DPR starts marginal field auction
The Department of Petroleum Resources (DPR) has commenced the auction of 57 marginal oil fields in Nigeria. The event, which is the first of its kind since 2003, is open to Nigerian investors. Funds from the sale will help to support Nigeria’s falling crude oil revenue. Interested bidders are each expected to pay USD-denominated fees of $115,000 and Naira-denominated fees of ₦5 million.
Reps approve FG foreign borrowing of $22.8bn
The House of Representatives has approved the Federal government’s request for a $22.8 billion borrowing plan. The request was initially made in March but was suspended due to the South-East region being excluded from the plan. In response to this, the Chairman of the Committee on Loans and Debt Management suggested that the Port-Harcourt to Maiduguri rail project be added to the next round. Over 70% of the funding is expected from the China Eximbank.
Shoprite Group to pay $10 million in damages to AIC Limited
A Lagos court of appeal has ruled that Shoprite (South African retail giant) and its Nigerian subsidiary, Retail Supermarket Limited, will pay $10 million in damages to AIC limited. The local engineering firm won a case at a Lagos high court after Shoprite breached a 2005 to 2009 agreement to set up its Nigerian arm with AIC.