Connect with us

Business

Angola Ranked Top African Oil Producer Ahead of Nigeria

Published

on

Angola has been Ranked as the top Africa’s largest oil producer since oil output in Nigeria reduced in April among other Organization of the Petroleum Exporting Countries, (OPEC).

The latest monthly oil market report released by OPEC on Thursday shows that Nigeria’s oil output reduced by 270,000 barrels per day (bpd) to 999,000 bpd in April from 1.26 million bpd in March, based on direct communication.

Recall that the last time Angola overtook Nigeria was in May 2022, when oil theft was rampant.

Angola’s oil production rose by 91,000 bpd to 1.06 million bpd in May, up from 978,000 bpd in March, based on direct communication.

Nigeria suffered the biggest decline in production, the least in seven months according to government data, among its OPEC peers, followed by Iran, which lost 262, 000 bpd in April, based on direct communication.

OPEC’s oil production declined by 310,000 bpd to an average of 28.8 million bpd, the lowest level in almost a year due to a fall in Iraq’s exports and pipeline suspension while a labour strike cut shipments from Nigeria.

Oil and gas analysts have associated the recent reduction on the shutdown of activities at the Forcados oil terminal, one of Nigeria’s major export terminals.

According to oil experts, the oil terminal has been shut down for two weeks. Also, strike action at the Nigerian unit of ExxonMobil has cut off production.

“Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased m-o-m in April 2023 by 0.3 million bpd to average 72.7 million bpd,” the 13-member oil cartel said.

“The share of OPEC crude oil in total global production remains unchanged to stand at 28.2 percent in April compared with the previous month.”

According to OPEC, estimates are based on preliminary data for non-OPEC supply, OPEC NGLs and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.

Business

UAE Invests in $25bn African- Atlantic Gas Pipeline

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

Published

on

By

Gas pipelines

Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, said that the UAE is now one of the supporters of the Nigeria to Morocco gas pipeline project, which is estimated to cost $25 billion.

“The project now called the “African-Atlantic Gas Pipeline”, has won the support of IDB, OPEC Fund, EIB and the UAE,” Benali told Nigerian lawmakers, this week.

Benali also said that Morocco has finished all the feasibility and engineering studies needed for the pipeline.

Moroccan industry experts said that the project has already passed the feasibility study and Front End Engineering Design stages.

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

The line will pass through 15 African countries, boosting trade, development, and access to electricity in the region.

In Phase One, it will link Morocco to gas fields near Senegal and Mauritania, and connect Ghana to the Ivory Coast.

Phase Two will link Nigeria to Ghana, while Phase Three will connect the Ivory Coast to Senegal.

Continue Reading

Business

Exclusive: LAGRIDE Drivers Reject Monthly Salary Model For Drive-to-Own

CIG Motors has replaced the drive-to-own scheme with a salaried model, where drivers earn a fixed monthly salary of ₦150,000.

Published

on

By

LagRide drivers are rejecting the new salary model introduced by Choice International Group (CIG), the distributor of GAC motors in Nigeria.

CIG Motors recently took over the full operational control of LagRide from the Lagos State Government, including the management of the vehicles and drivers.

LagRide, a ride-hailing service in Lagos, Nigeria, is owned and operated by a partnership between the Lagos State government and CIG Motors, since 2021, as an alternative to the rickety yellow and black-coloured taxis scattered across the city.

Ohibaba learned that, following the March 2025 full takeover,  CIG had replaced the previous drive-to-own scheme with a salaried model for drivers.

Drive-to-Own Scheme:

The previous scheme allowed drivers to lease GAC vehicles through a down payment and daily installments.

Salaried Model:

CIG Motors has replaced the drive-to-own scheme with a salaried model, where drivers earn a fixed monthly salary of ₦150,000.

Some of the drivers who spoke with our Reporter are complaining that the monthly salary model isn’t favourable, and would likely switch to competitors, the likes of Bolt and Uber.

It was further gathered that the new management of LagRide has commenced retraining programmes for the drivers, batch by batch.

Meanwhile, the Lagos State government, led by Governor Babajide Sanwo-Olu, initiated LagRide as a solution to improve mobility and provide a multi-modal transportation system for Lagosians.

Purpose of LagRide:

LagRide aims to provide a more modern and reliable alternative to the traditional, often rickety, taxis that were previously prevalent in Lagos.

Continue Reading

Business

DStv Subscription: Court dismisses MultiChoice suit against FCCPC‎‎

Published

on

The Federal High Court in Abuja has dismissed a suit filed by MultiChoice Nigeria, the parent company of DStv and GOtv, challenging the Federal Competition and Consumer Protection Commission’s (FCCPC) intervention following a recent hike in subscription cost.

‎‎In the judgment, Justice James Omotoso ruled that the suit constituted an abuse of court process as similar proceedings were already pending elsewhere.

‎‎The judge stressed that MultiChoice should have pursued its arguments in that court. He said if that was done it would have rendered the suit at the Federal High Court procedurally inappropriate.

‎‎Justice Omotoso noted that while the Commission has investigative powers under its establishing Act, it, however, lacks the authority to fix or suspend prices unless as delegated by the President through a gazetted instrument. No such delegation was presented to the court.‎‎

“The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity,” the judge stated.

‎‎He added that because Nigeria operates a free market system, service providers like MultiChoice have the right to set their prices, with consumers free to accept or reject them.‎‎

The judge further ruled that FCCPC’s actions, including directing MultiChoice to suspend its price increase, is in breach of the company’s right to fair hearing and appeared selectively targeted.

He dismissed the FCCPC’s claim that MultiChoice held a dominant market position, calling the argument untenable.

‎‎“The use of services like those provided by the plaintiff is discretionary and not essential. Nigeria can do without it,” Justice Omotosho added.

The judge thereby warned that attempts to fix prices by regulatory bodies could scare off potential investors and harm the economy.

‎‎The court held  that while the FCCPC may investigate market practices, it cannot impose price controls without proper legal backing.‎‎

MultiChoice had increased subscription rates by up to 25% on March 1, 2025, citing inflation and the attendant rose in operational cost. ‎‎

Following public outcry, the FCCPC opposed the move, calling for regulatory review and threatening sanctions, prompting the lawsuit.‎

Continue Reading

Trending