Oil firms ignore Nigeria, pump fresh dollars into Libya
Nigeria is struggling to attract investment into its energy sector, while Libya, a country that recently emerged from a decade of conflict, is getting serious attention from some of the biggest international oil companies to assist in the gradual revival of its energy space
How lack of local capacity to contain major spills worsens Nembe oil leak
The oil spill at the Santa Barbara oil field, OML 29 located in Nembe Local Government Area of Bayelsa state has gone uncontained after three weeks because Nigeria lacks the capacity, the head of the government agency
Lagos launches new electricity policy December 8
The Lagos state government will formally launch its new electricity sector policy designed to steer investors into its independent power market on December 8, a government representative has said
Poor quality produce, ports keep non-oil exports in limbo
Nigeria’s failure to deal with recurring export rejection, port congestion and high cost of product registration is putting the country’s diversification quest at risk, experts have said. Africa’s biggest economy has had the opportunity of quelling a ban on its agricultural produce
AXA Mansard Strives to Deepen Insurance Penetration; Launches Personal Insurance Plan
In line with company’s strategy of deepening insurance penetration in the country, AXA Mansard Insurance plc, a member of the AXA Group and global leader in insurance and asset management, has announced the launch of its new Personal Insurance product called ‘No Yawa’.
‘No Yawa’ is a retail product that covers accidental death, medical expenses, and disability (permanent total, partial disability, total temporary). The product provides a 24-hour coverage for any accident suffered by the policyholder irrespective of his location- whether at home, office, or social gatherings.
Unity Bank Targets Women; Launches Yanga Account
In its bid to demonstrate increased commitment towards promoting financial inclusion and women empowerment, Nigeria’s retail lender, Unity Bank Plc has launched Yanga Account, a new retail product designed to deepen beneficial impact on Micro Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.
As a product targeted to boost the Nigerian women entrepreneurs, the initiative was intended to create Yanga Experience, from promoting the business, capacity building to health insurance scheme for Yanga Account holders.
GCR Upgrades Leadway Assurance’s Financial Strength Rating to “AA”
GCR Ratings, a leading African rating agency, has upgraded Leadway Assurance Company Limited’s national scale financial strength rating to AA(NG) from AA-(NG), the second-highest financial credit rating, in their October 2021 Report.
Fuel Subsidy: A Far Too Enduring Legacy
Recently, the Nigerian Petroleum Industry Act (PIA) was enacted. The act provides for the complete deregulation of the downstream sector – a provision which should ordinarily imply an end to the subsidy regime in Nigeria. Contrary to the provisions of the act however, the Federal Government of Nigeria has continued to subsidize the pump price of premium motor spirit in the country.
Buhari Laments Oil Spill in Bayelsa, Says Problem Will Be Speedily Addressed
Minister of State Petroleum Resources Chief Timipre Sylva, on Wednesday undertook an on the spots assessment of the oil spill site of Aiteo Eastern Exploration Company, in Basambri, Bayelsa State. The minister who was joined on the inspection by Engr Gbenga Komolafe Chief Executive Officer (CEO) of Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
Govs Say Subsidy’ll Hamper Salaries In 2022, Back N5,000 Grant
Governors of the 36 states of the federation have agreed to back the Federal Government’s plan to give poor Nigerians N5,000 transport palliative, arguing that if the fuel subsidy regime continues, state government will be unable to pay salaries in 2022.
InfraCredit’s Guarantee Supports GPC’s Issuance of N20bn 10-Year Series I Infrastructure Bond
InfraCredit, a ‘AAA’ rated specialized infrastructure credit guarantee institution, is pleased to announce its guarantee of GPC SPV Company Plc’s (“GPC-SPV”) NGN20.0 billion 10-Year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2031 (the “GPC Series 1 Bond”) under the NGN50 billion Debt Issuance Programme
CIBN Raises Concern Over Rising Cyber-Attacks on Nigerian Banks
The Chartered Institute of Bankers of Nigeria (CIBN) decried rising cyber-attacks on banks and other financial institutions, which it fears could undermine the industry’s gains. Dr. Bayo Olugbemi, the President of the CIBN, said that innovation in the administration of justice and banking operations had become topical.
President Obasanjo Advocates for Made-In-Africa Brand to Instill Pride in African Products
The third day of the Intra-African Trade Fair 2021 (IATF2021) ended with a clarion call by former Nigerian President Olusegun Obasanjo for the creation of an emblematic Made-in-Africa brand that will promote intra-African trade and boost the international export of African products.