By Ayomide Otitoju Japan is set to undertake the world’s deepest trial to extract rare earth minerals from the ocean floor, beginning in January 2026, in a bid to secure a stable supply of critical resources amid rising geopolitical tensions. Shoichi Ishii, Director of Japan’s Cross-ministerial Strategic Innovation Promotion Programme, announced the initiative on Thursday….
By Ayomide Otitoju The Federal Government has reiterated its commitment to accelerating clean energy adoption by targeting the distribution of five million Liquefied Petroleum Gas (LPG) cylinders to households nationwide by 2030. This was disclosed by the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, during the flag-off of the North West phase of the Grassroots…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported ₦6.008 trillion in revenue for May 2025, reflecting a marginal increase from the ₦5.972 trillion posted in April. According to the company’s latest monthly report released Monday, profit after tax rose 14% to ₦1.054 trillion in May, up from ₦926 billion in…
By Ayomide Otitoju Dangote Petroleum Refinery has reduced its ex-depot price of petrol from ₦880 to ₦840 per litre, reflecting a modest relief amid recent global oil market volatility. The price adjustment, confirmed by refinery spokesperson Tony Chiejina, took effect on Monday, June 30. It comes roughly one week after the refinery had raised the…
By Ayomide Otitoju The average retail price of Automotive Gas Oil (diesel) in Nigeria rose by 25.24% year-on-year to N1,758.26 per litre in May 2025, up from N1,403.96 recorded in May 2024, according to new data released by the National Bureau of Statistics (NBS). The report, titled “Automotive Gas Oil (Diesel) Price Watch – May…
By Ayomide Otitoju The African Export-Import Bank (Afreximbank) has successfully completed the upsizing of its reserve-based lending (RBL) facility for Oando Oil Limited to $375 million, bolstering the company’s financial flexibility and production ambitions. In a statement released on Tuesday, Afreximbank disclosed that Oando had reduced the balance of its original $525 million facility, secured…
The Organisation of the Petroleum Exporting Countries (OPEC) has warned of a potential global oil supply shortfall of 23 million barrels per day by 2030 unless sustained investments in upstream oil production are made. Speaking during the 24th Nigeria Oil and Gas (NOG) Energy Week Conference in Abuja on Tuesday, OPEC Secretary-General Haitham Al Ghais…
By Ayomide Otitoju FirstBank of Nigeria, a leading financial institution in West Africa, has rolled out an advanced facial biometric technology on its mobile banking platform, FirstMobile, as part of a comprehensive upgrade aimed at delivering a more secure and seamless user experience. The new facial recognition feature allows customers to register and activate the…
The U.S. Senate entered a heated weekend debate over former President Donald Trump’s controversial “One Big Beautiful Bill” — a sweeping $4.5 trillion proposal aimed at extending tax cuts, boosting border security, and slashing social welfare programs. The bill, a central pillar of Trump’s domestic agenda, has sharply divided Republicans as they gear up for…
