Business Specials

Subsidy fraud: PPPRA, Akintola Williams Deloitte inflated figures, misled government- EFCC

The auditing firm relied on third party accounts.

BREAKING NEWS: Nigeria’s Gas Export In Danger Over Levy Wars

The Nigerian Maritime Administration and Safety Agency (NIMASA) triggered a major trade dispute Friday in Bonny Island, blocking access to the nation’s major loading terminals for gas export, authoritative security sources have disclosed to PREMIUM TIMES. NIMASA’s action took place about noon, and its grouse, according to sources, is based on alleged refusal by the […]

Nigerian government appeals against judgement banning deregulation of petrol

FG has asked the Appeal Court to set aside the judgment and dismiss the matter in its entirety.

Declining crude production may affect Nigeria’s economy – Finance Experts

Experts say there is a need to diversify the economy as oil earnings continue to shake.

Nigeria In Trouble; Oil Exports Fall To Lowest In 4 Years

Nigeria’s oil exports will fall to a  four-year low as a result of crude oil theft and resultant facility closures by some oil companies, news agency Reuters is reporting. Quoting the shipping lists it saw Tuesday, the agency says Nigeria will now export 1.76 million barrels per day, the lowest since August 2009. Analysts say […]

NUPENG urges establishment of pipeline protection agency

The union advocated the formal training of illegal oil refiners.

Group urges extractive companies, host communities to resolve grievances amicably

Two researchers of the IIED published a book on how to resolve such conflicts.

EU committed to balanced trade agreement with ECOWAS

EU says a balanced ECOWAS-EU partnership trade agreement would increase the economic ties between the two regions.

crude oil theft

ENI shuts down operations over “unprecedented” crude oil theft in Bayelsa

The firm was losing about 7,000 barrels of its daily crude production.

Shell declares force majeure on export, plans Nembe field closure for repairs

The bulk of Nigeria’s crude theft and losses occur on the Nembe pipeline.

Ledum Mitee

Ogoni leader, Ledum Mitee, opposes Host Community Fund in PIB

Mr. Mitee has urged civil society groups to do a lot more to unravel the dimensions of the PIB.

Nigeria oil company, NNPC, operating at a loss- GMD

The NNPC blames its problems on the difficult operational environment in the industry.

Nigeria’s excess crude revenue used to finance petrol subsidy payments- Sanusi

The Central Bank chief said there was no basis for the controversy.

Finally, NNPC responds to controversial $1.6 billion loan

NNPC explains its controversial $1.56 billion syndicated loan.

Non-passage of PIB delays billion dollars investments in Nigeria, oil companies say

Oil companies say the delay in passing the PIB is slowing down the industry. International Oil Companies, IOCs, on Wednesday said the continued delay in passing the Petroleum Industry Bill, PIB, into law is creating uncertainties. The uncertainties delay the take-off of fresh projects worth several billion of dollars that would grow industry capacity and […]

Jonathan “very worried” about crude oil theft in Niger Delta – Alison-Madueke

Petroleum Minister says efforts to recover funds from illegal bunkering and crude oil theft have commenced. President Goodluck Jonathan is so worried about crude oil theft in the Niger Delta and the billions of naira Nigeria loses by the trade of such crude that he is already seeking foreign assistance to resolve the menace. This […]

Total signs MOU with Niger Delta host communities

The MOU, Total says, is aimed at uplifting the quality of life in the communities hosting the company’s operations.

Nigeria set to pay N94bn subsidy to 23 petrol marketers

Finance Minister refuted allegations that her ministry is blocking verified payment to marketers.

NNPC accuses Total of blackmail over Egina oil field project contract

The NNPC said Total and other international oil companies cannot stampede it.

Ten years after, Chevron to Resume Oil Exploration in Ilaje

The oil giant had stopped exploration in the Ilaje community ten years ago.

A petrol station used to illustrate the story

China reduces price of petrol products, as Nigeria prices constantly soar

 China says it is acting based on international oil markets

Three months after, NNPC says it can’t repair Arepo pipeline due to insecurity

Arepo pipelines have been broken since August 30.

Ifeanyi uba

Ifeanyi Ubah blasts Okonjo-Iweala, accuses her of playing Anambra politics with fuel subsidy probe

The Capital Oil boss has accused Mrs. Okonjo-Iweala and others of trying to steal his company.

DPR says it can’t function because of inadequate funding, under-staffing

Benue and Nassarawa residents buy fuel above the pump price.

ANALYSIS: Ribadu panel report re-echoes call for more powers for NEITI

Nov. 5 (PREMIUM TIMES) — Issues thrown up in the report of the Nuhu Ribadu-led Petroleum Revenue Special Task Force submitted to President Goodluck Jonathan on Friday in Abuja have strengthened calls from concerned petroleum industry stakeholders for the amendment of the Nigeria Extractive Industries Transparency Initiative, NEITI, enabling Act to empower it to realize its mandate. […]