President Bola Tinubu has been urged to probe the grim allegations that over US$15 billion of oil revenue, as well as the N200 billion budgeted to repair the NNPCL refineries, which have been reported as missing between 2020 and 2021. Socio-Economic Rights and Accountability Project (SERAP) made the call yesterday, on the heels of a report by the Nigeria Extractive Industries Transparency Initiative, (NEITI). SERAP urged Tinubu to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds, and to ensure their effective prosecution…
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Oil Investments: “Nigeria will no longer accept crumbs” – Tinubu
President Bola Tinubu has emphasised that Nigeria will no longer settle for crumbs and leftovers on the world’s investment agenda, especially in the energy sector. He noted that the country is now more prepared for business than ever before. The President made this assertion in New York, USA on Monday, while hosting a delegation from ExxonMobil, a global Oil and Gas transnational giant. Tinubu pointed out that with an illustrious private sector career, particularly in the oil and gas industry, and a proven track record of making difficult decisions, he is well-prepared to…
Read MoreSabotage responsible for fall in crude oil production ― Buhari
President Muhammadu Buhari has blamed the fall in crude oil production on sabotage, with the country managing just 1 (one) million barrels in August. According to an issued press statement by the President’s Special Adviser on Media and Publicity, Femi Adesina, Buhari said this at the inauguration of the Presidential Committee on the National Economy The President stated this yesterday, during the inauguration of the Presidential Committee on the National Economy, at the Presidential Villa, Abuja, where he also noted that despite the disruptions in the global economy and internal…
Read MoreSupreme Court stops FG from ceding 17 oil wells to Imo
The Supreme Court has granted an injunction restraining the Federal Government and its agencies from ceding 17 oil wells, located at Akri and Mbede communities of Rivers State to Imo State, pending the determination of the suit brought before it by the Rivers State government. In a chamber ruling, the Supreme Court restrained the Attorney-General of the Federation, (AGF), and the Attorney-General of Imo State from taking further action on the ownership of the two oil wells till the disputes surrounding them were resolved. The apex court also barred the…
Read MoreIllegal oil deals: FG To expose officials behind $69bn loot in US banks
The Federal Government says it has begun gathering evidence on government officials linked to the alleged looting of $69bn (N28.3tn) stashed in various bank accounts in Texas, the United States. The loot, reportedly accrued from illegal oil deals involving some officials of the government-owned Nigerian National Petroleum Corporation, (NNPC) and the Central Bank of Nigeria, (CBN), during the Goodluck Jonathan administration. According to earlier reports, an American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, (FAIR) discovered the $69bn loot. Findings showed that the American company, FAIR, is…
Read MoreMarket forces should determine gas prices – DPR
The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves…
Read MoreOil spills: ‘Polluted Nigerian communities can sue Shell in English courts’, U.K. Supreme Court rules
The United Kingdom, (UK) Supreme Court has ruled that polluted Nigerian communities can sue oil giant Shell in English courts. The decision is a victory for the communities after a five yr-long battle and also overturns a Court of Appeal ruling. The Niger Delta communities, which comprises of more than 40,000 people, say decades of pollution have severely impacted their lives, health and local environment. Shell is responsible for about 50% of the delta’s oil production. It had argued that it was only a holding company for a firm that…
Read MoreNorway’s top court opens hearing on Arctic oil exploration case
Norway’s top court today opened a hearing on an appeal lodged by conservation groups to block new exploration license in the Barents Sea off northern Norway. The plaintiffs, including Greenpeace and the Young Friends of the Earth Norway, have argued that the licenses violated an article in the Norwegian constitution, known as article 112, guaranteeing the right to a healthy and viable environment. They sued the Norwegian state in 2016. Subsequently, the Grandparents Climate Campaign and Friends of the Earth Norway joined the case. International climate researchers have warned of the…
Read MorePIB: NNPC will partner media for information sharing – Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari says the corporation will partner with the media to ensure Nigerians are properly informed on the new Petroleum Industry Bill (PIB). Kyari gave the assurance at the 3rd Valuechain Magazine Annual Lecture and awards in Abuja on Monday. The lecture is titled: “The role of Media in the Nigerian Petroleum Industry Reform and Investment’’. “We are open to partnerships with the media in terms of capacity building, especially as it relates to the PIB. “I am of…
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