$69bn illegal NNPC oil shipment deals’ funds during Jonathan’s govt. uncovered in US Banks 

A disclosure by a US-based asset recovery firm, Forensic Assets Investigation and Recovery Services LLC (FAIR), saying it has uncovered $69 billion (about N28.3tn) in illegal oil deals by the Nigerian National Petroleum Corporation, (NNPC), stuck in American banks. The firm said the funds were believed to have been siphoned from undeclared crude oil sales under the Goodluck Jonathan administration allegedly by the NNPC officials and their collaborators in the Central Bank of Nigeria, (CBN). Out of the stash, $9bn was reportedly traced to a Texas bank account allegedly belonging…

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Nigeria’s oil-producing States increase to 10

…As Bauchi, Gombe continue to wait Anambra State was formally admitted as oil-producing state, following an approval from the Revenue Mobilisation Allocation and Fiscal Commission, (RMAFC), which ratified the attribution of eleven oil wells to the State. This is just as Bauchi and Gombe States continue to wait for recognition as oil-producing States, Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia, and Lagos welcomed the new arrival. With the Commission’s approval, which was held at its 139th plenary session, held in July, the South-eastern State is anticipated to be eligible…

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Oil Sector: APC Governors hail Buhari for signing PIB into law

…Say act presents party’s commitment to restructure economy Godwin Amunde The Progressive Governors Forum (PGF), the umbrella body of Nigerian governors elected on the platform of the ruling All Progressives Congress (APC), has commended President Muhammadu Buhari for signing the Petroleum Industry Bill into law. The APC Governors said the signing of the Bill into law presents a convincing credential of the commitment of APC to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as amended This was contained in a statement titled ‘Petroleum Industry Act: Democratically Changing Nigeria,’ signed by…

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