Business Archives - Page 11 of 24

Mar

04

2024

Nigerian Navy Destroys Illegal Refineries and Seizes Stolen Crude Oil in Bayelsa

Business, Economy, Metro, NewsBusiness, Economy, Metro, Navy

The Nigerian Navy Forward Operating Base in Brass, Bayelsa, has conducted a successful operation targeting illegal refinery sites and seized stolen crude oil as part of the ongoing Nigerian Navy Operation Delta Sanity. Commanding Officer Capt. Murtala Aminu Rogo announced the destruction of three illegal refinery sites and a wooden boat, along with the confiscation of 160,000 liters of suspected stolen crude oil. The operation, aimed at combating illegal oil theft and bunkering in the Niger-Delta region, resulted in the interception and destruction of illegal activities following patrols conducted by Navy personnel along the Brass River and Akassa general area.…

Feb

27

2024

By Amos Oge Kalu

On The Flip Side Of The Geometric Miracle Of 24/7 Light In Aba

Abia State, Business, Column, Economy, Metro, News, OpinionAbia State, Business, Economy, Odo Ijere

By Odo Ijere The commissioning yesterday of the Aba Independent Power Plant project designed and built by Professor Barthlomew Nnaji's Geometric Power Ltd over a 20 years period was indeed a shining armor spotted in a thick cloud. It started as a developing story that was too difficult to imagine to be true. A fairy tale sort of stuff of the Cinderella fame. But turning out to be true that at last, something good came out of the tribe of Benjamin. Thus, Aba, the Enyimba City, the pearl of the Eastern States, the elephant of the Igbo miracle, the engine…

Feb

26

2024

By Amos Oge Kalu

Aba makes history today as Tinubu unveils the Geometric Power plant.

Abia State, Business, Economy, Metro, NewsAba, Business, Economy, Metro

President Bola Tinubu will today officially open the first integrated power plant in Nigeria, the Geometric Power Plant, located in the Osisioma Industrial District of Aba. Aba is the commercial centre of Abia State. Turbine 3 was turned on at 3:39 p.m. on Sunday, February 25, 2024, in anticipation of the Power plant's commissioning. This event caused a great deal of joy for the engineers of Geometric Power and their colleagues at KS Energy. President Bola Tinubu was originally supposed to inaugurate the 181-megawatt Geometric Power facility on Saturday, February 24. Nine out of the seventeen Local Government Areas in…

Feb

24

2024

By Amos Oge Kalu

Naira vs. USD: CBN will outlaw street trading and consider new BDC regulations

Business, Economy, Metro, NewsBusiness, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria has announced new rules to Bureau De Change Operators in Nigeria, including the possibility of ending street trading, in response to the ongoing volatility of the Naira against the US dollar in the foreign exchange market. This was revealed on Friday by the top bank in its proposed Revised Regulatory and Supervisory Guidelines for Nigeria's Bureau De Change Operations. For Tier 1 and Tier 2 BDC licences, CBN intends to set the minimum capital share amounts at N2 billion and N500,000 million, respectively. This is a departure from the general license's former capital share of…

Feb

23

2024

By Amos Oge Kalu

Geometric Power will be commissioned on Feb. 26 to provide 24 hours of power supply to Aba.

Abia State, Business, Economy, Metro, NewsAba, Abia State, Business, Economy, Electricity

According to a statement by the company's management, the 181 megawatt Geometric Power plant in the Osisioma Industrial Layout of Aba in Abia State will now be commissioned on Monday, February 26, 2024. President Bola Tinubu was supposed to inaugurate the factory on Saturday, February 24. The President in Abuja selected the new date in response to what insiders called unforeseen events. Together with Aba Power Ltd., the president will officially open the 188 MW thermal plant. Nine of Abia State's seventeen local government districts will receive power from the new facility. Engineer Cliff Eneh, an energy consultant in Lagos…