August 15, 2018
Nigeria Can’t Account for $82.5bn in ECA in 10 years

NIGERIAN TRIBUNE BY ONYEMA GODWIN A survey by experts under the Shehu Musa Yar’Adua Foundation has shown that Nigeria cannot account for a whopping $82.5-billion about N10-trillion that accrued to the Excess Crude Account (ECA) for over a period of 10 years. This is the Abuja-based group has also called for a review of the…

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August 13, 2018
Ezekwesili Advises CSOs on Constitutional Amendments

THE GUARDIAN By TAYO OREDOLA As part of efforts to fight corruption and institute accountability in the country’s oil sector, the former Minister of Education, Obiageli Ezekwesili, has called on Civil Society Organisations (CSOs), to demand transparency on the inflow and outflow of oil revenue, he said this can be done through the advocacy of…

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August 13, 2018
Ezekwesili, Others Advise FG on Excess Crude Account

INVESTORSKING By SAMED OLUKOYA Stakeholders, including a former Vice-President, Africa Region, World Bank, Oby Ezekwesili, on Monday called on the Federal Government to insist on accountability and binding rules on revenue outflow from the nation’s Excess Crude Account. They said the absence of rules of practices governing deposits, withdrawals and investment of the ECA led…

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August 13, 2018
Ezekwesili, Others Advise FG on Excess Crude Account

THE PUNCH By FEYISAYO POPOOLA Stakeholders, including a former Vice-President, Africa Region, World Bank, Oby Ezekwesili, on Monday called on the Federal Government to insist on accountability and binding rules on revenue outflow from the nation’s Excess Crude Account. They said the absence of rules of practices governing deposits, withdrawals and investment of the ECA…

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August 13, 2018
N11.579tr in ECA Unaccounted for in 11 years

THE SUN By STEVE AGBOTA The last may not have been heard of the deep-rooted sleaze in various Federal Government agencies and institutions as a recent report has revealed how an estimated N11.5 trillion, an equivalent of $82.26 billion lodged in the Excess Crude Account in the Central Bank of Nigeria vanished without a trace….

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August 13, 2018
Collapse ECA, Stabilization Account into SWF, Group Charges FG

VANGUARD NEWS By PRINCE OKAFOR A Civil Society Organisation, CSO, has called on the Federal Government to collapse the Excess Crude Account, ECA, and 0.5 percent stabilization account into the stabilization account of the Sovereign Wealth Fund, SWF. The group also called for submission of proposals to assist its advocacy programs targeted at ensuring establishment…

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August 13, 2018
Ezekwesili, Others Seek Constitutional Amendment on ECA

PUNCH By ENIOLA AKINKUOTU A former Minister of Education and Vice-President of the World Bank’s Africa division, Mrs Oby Ezekwesili, has called on the Federal Government to quickly initiate the process of amending the constitution to legalise the savings derived from an increase in the price of crude oil. Ezekwesili said this at a workshop…

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August 13, 2018
Oby Ezekwesili Advocates Constitutional Amendment for Operation of Excess Crude Account

AIT ONLINE The Nigerian government has been told to lead the constitution amendment process that will create a legal framework for the operation of the excess crude account and other stabilization funds. Former minister of education, Oby Ezekwesili said this in Abuja at roundtable on savings and stabilization mechanism for Nigeria. Proper recording of revenue…

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August 13, 2018
Why Excess Crude Account Won’t Work Without Constitution Amendment – Group

VANGUARD NEWS By UROWAYINO WARAMI Shehu Musa Yar’Adua Foundation has advocated the amendment of Section 162 of the 1999 Constitution to include the establishment of the Excess Crude Account (ECA) and also make it automatic for the fund to be domiciled in the Nigeria Sovereign Investment Authority (NSIA). This is even as they advocated that…

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August 6, 2018
Nigeria Made No Savings From $1trn in Oil Revenue, says Ajumogobia

NIGERIAN TRIBUNE By Segun Kasali The Former Minister of Petroleum Resources and Chairman of the NNRC Expert Advisory Panel, Odein Ajumogobia has said that Nigeria made no significant savings from the conservative estimate of over one trillion dollars in oil revenue. This was disclosed at a roundtable discussion on the savings and stabilization for Nigeria…

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May 21, 2015
Anticipating Nigerian Oil Sands Development – An Emerging Resource Governance Challenge

A key emerging resource expected to drive regional development in southern Nigeria is the 140 kilometre oil sands, or bitumen, belt that stretches across Edo, Ondo, Ogun, and Lagos states. Estimated by the Nigerian Ministry of Solid Minerals Development to contain 32-47 billion barrels of oil, Nigeria’s reserves of bitumen are the largest in all…

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July 23, 2014
FG MDAs meet to discuss ways of Improving Data and Information Management in the Oil and Gas Sector

The Technical Services department of the Federal Ministry of Finance on Thursday, July 17, 2014 held a one- day stakeholders’ meeting on Data and Information Management in the Oil and Gas Sector in Nigeria. The event held at Ibeto Hotel, Abuja and was well attended by the major stakeholders in Nigeria’s Oil and Gas sector….

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April 23, 2013
Oil Industry Infrastructure

    Substantial investments in oil industry infrastructure began with the discovery of oil in commercial quantities. Following decades of exploration by Shell D‘Arcy and its discovery of commercial quantities of oil, there was suddenly a change in dynamics     The first export terminal was commissioned at Bonny in 1961. Several other terminals followed,…

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April 15, 2013
Petroleum Industry Bill At A Glance

The Petroleum Industry Bill (PIB) has been thrown around recently in political discourse like a hot potato – everybody has something to say about it but no one wants to claim it in its entirety. Newspapers keep churning out numerous articles about the PIB and the variety of impacts it will have once passed into…

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April 15, 2013
Oil Producing States

On the Atlantic coast of Nigeria where the Niger River divides into numerous tributaries and along the coast from Benin River on the west to the Imo River on the east lies the oil rich Niger Delta. Home to some 30 million people from the Ijaws, Edos, Urhobos, Itsekiris, Yorubas, Igbos, Efiks and Kalabaris, the…

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April 12, 2013
Tracing the History of a Crude Oil Nation

In the depths of the delta region on a destined June in 1956, the oil explorer Shell-BP hit “black gold” as sweet crude oil was unearthed in Oloibiri community, present day Bayelsa State. This was four years before Nigeria’s independence and the colonial government of the day naturally claimed any oil and mineral found within…

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April 11, 2013
From Crude Oil to Revenue

During the fuel subsidy removal protest of January 2012, amazing and conflicting revenue figures were pulled out from the records of various agencies which at some point became too intriguing for the average Nigerian to make sense of.  There was a general consensus though that something was not right and everyone quickly jumped on the…

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