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

1 year ago

May 9, 2025

OhiBaba

697 Views

•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.

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Naira Exchange Rates Wednesday, August 12

Published

15 hours ago

August 12, 2026

OCHEFA

14 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.7

8EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1370.00

GBP / NGN ₦1803.95 ₦1871.77

EUR / NGN ₦1537.93 ₦1601.81

ZAR / NGN ₦82.28 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,364.90

GREAT BRITISH POUND (GBP) ₦1,842.61

EURO (EUR) ₦1,575..50

SWISS FRANC (CHF) ₦1,684.02

JAPANESE YEN (JPN) ₦8.57

CHINESE YUAN (CNY) ₦202.34

WEST AFRICAN CFA (XOF) ₦2. 40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60

SOUTH AFRICAN RAND (ZAR) ₦84.31

Business

Naira Exchange Rates Tuesday, August 11

Published

1 day ago

August 11, 2026

OCHEFA

37 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,423 Sell ₦1,428

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,600 Sell ₦1,620

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦190 Sell ₦205

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

Australian Dollar Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN₦1350.00 ₦1370.00

GBP / NGN ₦1800.68 ₦1868.46

EUR / NGN ₦1539.16 ₦1603.07

ZAR / NGN ₦82.44 ₦87.16

Official CBN Exchange Rates

US Dollar (USD) ₦1,360. 14

Great British Pound (GBP) ₦1,838.50

EURO (EUR) ₦1,571. 10

Swiss Franc (CHF) ₦1,680.85

Japanese Yen (JPN) ₦8.56

Chinese Yuan (CNY) ₦201.61

West African CFA (XOF) ₦2. 40

West African Union Account (WAUA) ₦1,864.27

Saudi Riyal (SAR) ₦362.22

South African Rand (ZAR) ₦84.07

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

6 days ago

August 6, 2026

OCHEFA

64 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay