Category: BUSINESS

Oil marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre. Dealers stated that a high PMS price from the Dangote refinery would lead to the importation of the commodity by marketers since the government has opened up the market for competition. In July this year, the Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre.…

Read More

L-R: Executive Director of Operations Asset Management Corporation of Nigeria (AMCON), Mr. Lucky Adaghe; Managing Director/Chief Executive Officer, Union Bank Mrs. Yetunde Oni; Managing Director/Chief Executive Officer, AMCON Mr. Gbenga Alade and Executive Director, Resolution/Enforcement Mr. Adeshola Lamidi when the CEO of Union Bank paid the management of AMCON a business visit at the Corporate Head Office of AMCON in Abuja…Monday Source: AMCON Corporate Communications Department

Read More

The U.S. Securities and Exchange Commission (SEC) has imposed fines totaling $49 million on six major credit rating agencies for their failure to maintain and preserve electronic communications as required under federal securities laws. The fine follow was the authority called ‘significant failures’ by the firms and their personnel to maintain and preserve electronic communications. The affected ratings agencies, including Moody’s Investor Services, S&P Global Ratings, received the heaviest fines, each agreeing to pay a $20 million civil penalty. Fitch Ratings was fined $8 million, while A.M. Best Rating Services,…

Read More

The Enugu Electricity Distribution Company (EEDC) has dragged the South East Electricity Consumers Association (SEECA) before the Federal High Court 1 Enugu, over allegedly providing electricity consumers in the zone information about their rights and obligations. In an affidavit deposed before the court, EEDC claims that such information to electricity consumers, has brought about loss of revenue to the company. EEDC, therefore, has asked the court to stop SEECA from giving consumers any information about their rights and obligations in their relationship with the company. The electricity distribution company has…

Read More

The Federal Government has announced plans to invest $800 million in the construction of substations and distribution networks as part of the Presidential Power Initiative (PPI) in the power sector. The Minister of Power, Adebayo Adelabu, announced this during a tour of the TBEA Southern Power Transmission and Distribution Industry in Beijing, China. The minister was in Beijing for the China-Africa Cooperation Summit. Adelabu, according to a statement issued by his Special Adviser on Media and Strategic Communication, Bolaji Tunji, on Sunday, September 1, 2024, said the investment would be…

Read More

The Nigerian National Petroleum Company Limited (NNPC) plans to engage reputable operations and maintenance (O&M) companies to manage the Warri Refining and Petrochemical Company (WRPC) and the Kaduna Refining and Petrochemical Company (KRPC). This initiative aims to ensure the reliability and sustainability of Nigeria’s fuel supply and energy security. In a notice on its website, the NNPC disclosed that the O&M tender for WRPC and KRPC would be treated as a single tender through a three-stage process: expression of interest, technical, and commercial evaluations. The scope of work includes production…

Read More

L-R: Group Head, Asset Management, Mr Benedict Daminabo; Managing Director/Chief Executive Officer, AMCON Mr Gbenga Alade; Head, Documentation, Legal Department Mrs Oyinlola Adebayo at the just concluded AMCON Media Parley at Radisson Blu Hotels Ikeja Lagos The Asset Management Corporation of Nigeria (AMCON) has concluded plans to engage some of the best globally renowned Asset Tracers to go after the huge assets recalcitrant obligors have hidden in different shores across the globe. This was disclosed today by the Managing Director/Chief Executive Officer of the Corporation Mr. Gbenga Alade. The AMCON…

Read More