Business

Oil Production Drops To 1.2m bpd In August – DPR

Published

4 years ago

September 13, 2021

Crude oil production in Nigeria dropped to 1.23 million barrels per day in August, report from the Department of Petroleum Resources (DPR) has revealed.
The 2021 crude oil and condensate production report from the DPR, which was made available to newsmen last Friday, showed oil production between January and August.
In the report, Nigeria’s crude fell from an average of 1.36 million barrels per day in January to 1.23 million b/d in August, representing a nine percent decline.
“For month-to-month, production of crude and condensate in August fell by 6.7 percent from 1.64 million b/d in July.
“By implication, the development would affect the nation’s crude exports and foreign earnings as Brent crude stood at $71 per barrel last Thursday.
“In August, Shell Petroleum Development Company of Nigeria declared force majeure on Forcados crude oil.
“Forcados pipeline which exports an average of 240,000 barrels of crude oil daily is one of Nigeria’s main crude oil terminals”, the report explained.
According to the DPR report, crude oil production at Forcados terminal dropped consecutively since June which slumped from 5.7 million barrels in July to an average of 2 million barrels in August.
With the decline in oil production, Nigeria falls below the production cap under the OPEC+ deal at 1.596 million b/d for the month under review.
Director, DPR, Sarki Auwalu, had last Thursday, said optimisation of Nigeria’s oil production processes is crucial in the nation’s economic recovery drive.
Auwalu identified five pillars to its strategy for Maximum Economic Recovery (MER) for the industry, stressing that the objective of the strategy was to maximise the expected net value of economically recoverable petroleum from Nigeria’s acreages.
He listed items in the strategy to include reserves maturation, production optimisation, exploration and resources maturation, improved oil recovery and enhanced oil recovery implementation in the industry.

By: Corlins Walter

Business

“FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria PLC

Published

4 days ago

October 6, 2025

The Tide

UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).

Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.

Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.

“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.

Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.

The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.

UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.

Business

PenCom Reintroduces Gratuity For Federal Civil Servants

Published

4 days ago

October 6, 2025

The Tide

The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.

Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.

Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”

The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.

Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.

Business

CAC, SMEDAN To Register 250,000 MSMEs Free ……..As CAC Forfeits ?3b In Fees Nationwide

Published

4 days ago

October 6, 2025

The Tide

The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees

The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.

The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.

SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.

Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.

They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.

CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.

It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.