Heirs Energies Ltd., has sealed a 750 million dollars financing agreement with the African Export-Import Bank (Afreximbank). The agreement was signed by Mr Tony Elumelu, the Chairman of Heirs Holdings and Dr George Elombi, the President and Chairman of the Board of Directors, Afreximbank, in Abuja on Saturday. It aims
President Bola Tinubu has approved the reconstitution of the Board of the Nigerian Electricity Regulatory Commission (NERC), following the Senate’s confirmation of its members on Tuesday. This is contained in a statement issued by the Presidential Spokesperson, Mr Bayo Onanuga, on Thursday in Abuja. Dr Musiliu Oseni was appointed Chairman
The Organization of the Petroleum Exporting Countries, or OPEC, has decided to keep Nigeria’s oil production at 1.5 million barrels per day until December 2026. This choice is part of an earlier plan made in late 2024 and reflects OPEC’s goal of maintaining stability in the oil market during times
Heineken Lokpobiri, Nigeria’s minister of state for petroleum, has commended Renaissance Africa Energy Company Limited for its significant role in increasing the country’s oil and gas production. This recognition comes just months after the company made headlines by acquiring Shell’s onshore assets for an impressive $2.4 billion. Lokpobiri expressed his
Seplat Energy Plc, a Nigerian independent energy company, has reported a rise in its revenue to N3.356 trillion for the nine months ended September 30, 2025. This is compared with N1.071 trillion recorded in the same period of 2024. The energy company, listed on the Nigerian Exchange Ltd. and the
Africa’s largest refinery, the Dangote Petroleum Refinery, is set for a historic expansion that will increase its production capacity from 650,000 barrels per day (BPD) to 1.4 million BPD within the next three years. When completed, the expansion will make the refinery the largest in the world, marking a major
The Federal Government has finalised implementation frameworks for a ₦4 trillion government-backed bonds to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers. The Special Adviser to the President on Energy, Mrs. Olu Verheijen disclosed this in a statement issued on Tuesday in Abuja. In the statement
The Nigerian Electricity Regulatory Commission (NERC) says Electricity Distribution Companies (DisCos) collected N564.71 billion total revenue in the second quarter of 2025 out of N742.34 billion billed to customers. The commission disclosed this in its 2025 Second Quarter Report obtained from its website in Abuja on Tuesday. The report said
An indigenous oil and gas company, Sostenibili Energy and Infrastructure Limited, which was recently launched, has expressed commitment to the execution of development projects that will improve the quality of life of the people and transform their communities. To achieve this, the company intends tocombine its technical proficiency with financial
The Nigerian National Petroleum Company (NNPC) Limited has signed a new two-year deal for crude oil supply with the Dangote Petroleum Refinery. This ensures a steady supply of crude for the facility in Lekki, Lagos, which can process 650,000 barrels a day. This agreement, which was completed in August, is