March 27, 2014
NLNG to remit N220bn into Federation Account

THE management of the Nigeria LNG Limited, NLNG, said it will soon remit over N220billion from the 2013 company income tax to the Federation Account. The Managing Director and Chief Executive Officer of the company, Mr. Babs Omotowa, who disclosed this in Abuja, said the remittance would place the NLNG as the largest tax payer…

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March 4, 2014
Profit in paradox: Why Dangote’s new oil refinery makes sense for him, and Nigeria

There aren’t many people who can raise enough money to build a $9 billion oil refinery in Nigeria. Fortunately, Aliko Dangote is one of them. His new project, when it gets off the ground, could revolutionise the Nigerian economy – and, for the first time, allow oil-rich Nigeria to stop importing all its petrol. Nigeria’s…

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March 4, 2014
NEITI Seeks Review of 445,000bpd Domestic Crude Oil Allocation to NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked for a quick review of the 445,000 barrels per day (bpd) domestic crude oil allocation to the Nigerian National Petroleum Corporation (NNPC). NEITI in a presentation to the House of Representatives on the Berne Declaration Report, which indicted the NNPC of inordinate crude oil trades, hinged…

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March 4, 2014
Ogbeifun: No Country Takes 13 Years to Sign a Bill Like PIB

Dr Brown Ogbeifun, Former President of Petroleum and Natural Gas Senior Staff Association of Nigeria, and former Deputy President-General of Trade Union Congress of Nigeria, Dr. Brown Ogbeifun, spoke with journalists on the protracted Petroleum Industry Bill before the National Assembly. Linda Eroke presents the excerpts What is your impression on the state of oil…

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March 4, 2014
NNPC’s crude oil transactions conform with int’l best practices— Sahara Energy boss

The Executive Director, Sahara Energy, Mr. Wale Ajibade said the Nigeria National Petroleum Corporation, NNPC, has conformed with international best practices in all dealings with their international and Nigerian-owned trading partners.   Mr. Ajibade, who made the declaration in his presentation to the House of Representatives Committee on Upstream currently investigating the alleged connivance of…

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March 4, 2014
Between illegal and modular refineries in Niger Delta

Ilegal oil refineries in Nigeria thrive on illegal oil bunkering, stolen crude oil, and vandalism of oil pipelines and other installations. Without a doubt, these illegal oil operations are reprehensible and should not be condoned for a number of reasons.   Firstly, it is improper for citizens of this country to destroy oil installations in…

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March 4, 2014
Auditor-General: Constitution Bars Us from Auditing NNPC

Contrary to the testimony made last week by the Auditor-General for the Federation (AuGF), Mr. Samuel Ukura, before the House of Representatives’ Committee on Public Accounts that it had commenced the audit of the Nigerian National Petroleum Corporation (NNPC), his office has in another breadth disclosed that it is not empowered to audit the oil…

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March 3, 2014
Oil swap: NNPC denies alleged shady deals

Management of the Nigerian National Petroleum Corporation, (NNPC) on Tuesday at the House of Representatives denied claims that its crude oil exchanged under swap deals were given out at lower prices to Swiss oil trading companies. The denial became necessary due to summon the corporation received from the House to appear and explain rationale behind allegations…

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March 3, 2014
NUPENG Accuses IOCs of Stalling Passage of PIB

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has accused international oil companies (IOCs) of stalling the passage of the Petroleum Industry Bill (PIB) currently before the National Assembly. The PIB was set up by the federal government to carry out a comprehensive review of the oil and gas industry, with the underlying…

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March 3, 2014
Nigeria: 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…

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March 3, 2014
The Sanusi Drama

WHEN Mallam Lamido Sanusi Lamido, the suspended Central Bank of Nigeria, CBN, Governor, decided to publicly query the financial dealings and modus operandi of the state oil company (NNPC), my knee-jerk reaction was that he was behaving inappropriately for a government official and must have a murky hidden agenda. I felt he should have addressed…

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March 3, 2014
NEITI: Nigeria Loses $8bn Through Crude Oil Swaps

Nigeria may be losing an estimated $8 billion annually through the crude oil-for-refined products exchange arrangement, better known as crude oil swaps, which the Nigerian National Petroleum Corporation (NNPC) has with oil traders such as Trafigura, Vitol, Aiteo Energy Resources, Mercuria, Glencore, Taleveras Group Nigeria Limited, Sahara Energy Limited, Etena Oil and Gas Limited, Ontario…

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