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Why investors shun Nigeria’s oil industry

Oil money

Unfavourable fiscal regime, transparency issues and stringent fund repatriation mechanism have been cited as reasons for the low investment inflow into Nigeria’s oil and gas sector.

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powerpix-new

Kano Disco moves to close cutomer gap

Amidst concerns over electricity theft across the country, management of Kano Electricity Distribution Company Plc, KEDCO, has advanced its customer enumeration project, enlisting about 500,000 into its data base. The company’s spokesperson, Mohammed Kandi, told Vanguard that though the figure is a huge jump from 200,000 it inherited from the Power Holding Company of Nigeria, PHCN, the management had planned to have about one million customers in its data base by end of 2016, if not for some technical hitches it encountered during the exercise.

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Chevron's Agbami FPSO

Chevron harps on CSR program, commitment on Gas Master Plan

Against current economic recession and oil price downturn, Chairman and Chief Executive Officer, Chevron Nigeria Limited, CNL, Clay Neff, has pledged his company’s commitment to improving human capital development in the country through its Global Memorandum of Understanding, GMoU. He also assured of Chevron’s continued commitment to the Nigerian Government’s Gas Master Plan initiative.

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Minister of Power, Fashola

Fashola laments community use of charms to chase away contractors in Akwa Ibom

Minister of Works, Power and Housing, Mr. Babatunde Raji Fashola has said that use of effective communication was vital in resolving major crisis confronting the power sector of the economy. Fashola, spoke on the backdrop of difficulties encountered by contractors and officials of the ministry in the course of construction of the recently inaugurated 330KV switching station in Essien Udim in Ikot Ekpene Local Government Area of Akwa Ibom State.

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Buhari

Why investors shun Nigeria’s oil industry

Unfavourable fiscal regime, transparency issues and stringent fund repatriation mechanism have been cited as reasons for the low investment inflow into Nigeria’s oil and gas sector. Speaking on the worrisome trend that has kept the nation’s sector at low ebb, Olalekan Akinyanmi, Chief Executive Officer, CEO, Lekoil Limited, stated that investors have been reluctant to come to Nigeria because the opportunities are shrinking.

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GEsolar

German firm to invest N186bn in solar

With the ongoing efforts of the Federal Government to rebuild the towns and communities destroyed by Boko Haram insurgents in the North East zone, a German firm, LTI Re Energy and its Nigerian partner, NIGUS International, have sealed an agreement to light up the zone through renewable energy resources. To this end, the firms have made known their intention to commit N180 billion in the development of solar energy in that part of the country.

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