Business Specials

SEC approves Oando’s N30.7 billion special placement

Oando needs the money to conclude a purchase. The Securities and Exchange Commission (SEC) has approved Oando’s N30.7 billion special placement fund raising exercise for the acquisition of ConocoPhillips’ Nigerian assets. This was contained in a statement issued by Oando in Lagos and obtained by the News Agency of Nigeria. The statement said that the […]

N8 trillion oil revenue controversy: NNPC, CBN reconcile records; N1.74 trillion shortfall unresolved

All parties held two-days of closed-door meetings. The meeting convened to reconcile claims and counter-claims by the Nigerian National Petroleum Corporation, NNPC, and the Central Bank of Nigeria, CBN, over the alleged missing $49.8 billion (about N8trillion) oil revenue resolved a bulk of the disputed figures. The Minister of Finance and Coordinating Minister for the […]

Sanusi’s claim on non-remittance of N7.769triillion crude oil revenues based on ignorance, says NNPC

The NNPC says CBN Governor, Lamido Sanusi, is ignorant of how revenues are remitted to government accounts and should have sought clarification.

NEITI shifts review of 10 key petroleum industry probe reports to 2014

The decision to put off the review exercise till next year followed a directive from NEITI Board whose members frowned at its timing.

Nigerian government opens bid round for 31 marginal oil fields

The government encouraged local oil firms to present joint bids. The Nigerian government on Thursday opened the process for second bid round that would involve the auction of 31 marginal oil fields. The Minister of Petroleum Resources, Diezani Alison-Madueke, said in Abuja that 16 of oil blocks were located onshore, while the other 15 were […]

BPE confirms privatisation of Nigeria’s refineries in 2014

Quality investors, irrespective of nationality, to be considered

Nigeria to integrate trained ex-militants into oil industry

The presidential amnesty programme is working with a government agency on this

How NNPC, oil marketers connive with Swiss oil dealers to rob Nigeria of billions of dollars – Report

The report mentioned some Nigerian companies as beneficiaries of the shady deals.

Forte oil

Forte Oil declares N2.7 billion profit after tax

The profit after tax represented a growth of 317 per cent compared to 2012.

FILE PHOTO: NNPC fuel station used to illustrate the story

NNPC denies stopping fuel importation into Nigeria

NNPC said it has a ‘robust strategic reserve

Jonathan reconstitutes NEITI implementation team

Recommendations by NEITI are never implemented. The Federal Government has reconstituted the Inter-Ministerial Task Team, IMTT, on the implementation of the Nigeria Extractive Industries Transparency Initiative, NEITI, audit reports on the extractive industry. Secretary to the Government of the Federation, SGF, Pius Anyim, said in Abuja that President Goodluck Jonathan’s decision to reconstitute the task […]

10 dismissed as sack fever grips top Nigeria oil industry officials

The sack was announced via a memo sent to all staff

Oando gets N127.14billion credit to acquire ConocoPhillips offshore assets

ConocoPhillips has operated in Nigeria for 46 years

Jonathan wants EITI to help track illegal exporters, refiners of Nigeria’s stolen crude oil‬

President Jonathan argues that EITI should treat stolen crude like blood diamonds. President Goodluck Jonathan on Monday in Abuja implored the Extractive Industries Transparency Initiative (EITI) to lend its mechanisms in support of Nigeria’s effort to track down the perpetrators of illegal export of stolen crude oil from the country.‬ ‪The rising incidence of pipeline […]

States oppose CBN’s 50% Cash Reserve Requirement on public sector funds

The federal, states, and local governments shared N1.196 trillion for August and September.

Transparency groups list Nigeria, 24 others as home of illicit extractive industry finances

Civil Society groups from 30 countries converged in Tanzania

NNPC debunks allegations of shortfall in remitted revenue

A federal lawmaker said NNPC did not remit N320 billion to federation account. The Nigeria National Petroleum Corporation, NNPC, has debunked allegations by the Chairman of the House of Representatives Committee on Finance, Abdulmumin Jibrin, that the corporation had not remitted over N320 billion to the Federation Accounts Allocation Committee. This is contained in a […]

Richest African woman, Folorunsho Alakija, missing from Forbes list of 21 richest Nigerians

Forbes magazine has released yet another ranking of the 21 richest Nigerians. Surprisingly, the richest woman in Africa, Folorunsho Alakija, worth $600 million (N97 billion) is missing from the list. According to Forbes, the value of shares held in quoted companies, size and market share of their companies, number of companies they own and its […]

Aliko Dangote, President, Dangote Group

Dangote refinery to create jobs for 85,000 Nigerians, employ 8,000 engineers

The President of the Dangote Group, Aliko Dangote, said about 8,000 engineers would be needed for the smooth take-off of the nine- billion- dollar Dangote Refinery/Fertiliser plant in Ondo. Mr. Dangote told State House correspondents on Wednesday in Abuja that the project, when completed, would provide direct and indirect jobs for 85,000 Nigerians. He said […]

PPPRA yet to account for additional N90.11bn subsidy payment in 2009- NEITI

The PPPRA says it is planning to address all controversy in an advertorial.

NEITI to present Nigeria’s first comprehensive extractive industry audit report

The report is to be released on Monday in Abuja.

Nigeria LNG increases volume of cooking gas to domestic market

The price of cooking gas has increased in the market.

Court clears NIMASA of contempt charge, as NLNG agrees to pay $140m levy

The Federal High Court, sitting in Lagos, on Friday cleared the Nigerian Maritime Administration and Safety Agency (NIMASA) of contempt charges brought against it by the Nigerian Liquefied and Natural Gas Limited (NLNG) in the wake of the lingering dispute over unpaid statutory levies. The maritime regulatory agency had on May 3 triggered a major […]

NIMASA Logo

Senate wades into NLNG, NIMASA feud, demands immediate resolution

NIMASA claims NLNG owes it a cumulative amount of about $158 million.

crude oil theft

JTF impounds 28 vessels, badges involved in oil theft in Rivers

The Joint Task Force (JTF) in the Niger Delta on Sunday said it had impounded 17 metal badges, 10 vessels and a tug boat laden with crude oil in Rivers. The JTF Commander, Maj.-Gen. Bata Debiro, said this after an assessment tour of JTF’s operational bases in Bonny, Rivers. Mr. Debiro said the arrests were […]