February 25, 2014
Governor of Nigeria’s Central Bank Is Fired After Warning of Missing Oil Revenue

DAKAR, Senegal — President Goodluck Jonathan of Nigeria removed the governor of the country’s central bank from his post on Thursday, after the bank governor repeatedly charged that billions of dollars in oil revenue owed to the treasury was missing.   The dismissal of the bank governor, Lamido Sanusi, was seen as further evidence of…

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February 24, 2014
Ijegun Oil Spill to Blame for Fuel Scarcity in Lagos

Petroleum industry officials yesterday blamed the worsening fuel scarcity  across the Lagos metropolis on the recent oil spill at the Ijegun area of the state .   The spill had   flooded over 300 houses in the area, forcing the officials of the  Pipelines and Product Marketing Company (PPMC)  to lock the valve so as…

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February 24, 2014
PPPRA: NNPC is Recipient of Kerosene Subsidy Claim

It was a revelation galore Wednesday as the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Reginald Chika Stanley, told the House of Representatives Committee on Petroleum Downstream investigating the retention of subsidy on kerosene, that the  Nigerian National Petroleum Corporation (NNPC) was the recipient of subsidy claims accruing from the importation of…

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February 24, 2014
Senate Orders Committee to Conclude Work on PIB

One year after mandating the Joint Committee on Petroleum (Upstream, Downstream) and Gas to carry out further legislation on the controversial Petroleum Industry Bill (PIB), the Senate yesterday ordered the committees to henceforth conclude work on the bill and return it to the chamber for prompt passage.   Senate President, David Mark while giving the…

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February 24, 2014
We Are Not Selling Our Oilfield Company, Says Oando

Oando Plc has denied having any discussion with three investors on selling the Oando Energy Services (OES), its oilfield services division.   There were reports that the company planned to conclude the sale in the next two months to raise $330million for the acquisition of the ConocoPhillips’ Nigerian assets. But the spokesman of Oando, Dr….

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February 24, 2014
NNPC: Smugglers, Peddlers, Others Bane of Effective Kerosene Supply

Revelations emerged Tuesday that a combination of forces may have been working behind the scene to subvert the good intention of the federal government to provide kerosene to Nigerians at the subsidised rate of N50 per litre.   As a result of this and the increasing demand for the product by many Nigerians, the Nigerian…

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February 24, 2014
Finance Ministry Cannot Be Trusted with NNPC’s Forensic Audit, Says Senator

Senator Olubunmi Adetunmbi, representing Ekiti North senatorial district, Tuesday disagreed with a human rights lawyer, Mr. Femi Falana (SAN), that the National Assembly lacks the power to undertake forensic audit of   accounts of  the Nigerian National Petroleum Corporation (NNPC).   Adetunmbi, in a statement in which he defended the decision of the Senate Committee…

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February 24, 2014
Malabu Oil Block: House Recommends Restoration of Ownership to Abacha, Others

The House of Representatives ad hoc committee  that looked into the controversy surrounding the  Malabu Oil and Gas deal has recommended that the son of late Head of State, Muhammad Abacha and his partners, Kweku Amafegha and Pecos Energy Limited, be allowed to repossess Oil Prospecting Licence (OPL 245).  The licence, which was said to…

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February 24, 2014
FG Assures of Crude Oil Exploration in Chad Basin

The Federal Government has restated its unwavering commitment to the exploration of crude oil and gas in the Chad Basin inspite of all drawbacks.   It said the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has continued with seismic acquisition activities in the Chad Basin frontier area,…

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February 13, 2014
$6.1bn investment to boost gas supply to power sector

Plans by the Nigerian Petroleum Development Company (NPDC) to invest $6.1 billion in its oil and gas operations are potentially seen to boost gas production that could ease pressure on the supply deficit that currently hinders the supply of electricity.   The NPDC plans to between now and 2018 grow its gas production to 900…

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February 13, 2014
Oil Majors Sell Nigerian Stakes Worth $6.5bn in 2013

International oil companies (IOCs) are divesting their stake in Nigerian oil fields. Shell, Total and Chevron are among the companies which have sold their stake in shallow water assets in Nigeria.   The three major companies have sold stakes worth $6.5 billion in 2013. Oando Energy Resources will soon take over ConocoPhillips energy business in…

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February 13, 2014
Kerosene Subsidy: NNPC Denies Flouting Presidential Order

The Nigerian National Petroleum Corporation (NNPC) has absolved itself of blame for flouting any presidential directive to discontinue the subsidy on kerosene as alleged by the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi.   THISDAY had exclusively obtained and reported the presidential directive given by the late President Umaru Musa Yar’Adua…

