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Power
Aradel’s Rating Upgraded to AA(NG) as ND Western Acquisition Boosts Earnings
GCR Ratings has upgraded Aradel Holdings Plc’s national-scale long-term issuer rating to AA(NG) from AA-(NG), following a significant expansion in its oil and gas operations that has strengthened earnings and cash flow generation.
The…
AFC Backs ₦729bn NBET Bonds to Settle Power Legacy Debts
The Africa Finance Corporation (AFC) has backed the successful completion of the ₦728.9 billion Series 2 power sector bond deal by NBET Finance Company Plc to resolve over a decade of legacy debt obligations in Nigeria's electricity supply…
Nigeria Won’t Lag in Global Energy Landscape — Lokpobiri
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has reaffirmed Nigeria’s commitment to strengthening its relationship with S&P Global, describing the company as a strategic partner in the country’s energy…
Oil communities in Niger Delta protest alleged N87bn ground-rent debt
Some members of oil-bearing communities in the Niger Delta have protested against what they described as N87 billion in outstanding ground-rent payments allegedly owed by Renaissance Africa Energy Company Ltd. (RAEC).
The protesters, drawn…
Nigeria’s Petrol Supply Misses August Benchmark by 17% — NMDPRA
Nigeria’s petrol supply chain recorded a significant inventory gap in August, with Premium Motor Spirit (PMS) stock estimated at 22.9 days of sufficiency, 7.1 days below the national 30-day benchmark, the Nigerian Midstream…
Dangote’s 400,000-Tonne LAB Plant Opens New Investment Outside Refining
Dangote Petroleum Refinery and Petrochemicals is positioning its planned 400,000-metric-tonne Linear Alkylbenzene (LAB) plant as part of a broader strategy to diversify earnings beyond conventional fuel refining and deepen its exposure to…
Petrol Prices in Nigeria Rise as Crude Oil Tops $100
The latest rise in petrol prices in Nigeria is putting fresh pressure on commuters, households, transporters and businesses.
MRS filling stations have raised their petrol price in Lagos and surrounding areas to N1,400 per litre, up from…
CPPE Urges Targeted Relief as Petrol Prices Exceed ₦1,300/Litre
The Centre for the Promotion of Private Enterprise (CPPE) has urged the federal government to implement targeted interventions to cushion the impact of soaring petrol prices, instead of reinstating the universal fuel subsidy.
With petrol…
NNPC Self-Service Fuel Pumps Roll Out Across Nigeria
The NNPC self-service fuel pumps are being introduced at selected NNPC Retail stations, allowing motorists to purchase and dispense petrol without assistance from an attendant.
The move forms part of the Nigerian National Petroleum…
NNPC Smart Stations to Reach 70 Sites Nationwide
NNPC smart stations are set to expand across Nigeria, with the Nigerian National Petroleum Company Limited planning to deploy between 50 and 70 facilities within the next six months.
The initiative forms part of NNPC Ltd.’s plan to turn…