NNPC Ltd,First E&P joint venture reaps 20,000bpd from OML 85
Post AMUGE
April 19, 2024
Business a.m. The OML 85 Joint Venture—comprising the Nigerian National Petroleum Company Limited (NNPC Ltd) and its partner, First Exploration and Petroleum Development Company Limited (First E&P)—have announced a historic milestone with the commencement of oil production from the Madu Field, an asset located within the OML 85 lease area. Located in the shallow waters […]
World Bank, AfDB strike partnership to boost electricity access for 300 million Africans
Post AMUGEApril 19, 2024
Business a.m. The World Bank and the African Development Bank (AfDB) have joined forces in an initiative to combat Africa’s energy poverty crisis by increasing access to electricity across the continent. The landmark partnership aims to empower at least 300 million people with reliable and affordable power supply by 2030, improving living standards and boosting […]
Coalition wants halt to Shell’s $2.4bn Nigeria oil assets sale over safeguards
Post AMUGEApril 15, 2024
Business a.m. A coalition of 40 organisations, including Amnesty International, have voiced their concerns about the impending sale of Shell’s onshore oil business in the Niger Delta, a region plagued by long-standing issues of human rights violations and environmental degradation caused by oil-related operations. The organisations urged the Nigerian government to prevent the sale from […]
Climate Action Africa advocates multi-sector alliance to address Nigeria’s climate crisis
Post AMUGEApril 12, 2024
Business a.m. Climate Action Africa (CAA), a leading advocate for climate resilience and sustainable development in Nigeria, has called for a more impactful and inclusive approach to tackling the country’s pressing climate challenges. The call for action was made during a media briefing hosted in Lagos, where CAA shed light on the pressing issues of […]
Nigeria’s oil falters as Libya claims Africa’s top spot
Post AMUGEApril 12, 2024
Business a.m. Nigeria’s crude oil output suffered a decline, as new figures from the Organization of Petroleum Exporting Countries (OPEC) showed that the country’s production plunged to a second successive month of declines in the first quarter of the year. At 1.231 million barrels per day (bpd), Nigerian crude oil production dropped significantly, causing the […]
Nigerians muster robust outcries against new electricity tariff hike
Post AMUGEApril 9, 2024
ONOME AMUGE As the Naira continues to gain ground in the parallel market, it would be easy to assume that things are getting better for Nigerians. However, this is far from the reality for many who are still grappling with the effects of rising inflation and a weakened economy. The latest news to hit the […]
Nigeria’s renewable scale up gets boost with 19 SEforAll grants
Post AMUGEApril 9, 2024
Business a.m. Sustainable Energy for All (SEforALL) is providing grants to 19 clean energy developers in the country to scale up renewable energy by supporting the deployment of solar and battery storage systems to businesses and institutions across Nigeria. The initiative is supported by a multi-donor results-based financing fund called the Universal Energy Facility (UEF), […]
Inaction, finance, stall renewables pacing global energy demand – REN21
Post AMUGEApril 9, 2024
GHG emissions to rise LIC only 10% renewables projects rise 1000 GW renewable needed, only 473 GW in ‘23 Investment of $1,350bn, only $623bn in 2023 Nigeria no where on radar Ben Eguzozie Despite the ongoing global heightened efforts by national governments, corporates and institutions for the world to hit a Net […]
NERC says new electricity tariff will cut 2024 subsidies by N1.14trn
Post AMUGEApril 4, 2024
Business a.m. The Nigerian Electricity Regulatory Commission (NERC) has announced that the newly approved electricity tariffs for 2024, particularly the 245 per cent increase in tariffs for Band A customers, are expected to result in a reduction of subsidies by approximately N1.14 trillion. Musliu Oseni, the vice chairman of the NERC, who announced the increase […]
Transcorp Power’s FY 2023 gross earnings up 57.30% to N142bn
Post AMUGEApril 4, 2024
Business a.m. Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate Transnational Corporation Plc, recorded gross earnings of N142.1 billion for the full year 2023, indicating a significant increase of 57.30 per cent compared to the same period in 2022, when the company reported gross earnings of N90.34 billion. Transcorp Power’s […]