Geregu Power Plc Proposes N8 Dividend per Share
Geregu Power Plc’s board of directors has announced a proposed dividend of N8 per share for the 2023 financial year.…
Category: Commodities
Pension Scheme Assets Hit N18.36tn, Increases by 22%
Data released by the National Pension Commission reveals that the total assets under the Contributory Pension Scheme soared to N18.36tn…
Nigeria-Morocco Gas Pipeline: Minister Assures Uninterrupted Supply
Mr. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has provided reassurance of uninterrupted supply to the Nigeria-Morocco…
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented by the Independent Petroleum Marketers…
Venezuela Aims for 1 Million Barrels per Day as Oil Output Reaches 850,000 bpd
Venezuela’s Oil Ministry officials announced a push towards producing 1 million barrels of oil per day, capitalizing on Washington’s recent…
Oil Prices Surge Amid Anticipation of OPEC+ Production Cuts
Oil prices experienced a significant surge this week as expectations grew that the Organization of Petroleum Exporting Countries (OPEC) and…
Nigeria Faces Quality Seed Shortage, Hindering Agricultural Productivity
Despite having 314 registered seed companies, Nigeria, Africa’s most populous country, is grappling with a shortage of quality seeds crucial…
British International Investment Commits $26.5 Million to Boost Food Security in Nigeria, Kenya, and Uganda
The British International Investment (BII), the UK’s development finance institution, has pledged a significant investment of $26.5 million to support…
Historic Milestone: US Oil Poised to Lead as Largest Export in 2023
For the first time ever, the United States is on track to make oil its foremost export good, underlining the…
OPEC Oil Output Rises in September Despite Cuts
OPEC’s oil output increased for the second consecutive month in September, according to a Reuters survey. Nigeria and Iran led…
Oil Prices Inch Up on Tight Supply Outlook and Risk Appetite Following US Government Shutdown Deal
Oil prices saw a slight rise, recovering from the losses experienced at the end of the previous week. Investors shifted…
Rubis Energy Converts €30 Million in Pending Fuel Subsidy Dues into Government Bonds
Rubis Energy Kenya, an oil marketer, converted €30 million (Sh4.7 billion) worth of pending fuel subsidy dues into government bonds…
UN Food Agency’s Global Price Index Hits Two-Year Low in August
In August, the world price index of the United Nations food agency dropped to a new low for the past…
Oil Prices Inch Higher Amid Anticipation of Supply Tightening
Oil prices saw marginal gains, with Brent crude November futures rising by 3 cents to reach $88.58 a barrel, while…
Expanding Onshore Oil Exploration in Angola
Sonangol, Angola’s state oil company, is poised to initiate drilling in its first onshore oil well in Luanda, signaling a…
Crude Oil Prices Rise on Hurricane Threat and Inventory Draw
Crude oil prices continued their upward trajectory, buoyed by a combination of factors including the approach of Hurricane Idalia to…
AFEX and Ghana Commodities Exchange Join Forces to Boost Commodity Trading Ecosystem in Nigeria and Ghana
Nigeria’s commodities exchange, AFEX, and Ghana Commodities Exchange (GCX) have embarked on a transformative partnership by signing a Memorandum of…
Nigeria Could Make up to $17 Billion by Selling Stake in Oil and Gas Assets – JP Morgan
According to a report by JP Morgan, the Nigerian government could raise up to $17 billion if it sells down…
Kenya: High Court Suspends Exclusive Macadamia Nut Export Rights Pending Case Determination
The High Court has issued a suspension on the Kenyan government’s decision to grant exclusive export rights for raw macadamia…
Seplat Energy Clarifies Ownership Amidst Oil Rig Incident Controversy
Seplat Energy, an independent oil producer, has responded to controversies surrounding the ownership of the Majestic oil rig, which was…
Resumption of Forcados Crude Oil Exports After Month-Long Halt
Exports of the Forcados grade of crude oil have resumed, according to a statement by a Shell spokesperson. The resumption…
OPEC-13 Crude Oil Production Hits Near Two-Year Low
According to a survey by S&P Global Commodity Insights, OPEC-13’s crude oil production reached a near two-year low in July…
Fuel Prices in Tanzania Surge by 17% Amidst Dollar Shortage
Motorists in Tanzania will face a significant increase in fuel prices as the existing shortage of the United States dollar…
USAID Warns of Higher Food Prices in Nigeria and Developing Countries due to Halting of Ukraine’s Food Exports
The United States Agency for International Development (USAID) has issued a warning to Nigeria and other African countries about the…
Potential Cost Savings and Benefits of Local Refining for Nigeria’s Oil Market
Oil marketers in Nigeria have highlighted the potential cost savings and benefits of local refining, stating that it could save…
Crude Oil Reaches $84/Barrel, Fueling Speculations of Petrol Price Hike in Nigeria
Brent crude oil, the international benchmark, surged to $84/barrel on Wednesday, raising concerns about a possible increase in the pump…
Federal Government Takes Aim at Anti-Competitive Practices and Unjustified Food Price Hikes in Nigeria
The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), is taking measures to address anti-competitive practices and…
Fuel Consumption in Nigeria Plummets After Subsidy Removal: Imports Decline, Free Market Emerges
The Nigerian Government announced that fuel consumption in the country has significantly dropped to 46.38 million litres per day after…
OPEC Petroleum Export Revenues Soar to a Nearly Decade High Amidst Geopolitical Tensions
Petroleum export revenues from the Organization of the Petroleum Exporting Countries (OPEC) reached their highest level in almost a decade…
Nigeria’s Crude Oil Earnings Rise to N1.68tn in June as Output Increases
Nigeria’s crude oil earnings reached over N1.68tn in June 2023 due to an increase in the country’s oil output, according…