Business Specials

AU Summit used to illustrate the story

Oil multinationals, others stash Africa’s tax billions yearly-AU

About $138 billion is given away annually by governments in developing countries in corporate income tax exemptions Advertisement

Nigerians used 250,000 tonnes of cooking gas in 2013, says PPMC

Ms. Obi also advised the Department of Petroleum Resources to evolve guidelines that would incorporate gas refilling plants at petrol filling stations nationwide. Advertisement

NEITI accuses NNPC of failing to remit another N3.65 trillion oil revenue

Almost every agency of the Nigerian government seems to agree that NNPC is a cesspool of corruption but the state oil company says there’s an orchestrated campaign of calumny to discredit it.  The Nigeria Extractive Industries Transparency Initiative, NEITI on Wednesday said the Nigerian National Petroleum Corporation, NNPC, may again be hiding significant liabilities on […]

NNPC denies transferring NPDC equity, operatorship to third parties

CBN accused NNPC of transferring and sharing proceeds from oil blocks Advertisement

Time to Worry on Drop in Deepwater Oil Production, By Toyin Akinosho

Nigeria’s total production of crude oil fell by 100Million barrels between 2006 and 2008 and increased by the same volume between 2008 and 2011, but while the proportion of production coming from Production Sharing Contracts (PSCs) surged, relative output from acreages licenced as joint venture (JV) operations was on the decline. This trend indicates an […]

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. Advertisement

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. Advertisement

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 Advertisement

Nigeria to integrate trained ex-militants into oil industry

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

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. Advertisement

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. Advertisement

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 Advertisement

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 […]

Diezani Allison-Madueke, Nigeria's Minister of Petroleum. [Photo:]

10 dismissed as sack fever grips top Nigeria oil industry officials

The sack was announced via a memo sent to all staff Advertisement

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

ConocoPhillips has operated in Nigeria for 46 years Advertisement

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. Advertisement

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

Civil Society groups from 30 countries converged in Tanzania Advertisement

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. Advertisement