Off-grid energy company PowerGen signs funding agreement with Shell, others

PowerGen Renewable Energy, a micro-utilities provider in Africa has signed an equity-based financing investment with funding from Shell’s New Energies business, as well as Omidyar Network, Acumen, Renewable Energy Performance Platform (REPP), EDFI ElectriFI, Sumitomo Corporation, DOB Equity, and Micro-grid Catalytic Capital Partners (MCCP). According to a release by the…

We are willing to offer discount for longstanding containers – APM Terminals

Following the reported danger of looming congestion in the nation’s port business due to the presence of overtime and abandoned containers, the management of APM Terminals Apapa has assured of its willingness to offer discount for longstanding containers in its ports. According to a press statement titled, ‘A Call to…

Lagos mulls incentives for local manufacturers, SMES

Governor of Lagos State, Babajide Sanwo-Olu, says his administration will be pursuing a private sector finance to incentivise local manufacturers as well and Small and Medium Enterprises (SMEs) operating within Lagos. This, according to Sanwo-Olu, will encourage and empower more start-ups and local manufacturers, as it will help them access…

Bank’s impairment charge falls to five year low on improved risk management

Nigerian largest banks have seen impairment charges for loans to the oil and gas and other sectors fall to a five-year low as they have resolved to strengthen their balance sheet. The cumulative impairment charge on financial asset fell by 14.64 percent to N124.06 billion in September 2019 from N145.41…

Reps to support Greek Consortium on job creation

The Speaker of the House of Representatives, Femi Gbajabiamila has said that the 9th House would encourage initiatives that would help create jobs for Nigerians. Gbajabiamila said this while playing host to a delegation of the Greek Consortium in his office on Monday led by Patrick Osobase. The Speaker said…

Updated: FG gives conditions for reopening of land borders

The Federal Government has issued conditions for reopening of Nigerian land borders closed recently to importation of goods even as the government maintained that neighbouring countries must respect the Economic Community of West African States (ECOWAS) rules of origin if their good would be allowed into Nigeria. The Minister of…

Lagos trade fair to return to permanent site, says Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu has raised the hope of returning the annual Lagos international trade fair and exhibitions to its permanent site on the Lagos-Badagry Express Road, in Ojo axis of the state. For several years running, the trade fair has been holding at the Tafawa Balewa Square…

Buhari signs oil production-sharing contract bill

President Muhammadu Buhari on Monday assented to the bill amending the Offshore and Inland Basin Production Sharing Contract Act 2014. “This afternoon I assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act. This is a landmark moment for Nigeria; let me use this opportunity…

Earnings growth can’t tame rampaging Bears on NSE

Impressive results by bellwether firms particularly in the banking sector haven’t been enough to whet investors’ appetite for cheap stocks as protracted macroeconomic uncertainties have left the local bourse in a lull. Federal Government has failed to formulate policies that will help propel economic growth after the country exited its…