INDIGENOUS OIL OPERATORS KEEN ON EXPANSION AMID DOWNTURN

Despite the current downturn in the global oil and gas sector, some indigenous operators in Nigeria are stepping up efforts to snap up more assets as part of their expansion plans, ’FEMI ASU writes While they are still smarting from the impact of the COVID-19-induced collapse in oil prices and demand, indigenous firms in the…

January 29, 20210Comments

Byadmin

Business

Shell disposes stake in Nigerian oil block for $533m

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has sold 30 per cent of its stake in Oil Mining Lease (OML) 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for $533million. TNOG Oil and Gas is a related company of Heirs Holdings Ltd and Transnational Corporation of…

January 16, 2021473Comments

Byadmin

Business

Dangote Group signs US$4.34b cement production contract with Chinese Sinoma

Dangote Group, company of Africa’s richest man, Aliko Dangote has signed a US$4.34b business deal with Chinese cement giant, Sinoma International Engineering. The Dangote Group chairman, Aliko Dangote made this known on Sunday in a statement he issued in Lagos for the New Year’s business strategy. He noted that the deal is to enable his…

January 13, 2021204Comments

Byadmin

Business

Dangote loses $900m in a day, dropped in global billionaire ranking

▪︎Remains Africa’s richest man The President/Chief Executive, Dangote Industries Limited, Aliko Dangote’s total networth depreciated by $900m on Friday as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange. Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell…

January 12, 20210Comments

Byadmin

Business

AfDB mobilises $6.5bn to halt Sahara desert from spreading south

The African Development Bank, AfDB, said it was mobilising $6.5 billion in support of the Great Green Wall project, which involves large-scale efforts to stop the Sahara Desert from spreading further south over the next five years. President of Africa’s multilateral development finance institution, Dr Akinwumi Adesina, announced this while addressing President Emmanuel Macron, His…

January 12, 20210Comments

Byadmin

Business

Businesses in Hong Kong want law and order – Commerce Secretary

International businesses in Hong Kong see law and order as key for investing, a city government official said on Monday, in response to concern about the impact of a sweeping national security law on the business environment. Secretary for Commerce and Economic Development Edward Yau said in an interview at a Reuters Next conference that…

January 11, 202172Comments

Byadmin

Business

The Third Biggest Rice Mill in the World – The Imota Mill Guarantees Economic Development and Job Creation in Lagos State, as it nears Completion

The Third Biggest Rice Mill in the World – The Imota Mill Guarantees Economic Development and Job Creation in Lagos State, as it nears Completion Following the closure of Nigeria’s land borders by the federal government of Nigeria in August 2019, the local production of rice and other staple foods by indigenous farmers have increased…

January 5, 202115Comments

Byadmin

Business

Should Nollywood be more intentional about Nigeria’s image?

By Lillian Okenwa The Nigerian film industry, also known as Nollywood, is a flourishing space that not only provides an avenue for entertainment but also generates a sizeable amount of revenue for the country’s economy. In 2018, the arts, entertainment, and recreation industry represented 0.21% of Nigeria’s GDP at a value of nearly N270 billion.…

January 1, 20210Comments

Byadmin

Business

Transporting containers in Lagos equals shipping cost from China – Report

The congestion at the Apapa port in Lagos has become so bad that trucking a container from the port to the mainland which is just about 20km, now costs about $4,000 (N1.5m) which is almost the same cost as shipping one container from China to Nigeria. This is according to a report by the Financial…

December 29, 20200Comments

Byadmin

Business

Seplat petroleum company announces crude purchase agreement with Waltersmith

Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited (Waltersmith). The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South…

December 24, 2020286Comments

Byadmin

Business

Law and Society Magazine Cookie Policy