Nigeria’s power crisis deepens on grid failures, dysfunctional DisCos

ONOME AMUGE  The power crisis in Nigeria is like a malignant disease, infecting the nation’s economy and causing its citizens untold suffering. Small businesses are especially vulnerable, as they struggle to shoulder the burden of providing their own power, while individuals are faced with daily frustrations and hardships. Every day, across Nigeria, the power situation […]

Tinubu  reconstitutes FGN Power Company board 

Business a.m President Bola Tinubu has approved the reorganisation of the governing board of the Federal Government of Nigeria Power Company (FGN Power), which is responsible for implementing the accelerated performance agreement with Siemens Energy.  This latest development comes just four months after the Nigerian and German governments signed the Presidential Power Initiative (PPI) agreement, […]

Tinubu takes executive action on oil and gas reforms

Tinubu signs data protection bill into law

Business a.m  President Bola Tinubu has approved three new directives for the oil and gas sector aimed at improving the industry’s efficiency and competitiveness. The directives include introducing fiscal incentives for related projects, reducing contracting costs and timelines, and promoting cost efficiency in local content requirements.  The development was made known in a statement, titled […]

Post-commissioning: Aba RfA enjoys smooth electricity from Geometric’s 47MW turbine

Geometric Power plant in Aba, Abia State

  Commercial supply 2-weeks ahead of plan  RfA primed for 94MW supply $3bn Ariaria Int’l market benefits Ben Eguzozie Barely a week after the historic commissioning of its $800 million power utility, Geometric Power’s subsidiary, Aba Power Limited (APL), continues to supply uninterrupted commercial electricity to the Aba Ring-fenced Area (RfA), which comprises nine of […]

Harnessing the carbon credit market to drive economic growth

  NVCCI’s March 2024 meeting examines carbon credit ops Onome Amuge   In 2022, unprecedented flooding devastated Nigeria, causing death, displacement, and destruction of homes and farmland. According to official estimates, the floodwaters killed more than 800 people, displaced 1.5 million people, destroyed 332,237 hectares of farmlands and over 200,000 houses, and affected over 2.5 […]

Scarcity looms as NARTO directs tanker drivers to halt petrol transportation

Business a.m   Nigeria is facing the threat of a looming fuel shortage as the Nigerian Association of Road Transport Owners (NARTO) has issued a directive to its members to suspend the loading of petroleum products as of Monday, February 19, 2024.    NARTO’s decision to withdraw its petroleum trucks from loading activities is a […]

Analyst sees 2024 investment megatrend in energy transition 

Ben Eguzozie  An international investment analyst is betting on energy transition as a potential investment megatrend in 2024 and even beyond with interest rates set for the cut across global markets. The statement by Nigel Green, chief executive officer of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, […]

Oil prices edge up as geopolitical tensions in Middle East mount

Oil prices fall as demand fails expectation test

Business a.m Oil prices saw a slight increase on Tuesday, with uncertainty surrounding the ongoing conflict in the Middle East keeping the market on edge.  The global benchmark, Brent crude, was up by 54 cents to $82.54 a barrel, while the U.S. benchmark, WTI crude, was up by 50 cents to $77.42 a barrel. This […]