NNPC Oil Exports Receipt surges 16.28% to $120.49m in September

    The Nigerian National Petroleum Corporation (NNPC) has raked in a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August…

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EFCC offers $9.7m, £74, 000 seized from NNPC ex-GMD for Court inspection

  The Nigeria’s anti-graft agency, Economic and Financial Crimes Commission (EFCC), has urged the Federal High Court, Abuja, to visit the Kano branch of the Central Bank of Nigeria (CBN) to inspect the hard currency ( $9.7 million and £74, 000) seized from the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu. Counsel to the EFCC, Mohammed Abubakar, while moving a motion filed on Nov. 17, 2020, before Justice Ahmed Mohammed, also urged the court to conduct proceedings in the premises of the bank…

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96 foreign, local firms jostle as race for NNPC’s key downstream Contracts begins

  96 prominent and reputable companies from various jurisdictions have indicated interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure ranging from critical pipelines to depots and terminals through the Build, Operate and Transfer (BOT) financing model. The corporation confirmed this at a virtual public bid opening exercise which held at the NNPC Towers, Abuja for the pre-qualification of companies for the contract. Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, in a statement sent to Platforms Africa, stated that…

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NNPC alters revenue streams as OPEC+ quota cut weighs-in on revenue

    The Nigerian National Petroleum Corporation (NNPC) has announced a major shift in focus to gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement. The corporation stated this in a statement to Platforms Africa quoting its Group Managing Director, Mallam Mele Kyari, to have informed an ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021 of the plan. “NNPC reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its…

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How Oil, Gas Stocks in Nigeria Gained N59bn in last Three Months

  Oil and gas firms listed on the main and premium boards of the nation’s equities market reported a gain of about N58.784 billion during the fourth quarter of 2020. This was buoyed by positive sentiments witnessed at the local bourse. The oil and gas sector gained N58.784 billion or 14.80 per cent to close at N455.923 billion in market capitalisation on December 31, in contrast to opening figure of N397.139 billion at the beginning of trading on October 2. Market watchers believe the investors are taking position on oil…

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Nigeria’s loss to tax evasion by Multinationals hits $178bn In 10 Years

  Tax evasion by multinational firms doing business in Nigeria may have cost the government $178 billion between 2007 and 2017, Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, said in Abuja. Though he refrained from giving identities of multinationals evading taxes in Nigeria, Nami said that some multinational corporations were “leading in tax compliance in various sectors.” He expressed worries that “many rich multinational corporations do not pay the right taxes due from them, let alone pay their taxes voluntarily.” The FIRS boss spoke at a “workshop on…

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Why Millions of Users may dump Whatsapp for Telegram, Signal, others

  A new privacy policy by the popular social media platform, Whatsapp, is triggering an exodus of users to other less popular but equally functional platforms such as Telegram, Signal, among others. Technology experts say if this is addressed, it could lead millions of users away from WhatsApp. The new privacy policy which comes into force from February 8, allows WhatsApp and Facebook to share user information with businesses and third-party service providers that transact on these platforms. Whatsapp in its new ‘Terms of Service’ which the users are expected…

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Refinery: NNPC takes hunt for $1bn loans to Afreximbank, Others 

  The Nigerian National Petroleum Corporation (NNPC) is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Reuters, which reported this on Thursday quoted seven sources familiar with the discussions including the spokesperson for Afreximbank. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel…

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NIN: Report on Mass disconnection of Phone subscribers unfounded – NCC

  The Nigerian Communications Commission (NCC) has described as unfounded the report that mobile phones’ subscribers would be mass disconnected as a result of the ongoing linkage of SIM Registration Records with the National Identity Number (NIN). The Commission, which stated this in a statement sent to Platforms Africa, added that most of the reports are based on the erroneous assumption that for every network or SIM connection, there is one unique human subscriber. “The attention of the Nigerian Communications Commission (NCC) has been drawn to numerous publications in both…

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Finbank ex-MD, Okey Nwosu, Jailed over depositors’ N18bn Theft + PHOTO

  A former Managing Director of the defunct Finbank Plc, Okey Nwosu, has been found guilty and sentenced to three years imprisonment by Justice Lateefat Okunnu of a Lagos High Court in Igbosere for N18 billion theft. The judge handed down the verdict after she found the former bank boss and three other Directors of the bank guilty of stealing the huge sum from Finbank Plc. Convicted alongside Nwosu were three former Directors of the defunct bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike. In her judgement, Justice Okunnu sentenced…

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