Port Harcourt Refinery Commences Operations The Federal Government has officially confirmed the commencement of operations at the Port Harcourt Refining and Petrochemical Company in Rivers State on Thursday. The facility, after completing its first phase of work, is set to begin producing refined petroleum products post-Christmas break. As promised earlier in the year, the government…
X Faces EU Investigation Over Disinformation The European Union has formally initiated proceedings against Twitter, now identified as X, accusing the platform of breaching rules related to countering illegal content, disinformation, and transparency. Digital Commissioner Thierry Breton outlined the alleged infringements in a post on the social media platform. Owned by Elon Musk, X stated…
Dangote Refinery Receives 1 Million Barrels for Fuel Production The recent delivery of one million barrels of crude oil to Nigeria’s state-of-the-art Dangote refinery signifies a significant breakthrough in the country’s journey toward achieving self-sufficiency in fuel production. Nigeria, despite its oil abundance, has long grappled with the inability to refine its own petroleum products,…
Federal Government Revokes 1,633 Mining Licences The Federal Government, through the Ministry of Solid Minerals Development, has taken decisive action by revoking 1,633 mineral titles previously granted to non-compliant mining companies. During a press briefing on Tuesday in Abuja, Minister Dele Alake made the announcement, citing the primary reason for revocation as the failure of…
Nigerian Navy Seizes N254 Million Worth of Cannabis Sativa and Diesel in Lagos The Nigerian Navy successfully intercepted 127 bags of cannabis sativa valued at N254 million and multiple containers of Automotive Gas Oil (diesel) in a fiber boat at Eleko Beach, Lekki, and in the vicinity of Liverpool, Apapa, Lagos State, learnt Excel Magazine…
Saudi Arabia to Invest in Nigeria’s Refineries, Support Forex Reforms The Government of Saudi Arabia has announced on Friday its intentions to invest in the rehabilitation of Nigerian refineries. The Kingdom also expressed readiness to support Nigeria’s foreign exchange reforms by making a substantial deposit to enhance the country’s forex liquidity. These commitments, as gathered…
President Ramaphosa Urges US Investment in African Minerals for Economic Growth South Africa’s President Cyril Ramaphosa, during the opening ceremony of a major US-Africa trade summit in Johannesburg, emphasized that US investment could assist African countries in harnessing their critical minerals and advancing industrialization. He expressed Africa’s desire to move beyond being mere commodity producers…
African Development Bank’s Nigeria Portfolio Tops $4.4 Billion The Director-General, Nigeria’s Country Department, African Development Bank, Mr Lamin Barrow, on Friday, said the bank’s portfolio investments in Nigeria is one of the largest among the Regional Member Countries, with a total commitment value of $ 4.4bn. He stated this at the 2023 Country Portfolio Performance…
Nigerian Senate Launches Probe into N11.35 Trillion Refinery Contracts The Nigerian Senate has initiated an ad hoc committee to probe contracts worth N11.35 trillion awarded over a 13-year period for the rehabilitation of state-owned refineries, Excel Magazine International has gathered. The Senate also tasked the committee with interrogating entities such as the Ministry of Petroleum…
Nigeria Secures Over $1.5bn Fresh W’Bank, AfDB Loans The Nigerian Government has announced that it has secured two significant loans to support various critical sectors of the economy. It obtained a budget support loan worth $1.5 billion from the World Bank and an additional $80 million from the African Development Bank. According to the Minister…