World Bank to cease financing upstream oil and gas after 2019

Jim Kim, World Bank head

The World Bank said on Tuesday it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances. The bank said in a statement, according to Reuters,”as a global multilateral development institution, the World Bank Group is continuing to transform its own operations […]

Brent crude soar above $65 bpd for first time since 2015

Global benchmark Brent crude oil prices jumped above $65 per barrel for the first time in 2 1/2 years after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Futures rose as much as 1.6 percent in London, set for […]

NERC’s new eligible customer regulation may hike retail tariffs

There are possibilities that retail tariffs may go up when the Nigerian Electricity Regulatory Commission (NERC’s) eligible customer regulation comes into force, says analysts at Detail Solicitors, Nigeria’s first commercial solicitor firm specialising exclusively in non-courtroom practice. By the declaration, electricity customers who fall within any of four “eligibility” categories would now be permitted to […]

Fitch cuts Nigeria’s 2017 economic growth forecast to 1% from 1.50%

Fitch, rating agency said on Friday that it has cut its 2017 economic growth forecast for Nigeria to 1 percent from 1.5 percent. Speaking at a Fitch event in London, Jermaine Leonard, a director for sovereigns, added that although Nigeria’s 2018 budget had an oil production target of 2.3 million barrels per day (bpd), the […]

There was no time I gave directive to stop Oando’s investigation—Adeosun

Kemi Adeosun, Minister of Finance (M); Yemi Osinbajo, Nigeria's Ag. President (R) and Ibe Kachukwu, State Minister of Petroleum (L)

Kemi Adeosun, Nigeria’s finance minister has denied allegations that she gave directive to the suspended director general of the Securities Exchange Commission (SEC), Mounir H. Gwarzo, to discontinue investigations into Oando for financial recklessness and infractions of the Investment and Securities Act (ISA). Gwarzo has alleged that his suspension was due to “his refusal to […]