April 23, 2014
Onshore Divestment by IOCS on the rise

There are growing concerns over the rise in the level of divestment in Nigeria’s Delta region by the international oil companies (IOCs). Records indicated that before the end of this year, about 22 oil blocks mostly in the onshore basin of the Niger Delta, will be sold by the IOCs as part of their efforts…

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April 15, 2014
SEPLAT BECOMES FIRST OIL FIRM LISTED ON STOCKS MARKET

Seplat Petroleum Development Company Plc, yesterday, became the first indigenous Nigeria crude oil production company to be listed simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). This development occurred just as the Minister of Petroleum Reourses Diezani Alison Madueke promised to lead other oil firms to the capital market.Seplat has listed…

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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
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 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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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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January 28, 2014
Oil Coys’ divestment may lead to massive job cuts

Two multinational oil companies in Nigeria are on the verge of divesting their assets in the nation’s oil-rich Niger Delta area, Daily Trust can report.   But the exercise would leave a bitter taste in the industry as both companies would sack half of their workforce in the country in order to execute the divestment…

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January 20, 2014
Sanusi: NNPC Retaining $10.8bn Adds to Nigeria Risks

Nigeria’s central bank Governor Lamido Sanusi said the state oil company had no right to retain $10.8 billion in income, which has contributed to a drop in savings that’s left the nation exposed to possible price shocks. “Given where the oil price is, we should have more in terms of reserves and savings, and because…

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January 9, 2014
Chinese firm to explore oil, gas deposits, build refinery in Niger

Minna — Following the growing prospect of oil and gas discovery in commercial quantity in Bida Basin, a Chinese firm has indicated interest to invest over N160billion in the construction of a refinery in Baro, Niger State and help in exploring oil and gas deposits in the area. The state government early in 2012 set…

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December 20, 2013
NNPC admits some oil revenues still unaccounted for

Top Nigerian officials who have been meeting to verify claims that N8 trillion oil revenues had been missing over the last 18 months have narrowed their differences to about N1.9 trillion missing. Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi raised the issue of the missing trillions in a letter he wrote to President Goodluck…

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December 20, 2013
Nigeria attracted N16bn non-oil investment in 2013

Minister of Trade and Investment Dr Olusegun Aganga has said Nigeria attracted over N16 billion( $96 million) in non-oil sector of the economy in 2013. Minister Aganga made this disclosure while addressing participants at the 3rd Annual Seminar for trade and investment correspondents and editors in Abuja at the weekend. According to him, the effort…

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November 25, 2013
Senate moves to establish oil exploration agency

Possibility of oil exploration in the northern part of the country got a major boost on Tuesday when the Senate passed for second reading a bill seeking to establish the National Frontiers Basins and Exploration Agency. Sponsored by Senator Smart Adeyemi (PDP, Kogi), when established the agency will be saddled with the responsibility of exploring…

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November 25, 2013
Oil workers caution FG over planned sale of refineries

Oil workers under Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have cautioned the federal government over the proposed sale of the nation’s refineries to private investors next year. General-Secretary, Comrade Isaac Aberare, who gave the warning in Lagos yesterday, said stakeholders in the oil sector must be involved for the sale to be…

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November 19, 2013
OPEC: Nigeria’s Oil Reserves Remains Stagnant at 37bbl

As Venezuela upstages Saudi Arabia as world best Nigeria’s crude oil reserve has been stagnant since the past three years at 37 billion barrels it achieved in 2010 while Libya sustained its lead as Africa’s highest reserve. Organisation of Petroleum Exporting Countries (OPEC) in its 2012 latest report also disclosed that Venezuela with 297.7 billion…

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November 18, 2013
Nigeria shares N568bn for Oct, lowest in 2013

The three tiers of government yesterday shared N568.413 billion from the federation account as October allocation, the lowest figure for any month this year. Forum of Commissioners of Finance yesterday bemoaned the low allocation even with the $1 billion dollar augmentation from the Excess Crude Account. Chairman of the forum and Ebonyi State Finance Commissioner,…

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November 11, 2013
NNPC rejects allegations of sharp practices in crude oil sales

The management of NNPC on Sunday denied a report by a Swiss-based agency which accused the corporation of colluding with some local and international oil traders to execute unfair industry practices. Ms Tumini Green, the Acting Group General Manager (Public Affairs) of NNPC, made the denial in Abuja at a news conference.

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November 8, 2013
NNPC silent on $6.8bn alledged fraudulent oil deals with Swiss firms

The Nigerian National Petro-leum Corporation (NNPC) has kept mum days after a Swiss-based non-governmental group, Berne Declaration, accused the corporation of conniving with major Swiss oil firms to defraud Nigeria of billions of dollars from crude oil deals. The group, through its recently released report, “Swiss Traders’ Opaque Deals in Nigeria,” described NNPC’s oil deals…

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