The Government of Cross River has concluded plans to construct a 2 MW multi-fuel power plant in each of the 18 local councils of the State. The State Governor, Ben Ayade (photo) who disclosed this, said the move is aimed at boosting electricity supply in the rural communities of the State. “I have 18 local government areas and it is my commitment to ensure that every council and village has...

Nigeria LNG (NLNG) has begun discussing with possible buyers on new gas supply contracts from three production units at its liquefied natural gas (LNG) terminal, a senior official from the company has revealed. According to the anonymous official, contracts for the supply of gas from Trains 1, 2 and 3, which jointly produce 9 million tonnes of LNG a year, are currently being...

As part of efforts to bring peace to the Niger Delta region, Nigeria has revealed plans to legalize illegal oil refineries in the state. These refineries, which support tens of thousands of people, are temporary structures processing stolen crude from oil company pipelines. The decision to legalize them is part of the demands made by community leaders during talks with the government. “Under...

Nigeria’s Union Bank has revealed plans to raise N50 billion ($164 million) by the end of second quarter of 2017. This amount will be raised through rights issue to increase its capital reserves and lend to agribusiness enterprises. Emeka Emuwa, chief executive of the bank said on Thursday it is targeting a capital ratio of more than 18% after the fundraising as against the 13.4% recorded in...

ASKY, the Pan African Airline here-by inform its passengers that due to rehabilitation works on the two landing runways, the International Airport of Douala will be closed to traffic from April 10 to 17, 2017 between 4am and 11am local time. The Airline reassure its passengers that all measures are taken to keep the operations of the flights through a close collaboration with the airport...

The Food and Agriculture Organization (FAO) has called on the United Nations to issue $62 million to support farming in the north-eastern part of the country during the wet-season. “FAO is asking for 62 million dollars, under the Humanitarian Response Plan, for Nigeria. A combination of food assistance and food production support is the only way to address the scale of hunger facing the...

Biogaran SAS, a subsidiary of France’s second-largest drugmaker, Les Laboratoires Servier, plans to benefit from Nigeria’s $1.3 billion drugs market by setting up operations in the country. “To start with, the company plans to use Nigeria as a base to export to other West African countries. We found that Nigeria is well adapted for what we want to do. We decided to invest when the...

In Nigeria, the Federal Government on Wednesday released N54 billion ($171.7 million) to pay part of the pension rights accumulated in 2014, 2015 and 2016. “Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern over the plight of workers and pensioners. Consistent with this, we have released N54 billion which clears the arrears inherited from...

Nigeria's Federal Executive Council (FEC) has approved the request for a $1.3 billion loan from international lenders to fund the Development Bank of Nigeria (DBN), the Minister of Finance, Kemi Adeosun (photo), revealed on Wednesday. According to Adeosun, the loan includes $500 million from the World Bank to be repaid over 21 years, $450 million from the African Development...

Mining firm Avenira hopes to soon raise $AU2.5 million, in the framework of share acquisition plan, to advance its Baobab phosphate project in Senegal. The company will allow its shareholders to buy new shares ranging overall between AU$1,000 and AU$15,000, at c8.4 per share. The price offered is 10.6% below the weighted-average price of Avenira’s share which was estimated at $0.094...