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February 13, 2014
AS CBN, NNPC SPAR OVER OIL SALES MONEY

As the controversy between the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi rages, a young man with a little knowledge of current affairs  asked last week: “Why is this man very worried about crude oil sales by NNPC?” The simple thought that came to mind was…

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February 13, 2014
NIPP: FG SEEKS N1.6TR NEW HYDRO INVESTMENTS

  The federal government is seeking $10 billion (about N1.6 trillion) worth of investments to build new hydro power stations under the phase two of the National Integrated Power Project (NIPP).   According to recent disclosures by sources working directly on the NIPP transaction process, the Niger Delta Power Holding Company (NDPHC) is expected to…

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February 13, 2014
INDIVIDUALS GOT 92% OF N9.4BN AGRIC LOANS –CBN

Out of N9.4 billion loans disbursed by banks in the Nigerian agricultural credit guarantee scheme in 2013, individual borrowers got the largest share of N8.67billion, or 92 percent of the total facility.   A report of activities under the scheme from the Central Bank of Nigeria (CBN) showed that about 54,381 people across the 36…

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February 13, 2014
MISSING $20BN: CNPP, SERAP SEEK PROBE OF NNPC

Right group and conference of political parties have demanded a probe into the allegations of missing $20 billion oil money from the coffers of the Nigerian National Petroleum Corporation (NNPC).   The Conference of Nigeria Political Parties (CNPP) and the Socio-Economic Rights and Accountability Project (SERAP) made the demand yesterday in separate statements.   Central…

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February 13, 2014
NORTHERN GOVS MEET TO REVIVE OIL EXPLORATION

Governors of the 13 northern states which fall within the region’s sedimentary base collectively known as the Association of Petroleum Inland Basin States of Northern Nigeria (APIBONN) are expected to meet in Minna, Niger State today to explore avenues of beginning oil and gas exploration activities in the area referred to as inland basin states….

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February 13, 2014
NNPC COMPLETES REPAIR OF DAMAGED GAS PIPELINE

Nigerian National Petroleum Corporation (NNPC) said it has completed repair works on the sections of the sabotaged Escravos-Lagos Gas Pipeline network (ELPS).   The repair will boost significantly electricity power generation in the days ahead, it said.    NNPC spokesman Dr. Omar Farouk Ibrahim stated in a press release that the repair works would enable…

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February 12, 2014
Eland Oil Begins Production in Opuama Field

Exactly seven years after Shell Petroleum Development Company (SPDC) undertook a controlled shut down of its oil and gas facilities, including Oil Mining Lease (OML) 40, due to militant attacks on oil workers and infrastructure in the Niger Delta, Eland Oil & Gas Plc has resumed production in the area. In a statement at the…

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February 12, 2014
Jonathan: $900bn Needed to Fix Energy Sector

President Goodluck Jonathan Monday said Nigeria would need about $900 billion to properly address its energy sector in the next 30 years. Jonathan,  who was represented by Vice-President Namadi Sambo at the Nigeria power financing conference in Abuja, added that the largest chunk of the funds would have to come from the private sector. According…

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February 12, 2014
MISSING $20BN: CIVIL SOCIETY DEMANDS ACTION FROM JONATHAN

The Say No Campaign-Nigeria and its allies have called on President Goodluck Jonathan to demonstrate genuine anger for the alleged stealing of oil revenue in Nigeria as shown by reports on the sector. The group also wants the Senate Committee on Finance currently investigating alleged unremitted oil revenue to be thorough in the exercise.  …

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February 12, 2014
OIL SPILL: NIGER DELTA LEADERS EMBARK ON SOS MISSION

Last week, an eleven-member leaders’ delegation of 350 communities, cutting across Delta, Bayelsa and Rivers states affected by the impact of massive crude oil spillage from the Shell/SNEPCO Bonga Fields of 21st December 2011, paid a save-our-soul (SOS) visit to the Ecological Fund Office -EFO, as part of efforts to draw public attention to the…

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February 6, 2014
Oil Funds Remittance: Why I’m Campaigning for Accountability, Says Sanusi

Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, has given an insight into why he is on a campaign for transparency and accountability in the management of proceeds from crude oil sales.   Sanusi, who on Tuesday stirred the hornet’s nest again over the alleged non-remittance of $20 billion oil revenue by the…

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February 6, 2014
N3TR OIL FUNDS STILL MISSING – SANUSI

CBN governor ignorant, NNPC boss says   Central Bank Governor Sanusi Lamido Sanusi yesterday accused the Nigerian National Petroleum Corporation (NNPC) of operating a racket through which the federation has been losing billions.   Speaking yesterday at the resumed Senate hearing on the alleged missing crude oil funds, Sanusi said the corporation has yet to…

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