Category: Business

Nigeria Awards 57 Marginal Oilfields to 161 Bidders

Nigeria’s federal government has announced the conclusion of the bid round for the award of 57 marginal oilfields, won by 161 of the bidding companies. The 161 successful bidders emerged from a pool of over 600 indigenous oil companies that jostled for the 57 marginal fields in the process that commenced in June 2020. The […]

Prince Harry Joins $1.7bn US Counseling Startup

Britain’s Prince Harry on Tuesday added to a growing portfolio of post-royal jobs, becoming “chief impact officer” at a San Francisco startup that provides mobile-based coaching, counseling, and mentorship. Amid a highly public spat with Buckingham Palace, Harry and his American wife Meghan Markle, a mixed-race former television actress, now live in California after stepping […]

NNPC Defends Plan To Fix Port Harcourt Refinery For $1.5bn, Says New One Will Cost $12bn

The Nigerian National Petroleum Corporation (NNPC) on Monday vigorously defended the approval of a whopping $1.5 billion for the rehabilitation of the Port Harcourt refinery, maintaining that apart from following due process, building a new refinery in the class of the one in Rivers will cost the federal government between $7 billion and $12 billion. […]

FG Considers Reopening Of Kano, Enugu, Port Harcourt Airports – Minister

Nigerian authorities are considering the reopening of three international airports in the country, said the Minister of Aviation, Hadi Sirika. The affected aviation facilities are the Mallam Aminu Kano International Airport in Kano State, the Akanu Ibiam International Airport in Enugu State, and the Port Harcourt International Airport in Rivers State. In his remarks on […]

Turkish Lira Plunges After Erdogan Sacks Central Bank Governor

Turkey’s lira plunged 15 percent to near its all-time low after markets opened following President Tayyip Erdogan’s shock weekend decision to sack a hawkish central bank governor and install a like-minded critic of high interest rates. The appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, in the early hours on Saturday, marked […]

Oil Giant Saudi Aramco Sees 2020 Profits Drop 44% To $49bn

Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets. Saudi Arabian Oil Co. released its annual financial results a year after the pandemic sent the price of oil crashing to all-time lows as […]

Italian Court Frees Shell, Eni in $1.3bn Nigerian Oilfield Corruption Case

A Milan court on Wednesday acquitted energy companies, Eni and Royal Dutch Shell, along with some of their past and present managers, including Eni Chief Executive, Claudio Descalzi, in one of the oil industry’s biggest corruption scandals. The judgment read out in court by Judge Marco Tremolada, came more than three years after the trial […]

Kanye West Now ‘Richest Black Person In US History’ With $6.6 Billion Net Worth

Now worth a whopping $6.6 billion, producer, rapper, and fashion mogul Kanye West is the richest African American in the United States, according to Forbes Magazine. He is now also the third richest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). He is also reportedly the richest Black person […]

Flutterwave Now Allows African Merchants Receive Payment From PayPal’s 377m Users

African payments company Flutterwave on Tuesday announced a collaboration with PayPal to allow PayPal customers globally to pay African merchants through its ‘Pay with PayPal’ feature. Via this partnership, African businesses can connect with the more than 377 million PayPal accounts globally and overcome the challenges presented by the highly fragmented and complex payment and banking infrastructure on the continent. According […]