as the Country Director for the UK’s Department for Business and Trade (DBT) in Nigeria. He takes over from Chim Chalemera, who recently concluded a 3-year posting in that role. Mark is an experienced civil servant, having undertaken a wide variety of roles both in the UK and overseas. In this new role, he will lead the UK-Nigeria’s trade and investment relations to deliver increased high-value inward investment and greater exports into the UK and Nigeria, as well as support market access and trade policy priorities....

The UK has appointed Mark Smithson as the Country Director for the UK’s Department for Business and Trade (DBT) in Nigeria. He takes over from Chim Chalemera, who recently concluded a 3-year posti…

Just as banks in the country are put­ting the final touches to recapitalise following the directive of the Cen­tral Bank...
18/07/2024

Just as banks in the country are put­ting the final touches to recapitalise following the directive of the Cen­tral Bank of Nigeria (CBN), a new commercial bank, Nova Bank Lim­ited, has officially begun operation. The Lagos State governor, Mr Babajide Sanwo Olu, who officially commissioned the bank located on 18, Kofo Abayomi Street, Victoria Island, on Tuesday, said despite the economic downturn in the country some Nigerians are still interested in investing in the country....

Just as banks in the country are put­ting the final touches to recapitalise following the directive of the Cen­tral Bank of Nigeria (CBN), a new commercial bank, Nova Bank Lim­ited, has officially…

The Federal Government and crude oil producers in Nigeria have committed to working towards a sustainable supply of crud...
17/07/2024

The Federal Government and crude oil producers in Nigeria have committed to working towards a sustainable supply of crude oil to local refineries under a market-determined pricing system. Both parties said the aim of the commitment was to ensure that while the operators (crude oil producers) do business optimally, the refineries are not starved of feedstock. Accordingly, the industry regulator, the Nigeria Upstream Petroleum Regulatory Commission has directed oil refiners in the country to provide monthly price quote on crude supply....

The Federal Government and crude oil producers in Nigeria have committed to working towards a sustainable supply of crude oil to local refineries under a market-determined pricing system. Both par…

Guaranty Trust Holding Company plc today announced the opening of its offer for a subscription of 9,000,000,000 ordinary...
16/07/2024

Guaranty Trust Holding Company plc today announced the opening of its offer for a subscription of 9,000,000,000 ordinary shares of 50 kobo each at N44.50 per ordinary share. This follows the clearance of the offer prospectus and registration of the offer shares by the Securities and Exchange Commission, Nigeria (SEC Nigeria). According to a statement from the company, made available to Nairametrics, net proceeds of the offer will be applied toward the recapitalisation of GTCO Plc’s principal banking subsidiary, Guaranty Trust Bank Limited (...

Guaranty Trust Holding Company plc today announced the opening of its offer for a subscription of 9,000,000,000 ordinary shares of 50 kobo each at N44.50 per ordinary share.  This follows the…

SHELL Offshore Upstream South Africa said this week that its plans to drill five wells off the West Coast, within the No...
15/07/2024

SHELL Offshore Upstream South Africa said this week that its plans to drill five wells off the West Coast, within the Northern Cape Ultra Deep block, will be game-changing for South Africa, which is currently reliant on oil and gas imports for local consumption. Shell has formed a joint venture partnership that is applying to drill for exploration and appraisal off the West Coast of South Africa, joining the race by global oil majors to expand activity south of Namibia’s Orange Basin....

SHELL Offshore Upstream South Africa said this week that its plans to drill five wells off the West Coast, within the Northern Cape Ultra Deep block, will be game-changing for South Africa, which …

Sunon Asogli Power (Ghana) Company Limited says it will soon establish and operate a third phase of its thermal plant to...
12/07/2024

Sunon Asogli Power (Ghana) Company Limited says it will soon establish and operate a third phase of its thermal plant to add 508 megawatts of electricity to Ghana’s national grid. The Company is also developing 490mg solar power plants in some parts of the Northern region and 100mg wind power plant around Ada, in the Dangme East District of Accra, part of which would be ready by 2025....

Sunon Asogli Power (Ghana) Company Limited says it will soon establish and operate a third phase of its thermal plant to add 508 megawatts of electricity to Ghana’s national grid. The Company is a…

Artificial intelligence is revolutionising the business world, opening up new paths for growth and innovation across var...
11/07/2024

Artificial intelligence is revolutionising the business world, opening up new paths for growth and innovation across various industries, JUSTICE OKAMGBA writes Adopting AI can bring significant advantages, such as improved operational efficiency, enhanced customer experience, and increased revenue growth. By leveraging AI-powered predictive analytics, businesses can make data-driven decisions. Moreover, automating routine tasks with AI frees up resources, enabling organisations to focus on strategic initiatives....

