The Vice-President of Nigeria, Yemi Osinbajo (photo), has revealed that Nigeria has been losing one million barrels of crude oil per day for the past six months due to the activities of pipeline vandals.Nigeria had lost no less than 180 million barrels of crude oil in less than one year. “In addition to the massive fall in oil prices, the VP stated that the vandalism of pipelines had led to a...

Shell Nigeria has lifted a force majeure it placed on bonny light crude oil exports on August 12, 2016 due to a shutdown of a Niger Delta pipeline following a leak. According to the company, this move is coming after the Nembe Creek Trunk Line was re-opened by the operator Aiteo, Energy Voice reports. Shell declared the force majeure a month after the company ended the recent force majeure on...

Solo Oil on Wednesday announced that it is not ready to exercise its immediate option over an additional 1.25% stake in the Kiliwani North development licence in Tanzania. This option of an additional interest in the project was made open to Solo Oil when it received the first revenue from gas sales in mid-August. The company still holds a further option over another 1.575% in the producing...

MTN has halted registration on its mobile money service in South Africa. According to Larry Annet, head of the customer experience division, cited by South African news website fin24.com, the firm is currently conducting, in collaboration with Bank of Athens, Pick n Pay and Boxer stores, its partners in the Mobile Money adventure launched in 2012, a feasibility study to determine if MTN SA...

Emirati firm Aggreko will provide Benin 100 MW of electricity, over a year. “We signed with Aggreko because Benin can count on its ability to mobilize within the contractual deadlines and on its experience as an operator,” said Laurent Tossou, Managing director of SBEE, the local power utility. The firm which has already worked with SBEE plans to deliver the energy at the end of 2016. The...

Japan’s three biggest banks want to expand their businesses in Africa by developing new partnerships and joint-ventures with African banks and public institutions, The Japan Times reported on August 29. The banks namely Sumitomo Mitsui Banking Corp, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ aim here to help Japanese companies in their investments over the continent with which Tokyo wishes...

South African Airways (SAA) announced on September 5 that authorities in Hong Kong have given it three more weeks to provide financial statements, or flights to the region will be halted. Africa’s top airline indeed failed to file its financial statements for 2014/15 and 2015/16 and should have done it today, September 6. However, the authorities have pushed the deadline to Sept 30, Tlali...

De Beers Consolidated Mine, branch of Anglo American, announced it has totaled for its seventh cycle of rough diamond sales $630 million, thus beating sixth cycle’s $520 million. Over the seven sales cycles, the firm collected $4.19 billion. “We saw healthy demand for our rough diamonds in Cycle 7, as manufacturers brought forward some of their demand in order to cut and...

As a result of a cabinet shuffle, Angola’s Presidency said in a statement published on September 5, 2016, that it has fired Minister of Finance, Armando Manuel. “The President of the Republic; José Eduardo dos Santos, by virtue of the powers conferred by the constitution, removes Armando Manuel from his position as Minister of Finance,” the statement said. So far, no reason was given to...

Past Group Managing Directors (GMDs) of the Nigerian National Petroleum Corporation (NNPC) have jointly advised that the nation's four refineries in Kaduna, Warri and Port Harcourt must be restructured and operated as Incorporated Joint Venture (IJV) companies rather than their current operational method. They revealed this during a meeting with the Minister of State for Petroleum Resources,...