Lekki Deep Seaport To Create 170,000 Jobs, Generate $201Bn

The Federal Government has stated that upon the completion of the Lekki Deep Sea Port, it is expected to create about 170,000 jobs and generate $201 billion in earnings from royalties, taxes, and duties. This was made known on Wednesday by the Minister of Information and Culture, Lai Mohammed after the conclusion of a tour of the facility located at the Lagos Free Trade Zone.

National Assembly Approves N4 trillion For Fuel Subsidy

Recall President Muhammadu Buhari requested on 7th April 2022 the House of Representatives to adjust the Medium Term Expenditure Framework (MTEF) to accommodate the four (4) trillion naira project for petroleum subsidy in 2022. Both the lower and upper legislative chamber has approved the request of the president after a report from its committees on finance, by approving an oil benchmark of 73 dollars per barrel and oil production output of 1.6 million daily. More so, the chamber has approved a 400 billion naira increase in federal government revenue and slashed funding for upstream projects from 352 billion naira to 200 billion naira.

Germany Netherlands, Others Look For Alternative Gas Supply

In order to reduce the reliance on Russian energy imports, Germany and Netherlands are making plans to commence new gas production in the North Sea. The German state of Lower Saxony and Dutch energy company ONE-Dyas BV proposed to pump natural gas from undersea deposits 20 kilometers north of the German island of Borkum and Schiermonnikoog. A final investment decision is expected by summer, and drilling could kick off by the end of 2024 as stated by ONE Dyas.

FG Recovers N53Bn Debt From MDAs

The Minister of Finance, Budget, and National Planning, Zainab Ahmed said the Federal Government (FG) has recovered N53.5 billion out of N5.2 trillion owed by Ministries, Department, and Agencies (MDAs).

FEC Approves Concession Of Ajaokuta Steel Company, Other

The Federal Executive Council (FEC) has approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited as well as the National Iron Ore Mining Complex, Itakpe both situated in Kogi state. This was disclosed on Wednesday shortly after the FEC meeting by the Minister of Information and Culture, Lai Mohammed on behalf of the Minister of Mines and Steel, Olamilekan Adegbite.

Ukraine War: EU Looks To Nigeria For Additional Gas Supply

The European Union is strengthening relations with Nigeria as it seeks to diversify sources of its natural gas imports in an attempt to reduce reliance on Russian energy. According to EU ambassadors on Monday, at least 40% of Nigeria's gas is currently exported to Europe. The EU is looking to replace Russian oil with African oil because of its high amount of untapped gas reserves. Nigeria is the fourth biggest liquified natural gas supplier to Europe. The EU Ambassador to Nigeria, Samuela Isopi, Isopi disclosed this when the EU ambassadors paid a courtesy call on the Nigerian National Petroleum Company Limited, seeking to strengthen the EU’s partnership with Nigeria in the energy sector, according to a statement issued in Abuja by NNPC.

Oil Pushes Higher, China Moves To Boost Economy

Oil prices settled higher in early Asian trade on Wednesday, rebounding in volatile trading session as the market evaluated China’s plan to support its economy against a possible coronavirus lockdown in its capital Beijing. Brent crude futures rose 44 cents, or 0.4%, to $105.43 a barrel by 0418 GMT. U.S. West Texas Intermediate crude futures gained 12 cents, or 0.1%, to $101.82 a barrel. China’s central bank revealed on Tuesday that it will step up prudent monetary policy support to its economy as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same debilitating city-wide lockdown that has shrouded Shanghai for a month. Any stimulus would boost oil demand.

FMBN Gets New CEO

Mr. Kabir Adeniyi Yagboyaju has assumed the role of the acting Managing Director/ Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN). Yagboyaju's emergence followed the expiration of the five-year tenure of the Arc. Ahmed Dangiwa-led Executive Management Team on Friday, and the formal handover ceremony at the FMBN corporate headquarters, Abuja. In a statement signed by the Group Head, Corporate Communications FMBN, Lawal K/Sauri, the apex mortgage bank disclosed that the new Ag. MD was the most senior general manager and group head in the organization.

NUPRC Commissioners: Senate Confirms Four Nominees

The Senate confirmed the nominations of four commissioners of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during plenary on Wednesday. The confirmation of the nominees was sequel to the consideration and adoption of the report by the Senate Committee on Petroleum Resources (Upstream).

MTN Gets Approval To Operate Momo Payment Service Bank

MTN Nigeria, a subsidiary of South Africa-headquartered MTN Group Ltd, announced earlier today that it has received a final approval from the Central Bank of Nigeria (CBN) to begin operating Momo Payment Service Bank Ltd. Uro Ukpanah, company secretary at MTN Nigeria, in a press release on Monday, titled “The Central Bank of Nigeria Grants Final Approval for Momo Payment Service Bank Limited to Commence Operations”. “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” the statement reads.