Ejiofor Alike with agency report The Federal Government as well as local and international oil companies (IOCs) operating in the country lose an estimated $7 billion (N1.05 trillion) to oil theft annually, the International Energy Agency (IEA), an energy policy advisor to the industrialised countries, has said. In a report published Tuesday , the 28-member […]
Set To Discredit It In Coming Days THERE are indications that indicted parties are making moves to discredit the Mallam Ribadu report submitted to the Presidency last week. The plan is prompted by the subsisting controversy trailing the report. The Guardian learnt that the leadership of the regulatory bodies, who had procured copies of the […]
Subsidy scam: Uba’s arrest scares marketers | Print | E-mail Monday, 15 October 2012 Following the arrest of Mr Ifeanyi Uba of Capital Oil, the presidency has directed anti-graft agencies to go after all those involved in the fuel subsidy scam with a warning that there is no sacred cow in the anti-corruption war. Uba, who is known […]
The Federal Government is insisting on the benchmark price of $75 per barrel of crude oil in order to shore up the economy and make for macroeconomic stability, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said. Okonjo-Iweala, who spoke to journalists shortly after the presentation of the 2013 budget proposals to the National Assembly […]
The Federal Government plans to spend N251.2bn on the repairs of three refineries. The Minister of Petroleum, Mrs. Diezani Alison-Madueke made the disclosure on Monday when she appeared before the Senate Committee on Petroleum (Downstream). The minister was at the Senate with the Group Managing Director of the NNPC, Andrew Yakubu, and the Managing Director […]
The bid by the House of Representatives to probe the controversial sale of an oil block, OPL 245, was stalled on Thursday by key Federal Government officials with information on the deal. The alleged “shady sale” involved the Federal Government, Shell/Agip Consortium and Malabu Oil and Gas Limited, with OPL 245 being sold to the […]
NIGERIA’S daily crude output suffered a setback on Sunday, as Shell Petroleum Development Company of Nigeria (SPDC) shut its Bomu-Bonny Trunkline, translating to a 150,000 barrels per day shut in. A statement issued on behalf of the SPDC by its Corporate Media Relations Manager, Tony Okonedo, said the decision to shut the trunkline was as a […]
Abuja- Dr Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy, on Friday said that the Federal Government had paid additional N56.75 billion to oil marketers out of the 2012 subsidy claims. While briefing newsmen in Abuja, Okonjo-Iweala, also Nigeria’s Minister of Finance, said that the payments were made to 14 companies after being screed by […]
By Emma Ujah, Abuja Bureau Chief and Soni Daniel The nation’s major petroleum products marketers, yesterday, pledged to work with the Federal Government to successfully complete the on-going subsidy payment audit and continue, unabated, the distribution of fuel to their various outlets across the country. The Chief Executive Officer, CEO, of Folawiyo Energy, Mr. Dipo […]
August 31, 2012 by Stanley Opara 3 Comments GMD, NNPC, Mr. Andrew Yakubu | credits: The Nigerian National Petroleum Corporation needs close to $3bn (N474.15bn) to upgrade its depots and refineries’ pipeline infrastructure nationwide, its Group Managing Director, Mr. Andrew Yakubu, has said. The GMD said this on Thursday during a forum in Lagos. In […]
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