Bunmi Aduloju

Lagos

Journalist, Business Reporter at TheCable

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Articles

NERC approves N1.69bn deduction from AEDC's account for overbilling consumers

1 week ago | thecable.ng | Bunmi Aduloju

The Nigerian Electricity Regulatory Commission (NERC) has approved the deduction of N1.69 billion from the total annual operating expenditure of Abuja Electricity Distribution Company (AEDC).
FG launches scheme to deploy CNG buses in universities

1 week ago | thecable.ng | Bunmi Aduloju

The federal government has flagged off the deployment of compressed natural gas (CNG)-powered buses in Nigerian universities. In a statement on Friday, Louis Mbah, spokesperson for Ekperikpe Ekpo, minister of state for petroleum resources (gas), said the government official launched the special palliative relief on university transportation (SPROUT) programme at Yakubu Gowon University, Abuja.
Tinubu signs new executive order in energy sector, caps tax credits at 20%

1 week ago | thecable.ng | Bunmi Aduloju

President Bola Tinubu has issued a new executive order (EO) to lower project costs, attract investment, and enhance revenues from oil and gas operations. In a statement on Thursday, the office of the special adviser to the president on energy said the order, tagged the ‘Upstream Petroleum Operations Cost Efficiency Incentives Order (2025)’, also caps tax credits to firms at 20 percent.
JUST IN: AfDB elects Sidi Ould Tah as new president

1 week ago | thecable.ng | Bunmi Aduloju

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TotalEnergies sells stake in Bonga oilfield to Shell for $510m

1 week ago | thecable.ng | Bunmi Aduloju

TotalEnergies says its subsidiary, TotalEnergies EP Nigeria (TEPNG), has signed an agreement to sell its 12.5 percent interest in the oil mining lease (OML) 118 production sharing contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $ 510 million. In a statement on Thursday, TotalEnergies said the completion of the transaction is subject to customary conditions, including regulatory approvals.
Report: Dangote refinery ends Nigeria's era as Africa's largest fuel importer

1 week ago | thecable.ng | Bunmi Aduloju

Nigeria’s era as Africa’s largest fuel importer has ended following increased output from the Dangote refinery, according to Bloomberg. Citing an energy consultancy firm in a report on Wednesday, Bloomberg said the title is now held by South Africa, where operational fuel production capacity has shrunk. Elitsa Georgieva, executive director at CITAC, an energy consultancy, told the publication that Nigerian imports are dropping due to Dangote’s continued operation.
DMO: Nigeria’s N300bn Sukuk offering oversubscribed by 735%

1 week ago | thecable.ng | Bunmi Aduloju

Debt Management Office (DMO) says the federal government recorded a total of N2.2 trillion subscription from the N300 billion series VII sovereign Sukuk. In a statement on Wednesday, DMO said the figure represents an oversubscription of 735 percent. The office said the milestone signals investors’ appetite for the financial instrument.
‘I gave Africa my heart’ -- Akinwumi Adesina speaks on 10-year stewardship as AfDB boss

1 week ago | thecable.ng | Bunmi Aduloju

Akinwumi Adesina, president of the African Development Bank (AfDB) Group, says he “gave Africa his heart”, fighting for the continent’s best interest in the last 10 years of leading the institution. Adesina spoke at the bank’s annual meetings opening ceremony on Tuesday in Cotê D’ivoire, which marks his last meeting as the AfDB president. In his speech, the economist gave an account of his stewardship, and recognised the contributions of several stakeholders to his success.
Increase production to achieve Nigeria's 2030 target, minister tells gas firms

1 week ago | thecable.ng | Bunmi Aduloju

Ekperikpe Ekpo, the minister of state for petroleum resources (gas), has urged major gas-producing companies to increase production by one billion standard cubic feet (bscf) per day to meet Nigeria’s 2030 target. If the minister’s expectation materialises, gas firms will be expected to produce one billion scf of gas every day for the next five years.
Dangote to begin coal exports, projects $7m daily revenue from fertiliser sale

1 week ago | thecable.ng | Bunmi Aduloju

Aliko Dangote, president of the Dangote Industries Limited (DIL), says the company will soon start exporting coal out of Nigeria. Speaking on Monday during a courtesy call to the Nigerian Ports Authority (NPA) headquarters in Lagos, Dangote said DIL is also targeting a $7 million daily revenue from the sale of fertiliser in the next two years. The billionaire said the company will soon “massively expand” its export operations.