AGPC raises $260m to complete ANOH project and drive energy transition in Nigeria

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its Incorporated Joint Venture (“IJV”), the ANOH Gas Processing Company (“AGPC”), has successfully raised US$260m in debt to fund completion of its ANOH Gas Processing Plant (“ANOH”).

Mouka rewards partners with 54 trucks, Others to boost trade

Mouka has given out 54 brand new trucks and other fabulous gifts to its Business Partners who have demonstrated a high level of commitment to its growth trajectory. The rewards are expected to boost the morale and trade of Business Partners.

Nigeria’s $3.5bn Brass methanol plant to generate 35,000 jobs

The $3.5 billion methanol production plant Brass project is expected to provide employment for at least 35,000 jobs when completed.

Nigeria, Morocco reinstate commitment to 5,660km gas pipeline … Set to complete fertilizer factory by 2024 … Deal sealed in telephone chat between Moroccan King and President Buhari

Nigeria and Morocco renewed their commitment on Sunday to building a gas pipeline that will take an onshore and offshore route and a fertilisers plant, the royal palace in Rabat said.
The renewed commitment came during a phone call between Morocco’s King Mohammed VI and Nigerian President Muhammadu Buhari, the palace said. The two countries agreed to the pipeline in December 2016 and launched feasibility studies.

Tony Elumelu Foundation Announces Three Senior Executive Appointments … Female appointments demonstrate leadership as a global champion for gender inclusion and equality

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has announced three senior executive appointments, effective February 1, 2021. This follows the launch of the 2021 TEF Entrepreneurship Programme, on, which this year prioritises the economic recovery of small and medium scale enterprises and young African entrepreneurs, following the disruptive effects of the Covid-19 pandemic.

Oil prices drop on first working day of 2021

Oil prices edged lower on Monday, the first working day of 2021 trading, ahead of a meeting of OPEC and allied producers to discuss output levels for February with fears for first-half demand seeping into the market as the coronavirus pandemic lingers.

Oil market: OPEC paints mixed outlook for 2021

Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries (OPEC) has painted a mixed oil market outlook for 2021.

UBA USA CEO Sola Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

Sola Yomi-Ajayi, the CEO of the United Bank for Africa(UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021. Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.

Wide financing gap, currency devaluation induce higher debt burden – Analysts

Analysts have attributed the increasing debt burden to the devaluation of the naira from N306/$ to N361/$ and continuing financing gap in the budget.
The second quarter of 2020 debt data recently published by the Debt Management Office (DMO) revealed that Nigeria’s public debt stock grew 20.6 per cent y/y and 8.3 per cent quarter-on-quarter (q/q) to N31.0 trillion ($85.9 billion). This translates to a debt to GDP ratio of 20.4 per cent based on 2020 GDP estimate, from 19.0 per cent as at year-end 2019.

Manufacturers say unsold inventory at record high of N402.4bn

Nigerian manufacturers say their inventory of unsold goods jumped to a record high with a value of N402.4 billion ($1 billion) as consumer spending fell in a difficult business environment.