Category: West Africa
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Nigeria:Shell lifts force majeure on Bonny Light exports
Royal Dutch Shell’s Nigerian division lifted a force majeure on exports of Bonny Light crude oil on Thursday, the latest sign that Nigeria’s oil production is recovering after being hit by militant attacks in its oil-rich delta region. The force majeure was lifted from 09:00 a.m. Nigerian time (0800 GMT) on Thursday, the company said…
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Nigeria: Attacks On Oil Facilities – How Nigeria Economy Lost N1.0 Trillion in Six Months
About N1.0 trillion may have been lost to production shortfalls due to the resurgence of attacks on oil and gas facilities in the Niger Delta, between January and June 2016 as well as various facility related repairs and leakages. In the first quarter, going by the figures of the Central Bank of Nigeria, CBN, at…
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Nigeria: Fuel Scarcity Looms, As Oil Workers Go On Strike
Nigeria’s senior oil workers union will go ahead with a planned strike on Thursday over some unresolved industry issues with the federal government. The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed its members to begin a gradual shut down of the industry in protest of job losses, delay in the…
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Nigerian President replaces NNPC’s Managing Director
Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul. Oil accounts for about 70 percent of Nigeria’ revenue, but the OPEC member has been hit hard by a prolonged drop in crude prices that has caused the…
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Nigeria: Only PDP Can Solve Nigeria’s Economic Problems – Gov Emmanuel
The Akwa Ibom State Governor, Udom Emmanuel, has said that the Peoples Democratic Party, PDP, remains the only party capable of taking Nigeria out of its present economic situation. Mr. Emmanuel said this on Tuesday, in Benin, during the official flag-off of the campaign for the Edo State PDP governorship flag bearer, Osagie Ize-Iyamu, ahead…
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Nigeria’s oil minister replaced as state oil company boss
Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul. Oil accounts for about 70 percent of Nigeria’ revenue, but the OPEC member has been hit hard by a prolonged drop in crude prices that has caused the…
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Nigeria: MTN Chief Financial Officer Resigns
The Chief Financial Officer of MTN Group, Mr Brett Goschen is stepping down. He will leave at the end of September “to pursue other interests”, the telecoms giant said in a statement on Monday. Goechen has been MTN’s Chief Financial Officer since August 2013. Before that, he was Chief Executive Offcer of MTN Nigeria. He…
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Ivory Coast:Concern over main cocoa crop
Cool, cloudy weather and a lack of rain last week in most of Ivory Coast’s cocoa growing regions will have hindered the development of the next main crop, though there was good rain and sunshine in some areas, farmers say. Farmers said this month and August would be crucial for the development of the October-to-March…
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Nigeria:Brent oil falls below $50 as Nigeria ups production
Oil prices retreated in Asia on Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks. Bloomberg News reported on Tuesday that Nigeria, Africa’s biggest oil producer, pumped an average 1.53 million barrels a day last month, up around 90 000 a day…
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Nigeria:Crisis Looms, As Oil Workers Mobilise Nationwide Strike Over Unresolved Issues
One of Nigeria’s oil workers unions, the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed its members to prepare for strike from Thursday over some unresolved industry issues with the federal government. In a statement, Monday, PENGASSAN directed its four zones to sensitize members for the planned strike. The statement, signed…