• Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Loadings for Asia will rise to 2.52 million barrels per day in October, equivalent to 75 per cent of total output from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. This compares to September’s 2.27 million bpd, which was almost 70 per cent of regional output. Chinese imports from West Africa are set to rise to a record 1.94 mbpd, or 60 cargoes, in October from 1.5 million bpd, or 45 cargoes, in September. Elsewhere in Asia, India is offering some respite for the stretched West African market, buying about 451,000 bpd in October, down from September’s 500,000 bpd. Nigerian Agbami, Qua Iboe and Bonny Light make up the bulk of the WAF exports to India.
  • Nigerian oil and gas firm, Pan Ocean Nigeria says its Amukpe-Escravos Pipeline Project will start delivering value in 2019. The gas pipeline project which was jointly initiated by the NNPC and the company will upon completion boost the capacity of Nigerian crude producers to export and also boost oil sector related infrastructure. The gas project was started seven years ago and costs an undisclosed sum, reputed to be worth millions of dollars; its financing made by a consortium of Nigerian Banks led by the defunct Skye, now Polaris Bank.
  • About ₦11.5 billion has been paid to the stakeholders of shuttered financial institutions, according to the Managing Director of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim. Ibrahim said the disbursement was made to depositors, creditors, shareholders and other stakeholders of closed financial institutions in December 2017. Speaking during the NDIC Special Day at the Abuja International Trade Fair, he said the corporation had made a full and final liquidation of dividends to depositors of the defunct Eagle and Financial Merchant Banks (in-liquidation); bringing the number of banks for which a final dividend has been declared to 16 at the end of FY 2017.
  • Air Peace, Nigeria’s largest carrier has rolled out plans for the commencement of its international routes which will kick off in November 2018. The chairman of the airline, Allen Onyema has said that the 10 B737 aircraft it purchased would be deployed to Lagos-Paris; Lagos-Frankfurt; Lagos-Amsterdam; Lagos-Milan; Abuja-Jeddah; Kano-Dubai and Enugu-London, adding that the B777 would be used on the United Kingdom, United States, China and South African routes. Onyema also said that all was set for the airline to commence servicing Dubai and Sharjah routes by November 2018. Air Peace already operates Boeing 737s and Embraer 145s on its domestic and regional routes.
  • Radisson Hospitality will invest in ten new hotels across Africa, the company said on Tuesday, the latest hotel group eyeing expansion on an underdeveloped continent. “We are thrilled to be announcing 10 new hotel deals in just nine months, which equates to a new signing every month,” said Andrew McLachlan, senior vice president for development in sub-Saharan Africa at Radisson. The deals will include a luxury hotel in Nigeria, Ivory Coast’s first upscale lifestyle hotel and a Radisson Blu in Morocco’s Casablanca, he said. “So far this year, we will be adding 1,300 plus rooms to our portfolio in Africa and plan to continue this accelerated growth through further expansion in key markets across this flourishing continent,” McLachlan said in a statement.