United Kingdom independent jurist, Lord Hoffman, commissioned by MTN Group in February 2012 to investigate allegations of bribery levelled by Turkcell over it’s Iran mobile licence in the legal case brought against MTN in the United States, has c...
The National Association of Aircraft Pilots and Engineers (NAAPE) has lent their support to the National Assembly on their stand that the Air Operators Certificate (AOC) of Dana Air should be withdrawn, stating that people should not view their involve...
Mobile operators in the country have disagreed on the best interconnect rates regime to adopt with the expiration of the asymmetrical rates in December 2012. Speaking at a stakeholders’ forum held in Lagos yesterday, some of the mobile operators ...
The Niger Delta Solidarity Forum has heaped encomiums on Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, for the increase in oil production from 800,000 barrel per day to 2.6 million barrel per day. Spokesman of the forum, Comrade Julius ...
Twenty-two ships are waiting to discharge petroleum products at the various oil terminals within the Lagos Ports, the Nigerian Ports Authority (NPA) has said. The Shipping Position, a daily publication of NPA, indicated on Friday that 14 of the ships w...
The fertilizer plant, Indorama Eleme Fertilizer & Chemicals Limited (IEFCL) , will serve markets in Benin, Brazil, Ghana, India, Nigeria, South Africa, the United Kingdom and the United States of America.
The World Bank on Wednesday said it had developed standard indicators for assessing states in the provision water.
Mr Hassan Kida, the Lead Water and Sanitation Specialist of the bank, said the indicators were developed to assess states that showed interest in water utility reforms.
Kida disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
"We have developed a standard indicator to assess the states.
“For each state, we have financial indicator, technical staff and institutional indicator, we even have performance indicator on the performance they will do.
"We said this is good, and it will be reviewed with time, every six months or every one year.
“These indicators, for example, may show that last year a state is producing 10 gallons of water, but their treatment plant can produce 20 gallons.
"This year how many are they producing, if they are producing 12 gallons which mean it is an improvement.
“We use this to assess them, the revenue collection was just 20 per cent of their operation maintenance,” he said.
Kida said that the indicator would also help to know how the states had improved, what made them improve and this would help to know the level of commitment towards this utility reform.
"We do this assessment and we see that there is commitment on the side of the government itself to do these things and we do all these monitoring for all the 36 states.
Gombe State Government and Arik Air Ltd. will partner to ensure daily flights from Abuja to Gombe, the Commissioner of Works and Infrastructure, Alhaji Hadi Shehu, has said. Shehu disclosed this to the News Agency of Nigeria (NAN) in Gombe on Friday. H...
Mobile phone subscribers in Nigeria are set to save N1.63bn daily with the implementation of a new price cap of N4.00 for all domestic off-net Short Messaging Service (SMS) interconnect rate with effect from February 5, 2013. Prior to this, operators c...
The Central Bank of Nigeria (CBN) has set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. In a circular issued by the CBN to all banks and other financial institutions ...
Following the on-going connection of a new double circuit 330kv transmission line from Benin, Edo State to Onitsha, Anambra State, there would be a two days power blackout in the Eastern states of the country, the Transmission Company of Ni...
The Nigerian Electricity Regulatory Commission (NERC) has disclosed plans to review downward the fixed charges paid by the Small and Medium Enterprises (SMEs). The Commission’s Chairman, Dr. Sam Amadi disclosed at a press briefing in Abuja that a...
The Nigerian Content Development and Monitoring Board (NCDMB) has warned one of the international oil companies operating in Nigeria, Chevron Nigeria Ltd, over its perceived discrimination against Nigerian shipping firms in awarding its oil lifting bus...
The Nigerian National Petroleum Corporation (NNPC) has shut down the System 2B pipeline at Arepo village in Ogun for repairs, an official of the corporation said.
The News Agency of Nigeria (NAN) reports that the latest explosion, suspected to have been caused by vandals, happened in the early hours of Wednesday.
A top management official of the Nigerian National Petroleum Corporation (NNPC), who preferred anonymity, confirmed the shutdown of the network in Lagos.
He said that the corporation had suspended pumping of products from Atlas Cove through System 2B to allow for repairs of the vandalised pipeline.
The source said that maintenance and service management team of the corporation had to wait for the fire to die out subside before they embarked on the repairs.
He explained that engineers from the corporation and other stakeholders were waiting for fire to subside to access the level of damage.
``Pumping of petroleum products had been suspended at the early hours of the day when it was observed that the line has been vandalised again to allow for repairs.
``No causality was recorded in the acts but we are going to ensure prompt repairs of the line to commence pumping of product to the line,’’ the source said.
He said that the management of the corporation had resolved to install the vandalised pipeline in a vertical directional position to restrain vandals from getting access to the line.
While assuring prompt repairs of the line to commence pumping of products, he added that adequate product have been pumped to Mosimi before the system was vandalised, .
Mr Ibrahim Farinloye, the South West Zonal Public Relations Officer of the National Emergency Management Agency (NEMA), also confirmed that there was no causality in the explosion.
Farinloye said that the line had been shut down to allow for repairs of the pipeline, adding that the remains of the product that was in the pipeline was the one burning.
``There is no causality, while all stakeholders are presently on ground to see the last of the fire before we embark on the repairs,'' Farinloye said.
NAN reports that this is the second time this year that the pipeline had been vandalised at Arepo.
Mr Jingdong Hua, Vice President, the International Finance Corporation(IFC), on Wednesday said that the corporation would issue a five-year naira denominated 50 million dollar (N7.86 billion) bond to boost the nation's bourse.
Hua, who stated this in Lagos during a visit to the Nigerian Stock Exchange (NSE), said that the proceeds of the bond would be used for local private sector investments.
He said that the corporation first naira denominated bond would be tagged "Naija Bond" to represent the spirit of Nigerian people who are hardworking, confident and optimistic of the future.
Hua, who is also the corporation's Treasurer, added that the bond would offer domestic investors the opportunity to tap into the fixed income security.
He noted that the inclusion of the nation's bond into the JP Morgan's emerging market index was timely due to emergence of Nigeria as a choice of destination for investment.
The vice president, who disclosed that the Nigerian bond market had been functioning for decades , added that the corporation would float more issues in future.
Mr Solomon Adegbie-Quaynor, the Country Manager, Nigeria Africa Department of IFC, said that the issue was a fall out of its five years business strategy.
Adegbie-Quaynor said that the corporation had been working with the regulatory authorities to ensure a right environment for the bond issuance.