Business Specials

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.

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 […]

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 […]

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 […]

Gas export to resume soon after NIMASA-NLNG Thursday deal

It is truce at last between the Nigerian LNG Limited, (NLNG) and the Nigerian Maritime Administration and Safety Agency, NIMASA, regarding access for NLNG vessels to the Bonny channels to resume lifting of gas cargo for export. Nigeria’s gas export had been imperiled since early May when NIMASA triggered a trade dispute with the NLNG […]

18 indicted top officials to go after audit of Nigeria’s oil industry

Some of the officials are accused of falsifying their service records.

Experts say falling global oil prices may cause relapse in the economy

If the nation’s production remains at current level, there would be pressure on the budget and future economic growth, experts say.

‪Shell still committed to $5mn pipe mill project, says Nigerian content board

Ernest Nwapa told lawmakers of his agency’s performance so far.

NIMASA blocks Nigeria LNG vessels again as debt crisis deepens

NIMASA says its blockade of the Bonny River channel and detention of the vessels are law enforcement actions following the refusal of NLNG to stick to the agreements reached over the pending issues. The lingering crisis between the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigeria Liquefied Natural Gas Company  over alleged refusal to […]

Tribunal orders Mobil to pay N13bn education tax to FIRS

The Mobil had challenged the tax payment saying it violated an agreement.

Shell shuts 150, 000 barrels per day trans Niger pipeline after fire

Shell said the fire was caused by sabotage.‪

NNPC to build Africa’s largest gas city in Delta

The Nigerian National Petroleum Corporation (NNPC) is set to build the largest Africa’s gas city in Ogidigben, Delta State. David Ige, the NNPC Group Executive Director, Gas and Power, made this known during the 4th International Conference and Exhibition on Free Trade Zone on Tuesday in Lagos. The conference was organised by the Oil and Gas […]