Artificial intelligence is revolutionising the business world, opening up new paths for growth and innovation across various industries, JUSTICE OKAMGBA writes Adopting AI can bring significant ad…

With the steadfast backing of the ECOWAS Bank for Investment and Development (EBID), REEP has breathed new life into the...
10/07/2024

With the steadfast backing of the ECOWAS Bank for Investment and Development (EBID), REEP has breathed new life into the heart of rural provinces through the deployment of cutting-edge infrastructure. The foundation for this remarkable endeavour was the installation of Heavy Fuel Oil Diesel Generators (HFO DG sets) and the expansion of electricity transmission and distribution lines. These advances, underpinned by meticulous planning, have set the stage for a profound change....

With the steadfast backing of the ECOWAS Bank for Investment and Development (EBID), REEP has breathed new life into the heart of rural provinces through the deployment of cutting-edge infrastruct…

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the...
09/07/2024

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024. The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices....

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corpor…

Liquefied Natural Gas (LNG) exports from Nigeria have dropped by 13 per cent from 15.1 million tonnes in 2022 to 13 mill...
08/07/2024

Liquefied Natural Gas (LNG) exports from Nigeria have dropped by 13 per cent from 15.1 million tonnes in 2022 to 13 million tonnes in 2023, the International Gas Union (IGU) revealed in its latest 2024 World LNG Report. The industry is facing a significant setback as feedstock shortages have caused a 13 percent decline in exports. This development took the country from sixth place to eighth, losing its spot to Indonesia and Algeria, who exported 15.6 million tonnes and 13 millions of gas respectively last year....

Liquefied Natural Gas (LNG) exports from Nigeria have dropped by 13 per cent from 15.1 million tonnes in 2022 to 13 million tonnes in 2023, the International Gas Union (IGU) revealed in its latest…

Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans t...
08/07/2024

Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans to launch the single currency initiative, known as the ECO. This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement. The single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission and set for roll-out by August....

Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans to launch the single currency initiative, known as the ECO. This initiative e…

The Organisation of the Petroleum Exporting Countries (OPEC) says world demand for oil is projected to rise to an estima...
05/07/2024

The Organisation of the Petroleum Exporting Countries (OPEC) says world demand for oil is projected to rise to an estimated 116 million barrels per day (bpd) in 2045. Haitham Al Ghais, OPEC secretary-general, spoke on Tuesday in Abuja at the ongoing 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition. The conference is themed ‘Showcasing Opportunities, Driving Investment, Meeting Energy Demand’....

The Organisation of the Petroleum Exporting Countries (OPEC) says world demand for oil is projected to rise to an estimated 116 million barrels per day (bpd) in 2045. Haitham Al Ghais, OPEC secret…

Nigeria’s new Dangote oil refinery is ramping up gasoil exports to West Africa, capturing market share from European ref...
04/07/2024

Nigeria’s new Dangote oil refinery is ramping up gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data. According to Reuters, the $20 billion refinery is currently producing a lower grade of gasoil than anticipated as it awaits the restart of units necessary for producing cleaner fuels. Consequently, the refinery is seeking buyers in neighbouring markets. ...

Nigeria’s new Dangote oil refinery is ramping up gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data.  According to Reuters, t…

Nigeria’s capital importation increased by 210 per cent to $3,376.01 million in the first quarter of 2024. The National ...
03/07/2024

Nigeria’s capital importation increased by 210 per cent to $3,376.01 million in the first quarter of 2024. The National Bureau of Statistics, NBS, latest Nigeria’s Capital Importation data for Q1 2024 was released on Monday. According to the report, the nation’s capital importation rose to $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, thereby indicating an increase of 198.06 per cent and 210 per cent increase from $1,088.48 million recorded in Q4 2023....

Nigeria’s capital importation increased by 210 per cent to $3,376.01 million in the first quarter of 2024. The National Bureau of Statistics, NBS, latest Nigeria’s Capital Importation data for Q1 …

The Nigeria Employers’ Consultative Association (NECA) is seeking collaboration with the federal government on President...
02/07/2024

The Nigeria Employers’ Consultative Association (NECA) is seeking collaboration with the federal government on President Tinubu’s administration reforms aimed to drive economic growth. Director general of NECA, Adewale-Smatt Oyerinde sought the synergy at the third edition of the Nigeria Employers Summit in Abuja. The summit was themed, “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility.’’ Oyerinde said that President Bola Tinubu Administration within one year in office has introduced different fundamental reforms that would shape the growth trajectory of the country with impact on the private sector and households....

The Nigeria Employers’ Consultative Association (NECA) is seeking collaboration with the federal government on President Tinubu’s administration reforms aimed to drive economic growth. Director ge…

The federal government in collaboration with the presidential enabling business environment council has concluded its 12...
01/07/2024

The federal government in collaboration with the presidential enabling business environment council has concluded its 120-days regulatory reform accelerator action plan. This move is aimed at removing bureaucratic constraints to doing business in Nigeria, and making the country an easier place to start and grow a business. Chaired by the vice president, Kashim shettima, PEBEC is an initiative of president Buhari’s administration after it was established in July 2016....

The federal government in collaboration with the presidential enabling business environment council has concluded its 120-days regulatory reform accelerator action plan. This move is aimed at remo…

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