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Babajide Sanwo-Olu has endorsed his deputy, Obafemi Hamzat, as his preferred candidate for the 2027 governorship election, signaling early political alignment within the state’s ruling structure. The endorsement came after a private meeting held at Lagos House, Marina, where Hamzat formally presented his intention to run for governor before members of the State Executive Council […]
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THE International Monetary Fund and the World Bank Group have assured member nations of support amid the economic fallout from the Middle East conflict, as rising oil, gas, and fertiliser prices fuel concerns over food security and employment. The pledge followed a joint meeting with the International Energy Agency on Monday, held during the ongoing […]
OIL shipments from Fujairah, the United Arab Emirates (UAE)’ main export terminal outside the Strait of Hormuz, were halted on Monday after another attack targeted the port facility. The disruption comes amid intensifying hostilities across the Middle East, with the conflict increasingly threatening energy infrastructure across the region. Following the incident, global oil prices jumped […]
DANGOTE Petroleum Refinery & Petrochemicals has clarified the volume of crude oil it receives from the Nigerian National Petroleum Company Limited (NNPCL) under the naira-for-crude arrangement, stating that the refinery currently gets five cargoes of crude oil monthly which are paid for in naira. The refinery, however, explained that the supply is far below its […]
THE billionaire behind Grupo Elektra, Ricardo Salinas Pliego, is known for investing in his own empire. But in spring 2021, as bitcoin surged, he wanted a fast, large crypto bet. Cash was tight. Instead of selling shares, Salinas borrowed against them. A London broker introduced his Swiss advisor to Astor Capital Fund. The pitch emphasised […]
THE Federal High Court in Abuja has split its decision on two applications seeking to scrutinise the academic and service records of the Minister of Interior, Mr Olubunmi Tunji-Ojo, granting one while throwing out the other. In a ruling delivered on Thursday, Justice Binta Nyako approved a request by activist Emorioloye Owolemi, allowing him to […]
THE Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says the old Port Harcourt refinery is close to full readiness and can return to production within a week, but is being held back by economic considerations rather than technical problems. Speaking on a Channels Television programme on Tuesday, PENGASSAN President, Mr Festus Osifo, […]
THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has moved to make Nigeria’s oil and gas sector more accessible to serious investors by lowering financial entry barriers and opening 50 oil and gas blocks for bidding in its 2025 licensing round. The blocks, spread across five sedimentary basins, will be offered under a new commercial framework […]
A JOINT venture operated by U.S. supermajor Chevron has made an oil and gas discovery offshore Nigeria as international majors bolster exploration amid the top African producer’s efforts to boost hydrocarbon output and offer more favorable terms for investments. The Nigerian National Petroleum Company Limited (NNPC Ltd) on Monday commended Chevron Nigeria Limited (CNL), operator […]
THE Nigerian military has forwarded to President Bola Tinubu the outcome of its probe into alleged misconduct and violations of service rules involving 16 officers currently in detention, amid persistent claims linking them to a planned coup against the administration. A presidency source disclosed on Monday that the report was submitted after over two months […]