French energy giant TotalEnergies has sold its 12.5 per cent non-operated stake in Nigeria’s OML 118 Production Sharing Contract to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) in a deal valued at $510m. The transaction, conducted through TotalEnergies’ local subsidiary TotalEnergies EP Nigeria (TEPNG), marks another step in […]
Category: Energy
Energy
Seplat Strengthens Export Capacity Through MPNU Acquisition
Seplat Energy Plc has reaffirmed its commitment to long-term investments across its core business divisions, following a transformative year in which the company significantly increased its production and reserve base through the acquisition of Mobil Producing Nigeria Unlimited (MPNU). Addressing shareholders and journalists at the company’s 2025 Annual […]
Nigeria Now Provides Power Access to 150 Million – Adelabu …Says 80 Million Nigerians Still Lack Reliable Electricity Access
Approximately 150 million Nigerians now have access to electricity, according to the Minister of Power, Adedayo Adelabu, who disclosed the figure on Thursday during the 2025 Ministerial Sectoral Update Conference held in Abuja. While hailing the achievement, the minister acknowledged that 80 million Nigerians still lack reliable […]
Dangote Petroleum Announces Reduction In Petrol Price
Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, 16th April 2025. This marks the second price reduction within a week. According to a statement signed by Group Chief […]
CPPE Warns Against Nigeria’s Planned Solar Panel Ban
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned the federal government against its proposed ban on the importation of solar panels, warning that such a policy could exacerbate Nigeria’s energy crisis and deter investment in renewable energy solutions. The warning follows a statement […]
Dangote Polypropylene to Revive Textile Industry, Save Nigeria $267m-MAN
The Manufacturers Association of Nigeria (MAN) has stated that the production of polypropylene by the Dangote Petroleum Refinery & Petrochemicals will revive Nigeria’s struggling textile industry and save the country $267M in import costs. In an interview on the Channels Business Incorporated Programme, the Director-General of MAN, Segun […]
Oando, REA Launch 1.2GW Solar Project To Boost Power
Oando Clean Energy Limited, in collaboration with the Rural Electrification Agency (REA), has signed a Memorandum of Understanding (MoU) to develop a 1.2-gigawatt (GW) solar power project, marking a significant milestone in Nigeria’s transition to renewable energy. The initiative, which aims to provide electricity to millions of Nigerians, will […]
Seplat Launches $650m Senior Notes Offering For Debt Refinancing
Seplat Energy Plc, Nigerian energy company listed on the Main Market of the London Stock Exchange (LSE) and the Premium Board of the Nigerian Exchange Limited (NGX) has announced the launch of a $650m Senior Notes offering due 2030. According to the company in a notice to the […]
Seplat Energy Declares $16.5 Cents Dividend Per Share
Seplat Energy Plc, a Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited financial results for the year ended December 31, 2024. The company declared a total dividend of $16.5 cents per share for the period, representing a […]
NNPC Shipping, Caverton, Stena Launch New Joint Venture
Caverton Offshore Support Group Plc (Caverton) has announced a strategic joint venture with The Nigerian National Petroleum Corporation (NNPC) Shipping and global maritime leader Stena Bulk. The agreement, signed in London, aims to revolutionize Nigeria’s maritime transportation by establishing a new tanker operation to serve regional and […]