February 6, 2014
NNPC, Sanusi Clash over New Charge on Unremitted $20bn

Omololu Ogumade and Chineme Okafor  The Nigerian National Petroleum Corporation (NNPC) and the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, were again at each other’s throats Tuesday over the latter’s latest allegation made during the Senate’s resumed hearing on the non-repatriation of oil revenue to the Federation Account that the amount…

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February 4, 2014
Poor Power Generation Threatens $1.8bn Investments in Discos

The current inability of the electricity generation companies (Gencos) to supply adequate power to the distribution companies (Discos) due to shortage of gas is threatening the $1.8 billion investments expected from the new owners of the Discos in line with the terms of the recent privatisation programme in the power sector, THISDAY has learnt.  …

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February 4, 2014
FORTE OIL POSTS N6.52BN PROFIT

Forte Oil Plc has announced a 467% increase in its full year profit before tax to post N6.524 billion for the period ending December 31,2013 .   The company’s revenue grew 41% to N128 billion compared to N91bn same period in 2012,while its Profit after income tax increased 397% to N5.00 billion compared N1.01 billion…

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February 4, 2014
OANDO CONCLUDES N242BN CONOCOPHILLIPS ASSETS DEAL

ando Plc said it has completed a $1.55 billion (about N242 billion) financial deal on its acquisition of ConocoPhillips’ Nigerian assets.   Oando Plc’s subsidiary, Oando Energy Resources, had in December 2012 entered into an agreement with ConocoPhillips to acquire the latter’s’ Nigerian businesses for a total cash consideration of $1.55 billion.   An initial…

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February 4, 2014
North’s Oil Search Grinds to a Halt

An oil exploration project run jointly by the Northern states is being threatened by shortage of funds, unfavorable regulatory policies, insecurity and ineffective foreign technical partnership, Daily Trust learnt.   The New Nigerian Development Company (NNDC), which is owned by the 19 states of the North, is handling the oil search in the Chad Basin…

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