Shareholders of Lekoil Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, have overwhelming approved the company’s option agreement entered into with Savannah Energy Investments. Out of the shareholders with a combined share capital of 437,462,857 ordinary shares, which represents 58 per cent of the issued share capital of the company, 82 …

The European Union has commended the Nigerian Government for providing leadership in the Gulf of Guinea in the war against criminality in the maritime sector, which is being won. Speaking through its Senior Coordinator for the Gulf of Guinea, Ambassador Nicolas Martinez, EU assured that it would not relent in its support for Nigeria in the anti-piracy battle. The commendation …

Forbes Africa has listed the Governor of Central Bank of Nigeria, Mr Godwin Emefiele and the founder of Krystal Digital Solutions Limited, Mr Temitope Ogunsemo in its Africa: Undiscovered Series (Nigeria version). In the Forbes’ Report on Nigeria made available on Friday to the News Agency of Nigeria (NAN), the world-renowned publication said the Undiscovered Series was part of an …

As all manner of weapons are deployed in the Russia-Ukraine war, the devastation impact has provoked a world food crisis. Last month, the Food and Agriculture Organisation (FAO), an agency of the United Nations, reported that the world food prices jumped to nearly 13 per cent, an all-time high attributed to the impact of the conflict on markets for staple …

Lekoil Nigeria Limited has filed a petition in the Grand Court of Cayman Island Court to request the just and equitable winding up of Lekoil Cayman to avert value loss by shareholders of the AIM-listed company. As disclosed by the Chairman of Lekoil Nigeria Limited, Mrs Aisha Muhammed-Oyebode, the petition was filed by Founder and Chief Executive Officer of Lekoil …

Lekoil Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has rejected the announcement on 1st April in which Lekoil Nigeria offered to purchase the Oil Prospecting Licence (OPL) 310 loan. Lekoil Limited also turned down Lekoil Nigeria’s request to repay the outstanding amount under the Savannah Energy Investments Limited convertible facility …

The Minister of Finance, Budget and Planning, Mrs Zainab Ahmed has lamented the N1.3 trillion electricity intervention fund provided by the Nigerian government did not make significant impact. Five years ago, the Federal Government approved N701 billion as a power assurance guarantee fund for the Nigerian Bulk Electricity Trader (NBET) to pay for two years the electricity produced by the …

Telephone lines that are yet to be linked with the subscribers to the National Identity Numbers (NIN) have been deactivated. About 72.2 million such lines will be affected by the new measure. This follows the directive of President Muhammadu Buhari, a decision that was anchored on improving the worrisome security situation in the country. Terrorism, banditry, kidnapping and other criminal …

Nigerians who have been paying – sometimes double the N165-per-litre official price – for Petroleum Motor Spirits (PMS) and sleeping at fuel stations should blame private depot owners for their nightmare. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), some of the private depot owners had not reduced their ex-depot price for PMS, popularly known as “petrol”. IPMAN’s …

Rating agencies Fitch and Moody’s have downgraded Ghana’s biggest banks, GCB Bank PLC and Ecobank Ghana Limited. GCB Bank PLC and Ecobank Ghana Limited are Ghana’s largest and second-largest banks, respectively. Two other Ghanaian banks with Nigerian affiliation, UBA Ghana and GTBank Ghana, also had their ratings revised from stable to negative due to their “high exposure to the sovereign …