Category: Energy

Naira Swap: Oil regulatory authority to sanction Filling Stations rejecting POS, transfer

Abdul-Azeez Ahmed Kadir

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations that reject the use of Point of Sale (POS) machines or bank transfers at their outlets. This is contained in a statement by Kimchi Apollo, General Manager, Corporate Communications and Stakeholders Management, NMDPRA, on Thursday in Abuja. The statement frowned at the act by the retail outlets due to the recent cash crunch brought about by the new Naira design. “It has come to the attention of the NMDPRA that some retail outlets are not accepting…

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$1.3 billion Zungeru Power project 97% complete, Minister declares

Aminu Imam

The Federal Government has declared the $1.3 billion Zungeru Power project 97 percent complete. What is not certain, however, is whether it will be commissioned by the administration of President Muhammadu Buhari. The project is expected to provide 700 megawatts of electricity to the national grid while Kashimbila Hydro-electric Power project will provide 40 megawatts to the national grid. Dadin-kowa Dam will provide 40 megawatts. Speaking at the 5th National Council on Power (NACOP) in Abuja, the Minister of Power, Engineer Abubakar Aliyu said that in addition to that, the…

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Nigeria records N16tr oil sales, as NNPC remits nothing to CBN

Aminu Imam

Several weeks after the Central Bank of Nigeria, CBN said the state-oil company, NNPCL, has yet to make remittance to it, records from newly released government data have shown that Nigeria recorded N16 trillion from crude oil sales between January and September this year. Recall that the CBN Governor, Godwin Emefiele, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily, from above $3 billion monthly in 2014 to $0 today. According to data gathered from the National Bureau of Statistics (NBS),…

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New Oil Wells: “Despite criticism, I’ve made progress stabilising security, reviving Nigeria’s economy – Buhari

Aminu Imam

President Muhammadu Buhari has said that despite what his critics may say, his administration has made progress in stabilizing the security situation in the country, reviving the economy and fighting corruption. He stated this yesterday, when a delegation of political, religious and business leaders from Gombe State visited him at the Presidential Villa, Abuja, to appreciate him for his role in the discovery of oil in commercial quantity in the Kolmani area, in the North-East region. President Buhari described the visit as a “morale booster”, adding: “Thank you for coming…

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Corruption: Oil & Gas account for 92.9% of IFFs from Nigeria ― ICPC

Aminu Imam

Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, yesterday, tasked the Federal Government and the National Assembly on the need to completely discard the confidential clauses that forbid the operators of the extractive industry, especially oil and gas industry from disclosing terms negotiated with Multinational Corporations. The ICPC Chairman gave the charge during the ‘Legislative Transparency & Accountability Summit’, in Abuja, which was held at the instance of the House of Representatives’ Committee on Anti-Corruption, chaired by Hon. Dachung Bagos. Prof. Owasanoye averred that…

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Crude oil theft: ‘Treat stolen Nigerian oil as blood diamonds’ – Mele Kyari tells Int’l Community

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited has called on the international community to treat any Nigerian oil from unofficial channels the same way blood diamonds were treated in the recent past. Speaking at the ‘Nigeria International Economic Partnership Forum’ in New York, on Thursday, Kyari said the international community must collaborate with the Nigerian government to stop the illegal trade in Nigeria’s stolen crude oil abroad the same way it is criminalising stolen diamonds from Congo and Sierra Leone. He said, “Oil theft is…

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House of Reps investigates structure, accountability of NNPC joint venture business

Abdul-Azeez Ahmed Kadir

The House of Representatives says it is investigating the structure and accountability of the Joint Venture (JV) business and production sharing contracts of the Nigerian National Petroleum Company (NNPC) Ltd. Represntative Hassan Fulata, the Chairman of the ad hoc committee, on Wednesday said his committee was investigating the Joint Venture Business and Production Contract of the NNPC from 1990 till date. Fulata said the probe became imperative as some NNPC accounts did not follow due process. He said his committee had discovered a secret account owned by the NNPC Ltd., alleging that…

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