The allegation of fraud against the Nigerian National Petroleum Company Limited, NNPCL, has taken a new dimension as the Economic and Financial Crimes Commission (EFCC) is intensifying its investigation into the financial mismanagement, focusing on approximately $2.96 billion allocated for refinery repairs. Several high-ranking former officials, including former Managing Directors of the Port Harcourt, Warri,…
Nigeria Content is not about “Nigerianisation” or exclusion of Foreign participation in the Oil Gas Industry, rather it is about value creation in Nigeria by encouraging the involvement of multinationals and original equipment manufacturers in a mutual beneficial manner. The Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB, Engr.Felix Ogbe, made the assertion at…
The Minister of Solid Minerals Development, Dr. Dele Alake, has announced an accrued N6.9 billion revenue from the mining sector into the Federal Government’s coffers in the first quarter of the year. A statement by the minister on Monday said FG collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying…
The Federal Government says plans are at an advanced stage to establish the first Renewable Energy University in Nigeria. The university is to be established in partnership with some development partners. The Managing Director/Chief Executive Officer of the Rural Electrification Agency, Abba Aliyu, stated this at a Roundtable held in Victoria Island between the REA…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Kaduna Refinery project has reached 81% overall completion. This was made known by the Chief Executive Officer of NMDPRA, Farouk Ahmed during an event in Abuja. According to him, the initiative is aimed at not just reducing fuel imports but also protecting…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has said Dangote Refinery’s premium motor supply currently stands at 18 million litres daily, contrary to the firm’s president, Aliko Dangote’s, 57 million litres daily. Farouk Ahmed, the chief executive officer of NMDPRA, disclosed this on Tuesday in Abuja in an interview with the media. Giving…
“China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions,” the White House said, justifying the decision under national security grounds.The confrontation has rapidly intensified since the US imposed 145% tariffs on Chinese goods earlier this month. China hit back with 125% tariffs on…
The Organisation of the Petroleum Exporting Countries on Monday slightly cut its forecast for oil demand growth, citing the impact of US tariffs on the world economy. A report by Reuters quoting the OPEC Monthly Oil Market Report for April said the Secretariat now sees demand growing by 1.3 million barrels per day in 2025,…
The Federal Government has disclosed ongoing plans to settle over N4 trillion owed to Power Generation Companies (GenCos) for electricity generated and supplied to the national grid. Mr. Bola Tunji, Special Adviser on Strategic Communications and Media Relations to the Minister of Power, made this known in Abuja during an interview with the News Agency…
The Federal Government has issued 47 Licenses to Establish (LTE) and 30 Licenses to Construct (LTC) refineries in one year. The move, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) marks a significant step towards enhancing Nigeria’s refining capacity and boosting petroleum products availability. Its Chief Executive Officer, Farouk Ahmed, disclosed this…
