The Federal Government is to borrow $1.15 billion for its power reforms this year just as the Niger Delta Power Holding Company (NDPHC) which supervises the National Integrated Power Projects (NIPP), said that Nigeria’s power generation capacity in the current year will exceed 7,000 mega watts, far above the 4,264MW recorded in 2012.
Labaran Maku, minister of Information, said that $1
The nine oil producing states; Rivers, Akwa Ibom, Delta, Cross Rivers, Bayelsa and Edo, Imo and Abia, and Ondo have received a total N2.68 trillion as derivation funds in the past 12 years.
Based on provisions of the Constitution, states are entitled to 13 per cent of revenues derived from minerals exploited within their borders.
As well as receiving the derivation fund on oil
Heirs Holdings, the African investment company focusing on principal investments in a variety of sectors across Africa, plans to establish the Africa Exchange Holdings Limited (AfEX), a platform to roll out commodity exchanges across Africa.
This is in with Heirs Holdings aspiration of improving intra-African commodity trade and market development in the continent,
Mr. Beks Dagogo-Jack, chairman of Presidential Task Force on Power has said that vested interests exist in the power sector and vowed that the federal government would not hesitate to expose them.
Dagogo-Jack said the activities of vested interests in Nigeria’s quest to conquer its electricity challenges were glaring.
He said: “We know they exist due to the frustrations we get
Council for Regulation of Engineering in Nigeria (COREN) has called for a review of Nigeria’s road development framework and the establishment of a road authority and road fund that would be saddled with the responsibilities of constructing, maintaining and rehabilitating roads in the country.
Mr. Felix Atume, registrar of the council, said the body is concerned about the state of
Debt Management Office (DMO) said it has traded bond worth N60 billion on the Nigeria Stock Exchange (NSE) since 2006 the bond market was resuscitated.
Dr Abraham Nwankwo, director-general, DMO who stated this at the official presentation of Stanbic IBTC Stockbrokers Ltd. as the government stockbroker to the NSE in Lagos, said that the amount was raised through the sale of Over-The-
Nigeria needs some $110 billion to grow its oil production by 50 percent by 2020, less than eight years from now according to a senior official of Mobil Producing Nigeria, a subsidiary of ExxonMobil Corporation has said.
Andrew Ejayeriese, general manager, Operations Technical Geoscience, Mobil Producing Nigeria, said without the magnitude of such investment, the nation's production
Nigerian Society of Chemical Engineers (NSChE) has protested the proposed creation of Petroleum Technical Bureau (PTB) as canvassed in the Petroleum Industry Bill (PIB) saying that the proposal for the creation of PTB alongside the existing ministry of Petroleum resources will be tantamount to duplication of duties and a waste of the scarce resources.
Engr. John Erinne, the society’s
Cable Manufactures Association of Nigeria (CAMAN) has asked the federal government to grant Standards Organisation of Nigeria (SON) more power to enable the agency destroy substandard products in the country.
Mr. Ifeanyi Uzodike, national president of CAMAN, said that such an authorisation would give SON more powers to storm markets and other outlets suspected to be supporting the sale
Mike Ajibola Olajide, chairman, Sidmach Technologies Limited clinched a Professional Fellowship Award at this year’s National Information Technology Merit Awards (Nitma), held over the weekend.
Nitma 2012 was organized by the Nigeria Computer Society (NCS) to acknowledge, celebrate and reward corporate organizations and individuals who are outstanding in their various Information
Governors of the 36 states in the country have demanded a $1 billion payout from the country’s crude oil savings account to fund projects in their states.
Mukhtar Shagari, deputy governor of Sokoto state, who spoke on behalf of the governors said the states the federal government to disburse “at least about $1 billion from the excess crude account to help the state governments to meet
Plug&Score, a business division of Scorto Corporation, is announcing the launch of the new learning portal at http://www.plug-n-score.com/learning/, a micro site that supplies businesses with techniques on scorecard development, validation, maintenance and monitoring.
By applying these techniques, companies can introduce scoring
Total SA (FP), the French energy company has said that it will sell its assets in France and Nigeria and that it will use the proceeds to pay dividends and develop oil and gas ventures as it rules out acquisitions.
Total’s focus will be on payouts to shareholders, part of a “strong dividend policy,” while investment to develop its 40 years’ worth of resources will “grow the company,” he
Altor Risk Group, a global company specialising in understanding risk and the management of major accidents has boosted its Middle East, Africa and Central Asia (MEACA) operations with the appointment of a new business unit leader for the region.
Altor has promoted one of its experienced International team leaders, Brian Davis, to the post.
The existing MEACA business unit
Data-Point Microsystems limited, said it is building a private information communication technology private polytechnic, the first of its kind in Nigeria as part of it efforts to build a knowledge society.
