The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigeria’s Compressed Natural Gas (CNG) conversion capacity was boosted by over 2,500 per cent in 2024.This was disclosed by the agency’s Chief Executive Officer, Farouk Ahmed, while he was speaking at the inaugural Petroleum Industry Stakeholders’ Forum, organised by the Ministry of Petroleum Resources on Thursday in Abuja.Ahmed said that the NMDPRA provided 186 new conversion centres to boost the county’s conversion capacity.He noted that the boost was stimulated by the current administration’s Presidential Compressed Natural Gas Initiative (PCNGI), adding that the initiative has raised the Nigerian Gas…
Author: Oladi Samuel
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The World Bank has projected that Nigeria’s economy will grow by 3.5% in 2025 and improve slightly to 3.7% in 2026, driven by increased services sector activity and gradual improvements in macroeconomic stability.These forecasts, detailed in the World Bank’s latest Global Economic Prospects report, suggest a steady but modest recovery for Nigeria amidst ongoing domestic and global challenges.Growth in Nigeria increased to an estimated 3.3% in 2024, primarily driven by strong performance in the services sector, notably in financial and telecommunication services.The World Bank noted that macroeconomic and fiscal reforms implemented in 2024 helped improve business confidence.Its report read, “In…
Nasarawa State Governor, Abdullahi Sule, has stated most Northerners were misled into believing the proposed 2024 Tax Reform Bills would introduce additional taxes.Governor Sule shared this perspective during his appearance on Politics Today on Channels Television on Thursday.He emphasized that the tax reforms, which were endorsed by the Nigeria Governors’ Forum (NGF) on Thursday, are not about introducing new taxes but rather about eliminating inefficiencies and creating a fairer tax system.Sule stated, “Most of the people in the North have been sold the idea that there are going to be additional taxes. Today, by this agreement, there is no additional…
The Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has called for “strategic engagement” regarding the newly introduced Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), recently launched by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso.Abdur-Rahman Balogun, Head of Media, Public Relations, and Protocols Unit at NiDCOM, Abuja, disclosed Dabiri-Erewa’s position in a statement on Thursday.She commended the CBN under Cardoso for the initiative, describing it as a strategic step toward enhancing diaspora engagement and bolstering Nigeria’s economic growth.Strategic Engagement According to the statement, Dabiri-Erewa underscored the crucial role of diaspora…
Eterna Plc has announced the appointment of Mr. Olumide Adeosun as the new Managing Director and Chief Executive Officer, effective 3rd February 2025.This information was shared in a release on the NGX disclosure platform, signed by company secretary David Edet.Mr. Adeosun will take over from Mr. Abiola Lawal, who resigned from the position, effective 31st January 2025.The board acknowledged Mr. Lawal’s contributions during his time in office. In their statement, they noted, ‘’The Board extends its profound appreciation to Mr. Lawal for his significant contributions and exemplary leadership during his tenure as Managing Director/Chief Executive Officer.’’Additionally, the Board congratulated Mr.…
President Bola Tinubu has expressed his anticipation for six distinguished Nigerians in the diaspora, recently recognised by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States, to contribute their expertise towards Nigeria’s development.The Nigerian president also congratulated the honorees on their remarkable achievements.Bayo Onanuga, Special Adviser to the President (Information & Strategy), disclosed this in a statement on January 16, 2025.This award, established by former U.S. President Bill Clinton in 1996, is the highest honour bestowed by the United States government on outstanding scientists and engineers in…
The ongoing legal battle between First Bank of Nigeria (FirstBank) and General Hydrocarbons Limited (GHL) has captured the attention of bankers and legal practitioners across Nigeria, who see it as a potential template for tackling the complexities of loan recovery.The case, marked by legal drama and intense negotiations, is being closely observed for its implications on the enforcement of court orders and the restructuring of non-performing loans.The uncertainty centres on the financial implications and burdens associated with enforcing the administration of criminal justice, particularly in monetary matters such as this dispute between a financial institution and an oil and gas…
Fitch Ratings has assigned Cross River State a ‘B-‘ Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR) and an ‘AA-(nga)’ National Long-Term Rating, noting the state’s reliance on federal transfers and its growing debt burden.In an official announcement, the ratings agency cited concerns over the state’s ambitious capital expenditure (CapEx) plans, exposure to foreign currency debt, and rising operating costs as key drivers of its fiscal challenges.Also, Fitch projects that Cross River’s net adjusted debt will increase significantly, reaching approximately N880 billion by 2028. This projection accounts for the impact of a weakened naira on the state’s foreign currency debt,…
Shares of Neimeth International Pharmaceuticals Plc have risen by over 32% in the third week of January 2025, pushing its month-to-date performance to over 50%.This increase follows the company’s late October earnings report for the period ending September 30, 2024, revealing a pretax profit of N310 million, a recovery from the previous year’s N575 million loss.For the nine-month period, revenue reached N3 billion—a 104.8% increase from N1.5 billion the previous year—driven primarily by pharmaceutical products, which accounted for 96.5% of total turnover, while animal health contributed 3.5%.Neimeth also strengthened its profits with ‘other income’ amounting to N134.5 million, where interest…
The US President-elect Donald Trump is planning to delay the looming TikTok ban, offering a window for negotiations with potential U.S. buyers to secure the app’s future in the next 2 to 3 months.According to Washington Post report, which cited sources close to the matter, an executive order under consideration could temporarily allow TikTok’s 170 million U.S. users to continue accessing the platform.While Trump had previously supported a ban on the app during his presidency, his recent statements, including a TikTok video in which he voiced a desire to “save TikTok,” indicate a shift in his stance. Just last month,…