The World Bank has approved $611 million credit facility to support Nigeria in reducing the rate of out-of-school children, especially in the north. Speaking in Abuja on Wednesday, the Head of Communications, World Bank, Nigeria, Funke Olufon, explained that the bank also approved a $350 million credit for the Kaduna State Economic Transformation Programme, which aims to enhance...

PT Intim Perkasa Nigeria Ltd, a subsidiary of Indonesia-based engineering company, PT Intim Perkasa, has said it is interested in constructing a modular refinery in Akwa Ibom state, the Nigerian National Petroleum Corporation (NNPC) revealed. According to NNPC spokesman, Ndu Ughamadu, the planned refinery would have a refining capacity of 10,000 barrels per day. Nigeria has a refining capacity...

On June 20, a conflict broke out between the police and the people of Diokoul in Senegal. The latter, mainly farmers, was trying to prevent the agents of Senegindia to delineate a 1,000ha area which will be taken from them. The conflict arose as a crowd got out to stop the agents to lay razor wire around the land given to Sengindia at the end of 2016, and this caused the police to come and calm...

In Namibia, the spokesperson of minister of land reform, Chrispin Matongela, publicly dismissed rumors spread in the country stating that the upcoming second edition of Land Conference, which was to take place in November 2016, has been cancelled. Matongela on June 16 confirmed that the conference will be held next September. The spokesman added that the 14 necessary regional consultations...

Nipco Plc has said that it is offering $16 million for the shares it needs to increase its stake in Mobil Oil to 70% (against the current 66.7%). The company on Wednesday stated that it wishes to buy a 3.23% stake in Mobil from minority shareholders at a price of N417.12 per share and a 75% premium to Wednesday’s market price of N238.36.The offer expires on June 29, 2017. Let’s...

Sahel Capital on Wednesday announced the closure of a $66million debut funding process aimed at driving agricultural growth in Nigeria. Sahel is the manager of the Fund for Agricultural Finance in Nigeria (FAFIN). According to the company, the funding process saw the African Development Bank (AfDB), CDC Group and the Dutch Good Growth Fund, collectively committing $31million to...

Malaysia-based FPSO provider, Bumi Armada says it has suspended the operations and maintenance contracts signed with Erin Petroleum Nigeria Limited for the Armada Perdana FPSO operating at the Oyo oil field in Nigeria. According to the company, the decision was due to Erin’s failure to pay for the bareboat charter and other irregular payments on the contract. Bumi explained that its...

The Federal Government of Nigeria has signed a €10 million Euros aid agreement with the German Government to eliminate polio in the country, according to Foreign Affairs Minister, Geoffrey Onyeama. He said: “As you know, we have come very close to eradicating polio in the world, but you know there are still one or two issues. The problem we have in the north east has exacerbate the...

The Federal Government of Nigeria has secured a $300 million World Bank facility to support a new housing scheme designed to improve access to finance for housing projects in the country. Known as the National Housing Finance Programme (NHFP), the scheme is a Public Private Partnership (PPP) aimed at improving low-income earners’ access to own personal homes with a guaranteed credit from...

The Transmission Company of Nigeria (TCN) says it has added another 60MVA power transformer to the existing ones at the Hadejia132/33KV substation in Jigawa state. This is in line with efforts to boost power supply in the country. Speaking in a statement, Seun Olagunju, the General Manager, Public Affairs at TCN, said the addition of the transformer will increase the station’s capacity by 48MW...