President Muhammadu Buhari has revoked the operating licence granted to Shell Petroleum Development Company (SPDC) for Oil Mining Lease (OML) 11 located in Rivers State. The revocation of the operating...

The Central Bank of Nigeria (CBN) has denied reports making the rounds that its Governor, Mr. Godwin Emefiele has been removed from office by President Muhammadu Buhari. Responding to the reports, CBN’s...

Power generation in Nigeria dropped by 1,108 Mega Watts (MW) in the last seven days, leaving the country with just 3,456 megawatts since Tuesday.  Recent data from the Nigeria Electricity System Operator,...

The Federal Government of Nigeria has ordered some foreign oil and gas companies to pay nearly $20 billion in taxes owed to states, industries and government. A letter sent to the affected companies earlier...

President Muhammadu Buhari on Wednesday pledged Nigeria’s cooperation in the concerted efforts aimed at reducing oil output in order to attract higher prices in the global market. Speaking at an audience...

Nigerian stocks fell the most in more than five months and bond yields rose after postponement of last weekend’s presidential and parliamentary elections at the last minute. The postponement shocked...

According to the World Poverty Clock created by Vienna-based World Data Laboratory, over 91 million Nigerians are now living below one United States dollar a day as of February 13, 2019. The report indicates...

The European Commission (EU) has blacklisted Nigeria, Ghana, Saudi Arabia, Panama and several other countries for financing terrorism and failure to control money laundering. The newly added countries...

Nigeria’s crude oil production including condensate has taken a dip, falling to 1.999 million barrels per day (bpd) in January 2019 from the 2.081 million bpd in December last year. The recent figures...

A professional forum comprising of Nigerians resident in the United States has put measures in place to attract an estimated $3 billion investment into the Nigerian economy in the next three years. The...

According to a recent report, foreign investors pulled out a total of ₦642.65 billion from the Nigerian stock market in 2018, compared to  ₦435.31 which was withdrawn in 2017. The Nigerian Stock...

The Government of India and Nigeria have concluded arrangements to sign  a bilateral Air Services Agreement (BASA) before the end of next week. The agreement is expected to ease the problems faced by...

President Muhammadu Buhari has slashed the budget of the National Assembly by ₦14.5 billion. The President proposed the sum of ₦125 billion for the lawmakers in the 2019 budget proposal as against...

Forbes, the American business magazine has ranked Nigeria as the 110th best country for doing business in the world and 14th best on the African continent. The magazine said it compiled the list by rating...

Nigeria’s external reserve has leaped to $43.195 billion as of December 28, 2018, indicating an 11 percent increase from the $38.912 billion it was as of January 2, 2018. This represents an increase...

The Federal Government has paid a total amount of $5.4billion to states for the settlement of the Paris Club Refund. Disclosing this to newsmen in Abuja on Monday, the Minister of Finance, Mrs. Zainab...

The Federal Government of Nigeria says should the prices of oil continue to dip, it may be difficult for the country to fund next year’s ₦8.73 trillion budget. This is as Brent declined 2.01 per cent...

The Nigerian National Petroleum Corporation (NNPC) says there is nothing illegal in its making  withdrawals from the Nigerian Liquefied Natural Gas (NLNG) Dividend Account. According to a statement released...

Oil marketers in Nigeria have given the Federal government a seven-day ultimatum to settle outstanding debts it owes them failing which depots across the country will cease to operate. The marketers, comprising...

Nigeria’s Department of Petroleum Resources (DPR) says there may be a bleak future ahead for Nigeria’s oil and gas industry as the world is shifting more attention to renewable energy sources. The...