News

Here's the Implication of NNPC's $1.5bn Deal with Vitol, Matrix

Nigeria National Petroleum Corporation (NNPC) has signed a $1.5 billion cash-for-crude prepayment loan with the world’s top biggest independent oil trader Vitol Group and Nigeria’s Matrix Energy, a decision that comes with huge implications for Africa’s biggest economy.

Read More

Oil Trading Giants Vitol, Matrix to Hand Nigeria $1.5bn in Advance Payment for its Oil

Nigeria’s state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic upended the finances of Africa

Read More

Nigeria's DisCos Blighted By High Overheads, Related Party Deals

With over 40 percent of their revenue reported as expenses and huge related party transactions, Nigeria’s 11 electricity distribution companies (DisCos) may be turning a key rule of business – that you only make money after serving your customers – on its head.

Read More

Nigerians May Pay More For Petrol In August, As Oil Heads Towards $45 Per Barrel

If the Federal Government’s pricing template is anything to go by, Nigerians may have to brace for an increase in the pump price of fuel in August as Brent crude, the major determinant for petrol price adjustment, heads towards the $45 region.

Read More

How FG Can Quickly Displace Petrol With Gas Powered Vehicles

A phased implementation of fossil fuel replacement with Compressed Natural Gas (CNG) powered vehicles beginning with government commercial fleet, removal of duties on conversion kits, and a long-term repayment plan for the cost of conversion, are ways to quickly displace petrol

Read More

Electricity Consumers in Apapa Face Supply Disruption Over Faulty Transformer

Electricity consumers in the port city of Apapa in the heart of Lagos, Nigeria’s commercial capital, and its environs will suffer power supply disruption for some time to come as the 30MVA transformer at the 132/33kv transmission substation that services the area has packed up.

Read More

Oil Trades Higher As Global Stocks Gain on Promising Vaccine Results

Global stocks followed Wall Street higher as encouraging results for an experimental Covid-19 vaccine and hopes of further stimulus for pandemic-hit economies outweighed escalating US-China tension over Hong Kong.

Read More

Tough War Ahead to Stabilise Oil Prices As Shale Producers File Bankruptcies

A rash of bankruptcy filings from shale oil producers reveals the destructive impact the coronavirus-induced slow oil price is having on US oil production and the battle ahead to keep oil markets stable.

Read More

Nigeria Kicks Off Year Of Gas With Two Big Projects

In January this year, the Federal Government declared 2020 as the year of gas.

Read More

Hiding Group Accounts, Oil Contracts Hurts NNPC's Transparency Efforts

Recent efforts by the Nigerian National Petroleum Corporation (NNPC) to increase transparency are marred by non-publication of its group financial accounts and refusal to disclose contracts signed with oil companies.

Read More