Mr. lucky Uduikhue, chief executive of the company who stated this at the 12th batch convocation ceremony of the Institute said the Institute is partnering with local and
Comrade Adams Oshiomhole, governor, Edo State, has commended Buyright Africa for conceptualizing the Nigerian Employees Digital Welfare Scheme (NEDWS) and said that he was naturally endeared to programme because of its total focus on the Nigerian worker.
Oshiomhole, who spoke at the launch of NEDWS in Abuja, said the ease of owning ICT and household products would lead to increased
Peppe Terra has introduced a new TV campaign in an effort to increase its market dominance and establish further relevance among her consumers.
The idea behind this new TV advertisement of Peppe Terra, known for innovative and ground breaking commercials, is to salute the magic in every mom’s hand.
Peppe Terra, a ready to use unique blend of fresh tomatoes, onions and chilli
Thomson Reuters, the world's leading source of intelligent information for businesses and professionals has announced a number of significant enhancements to its FX Matching platform to bring increased capacity, scalability and performance to the FX community whilst providing customers with the additional functionality and services they need in the fast-changing FX market.
With over 1,
Harp Lager, a Guinness Nigeria brand and the official alcoholic beverage for the 18th National Sports festival themed EKO 2012, is championing the cause for responsible drinking as fans celebrate with their teams during the festival.
The brand is running a number of activities during the festival to create awareness and educate consumers about the benefits of responsible drinking.
MSD, one of the world’s healthcare leaders, a subsidiary of Merck & Co., Inc., Whitehouse Station, N.J., U.S.A., has opened its office in Lagos, to be managed by Kingsley Okeke, a Nigerian, and his team of 18 employees.
The opening of the office in Lagos underscores MSD’s commitment to expand its geographic footprint in Africa and to work closely with local stakeholders to address
Lazarus Angbazo, president and CEO, General Electric (GE) Nigeria, has said that the company is committed to the sustainable development of Nigeria.
Angbazo made this remark ahead of the 18th Nigerian Economic Summit which opens today in Abuja.
GE has joined forces with the Federal Government of Nigeria in the private and public sectors to support sustainable development in
Africa Check - a brand new fact-checking website devised by the AFP Foundation has been named one of the winners of the inaugural African News Innovation Challenge – an internationally-backed contest aimed at strengthening the best in journalism in Africa.
The first website in Africa set up both to carry out fact-checking and promote the practice of fact-checking in other media, Africa
Chief Philip Asiodu, retired civil servant has declared the civil service an indispensable tool in governance in Nigeria, if the quest for national development is to be achieved.
This is coming at a time when the Lamido Sanusi, governor of the Central Bank of Nigeria is calling for a 50% reduction in its size.
The renowned retired super permanent secretary declared during the
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked the federal government to make a provision in the current Petroleum Industry Bill to compel oil producing company in the country to build refinery locally.
Rising from a three-day workshop held by its Lagos zone in Ibadan, Oyo state, PENGASSAN said that the refinery could either be built jointly or
CellTrust Corporation, the recognized worldwide leader in secure mobile communication, is putting its secure, encrypted, SMS services to use as a driving force behind the pager replacement solution in the healthcare industry.
“Texting is fast, direct, and simplifies the traditional, laborious pager and callback workflow that hospitals and other organizations have used for years,” said
The colds hand of death has snatched Ozioma Akubeze, one of the pre-eminent ICT journalists and was until his death deputy editor, Africa Telecom & IT Magazine.
Aged 47, he reportedly died after an illness which has kept him off his job for more than a year.
Ozioma was, without doubt, an ICT enthusiast who asked many questions because he wanted to
Accenture Federal Services has received a five-year contract from the U.S. Transportation Security Administration (TSA) to create identity management and credentialing system processes to verify and manage millions of identities for those working at sensitive, secure areas throughout the U.S. transportation system.
The contract has a ceiling of $250 million and Accenture will work with
Namadi Sambo, vice president has said that Nigeria has the potentials to attract foreign direct investments giving the country’s current economic climate.
Sambo who was represented by (Dr.) Mrs Ninota Akanbi , Nigerian Ambassador to the Royal Kingdom of Netherlands, said this in a key note address at the World Infrastructure Summit “An Evening with Government of Nigeria” organised by
Tripp Lite, a world leading manufacturer of power protection, connectivity, and infrastructure equipment has entered into a strategic distribution agreement with MITSUMI Distribution, one of the Africa’s largest IT distributors.
The move is part of Tripp Lite’s continuing efforts to position itself across the rapidly developing IT markets in East and West Africa while also establishing
Buyright Africa, a genuine digital Lifestyle company that offers a convenient payment scheme on ICT equipment, home appliances and other lifestyle products is set to take the wrapper off its Nigerian Employees Digital Welfare Scheme (NEDWS).
NEDWS allows Nigerian Employees in both the public and private sectors to buy ICT equipment like computers, smart phones, printers, scanners ,