Category: Business

Oil Minister, Wabote’s Faceoff Degenerates

ADEOLA YUSUF

‘Militant activist engaged in reckless and bundles of lies,’ Wabote Bombs Lokpobiri “I stand by all I said about you at Petroleum Club,” Minister fires back at Wabote, tasks journalists to visit project sites of NCDMB’s partners Here are read-by-yourself statements by the feuding minister and NCDMB’s ex-Executive Secretary   The bickering between the minister of state for petroleum resources (oil), Heineken Lokpobiri, and immediate past Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has degenerated with an exchange of hot words by both parties. Platforms Africa…

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NERC Transfers Regulatory Control Of Enugu Electricity To EERC

ADEOLA YUSUF

Nigerian Electricity Regulatory Commission (NERC), on Monday, announced the transfer of the electricity market oversight in Enugu state to the Enugu State Electricity Regulatory Commission (EERC). The decision has been taken in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended). However, NERC will still continue to serve as the central regulator, overseeing inter-state/international generation, transmission, supply, trading, and system operations as outlined in the Electricity Act. “In compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and…

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CAC Revokes NIPOST Subsidiaries’ Certificates

ADEOLA YUSUF

The Corporate Affairs Commission (CAC) has revoked the certificates of incorporation of two Nigerian Postal Service (NIPOST) subsidiaries, namely NIPOST Transport and Logistics Services Limited and NIPOST Transport and Logistics Services Company Ltd. Platforms Africa reports that the reason for this revocation is said to be due to the improper procurement of properties by these subsidiaries. This decision was announced by CAC in a statement released on Monday. This development comes after the discovery of an illegal transfer of N10 billion in restructuring funds, which was released by the federal…

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Nigerian Govt Begins Unbundling Of 11 Discos, Orders Sale Of Four

ADEOLA YUSUF

Federal Government of Nigeria has flagged off the process of unbundling 11 electricity distribution companies to pitch them up for efficiency. This was revealed by the Minister of Power, Adebayo Adelabu, in his address, while playing host to the Senate Committee on Power, led by their Chairman, Senator Eyinnaya Abaribe, in Abuja on Monday. Adelabu stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines to be able to deliver on their mandates. He…

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NNPCL, Partner Boost Oil Production With 20,000bpd At OML 85

ADEOLA YUSUF

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Friday disclosed that it has commenced oil production at OML 85, with its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P). OML 85, which is operated by First E&P is located on Madu Oil Field in shallow waters offshore Bayelsa State. It is expected to add an average of 20,000 barrels per day. A statement by NNPC Limited Spokesman, Olufemi Soneye said the achievement “is a testament to the commitment of the President Bola Tinubu administration to…

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$3bn Brass Methanol Project’s Gas Supply, Purchase Deals Slated For May

ADEOLA YUSUF

. How GSPA will support the Final Investment Decision (FID) – Ekpo   The Gas Supply and Purchase Agreement (GSPA) to support the Final Investment Decision (FID) for the Brass Methanol Project is to be executed by May, 2024. Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo announced this today after a meeting held with key stakeholders of the project in his NNPC Towers Abuja office. Ekpo said the meeting was to confirm adequate gas supply to the Brass Methanol Project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as…

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Oil Minister Deepens Ties With PETAN For Production, Revenue’s Development

ADEOLA YUSUF

Worried about the dwindling oil production and the need to drive investment in the nation’s oil and gas sector, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has expressed the federal government’s readiness to collaborate with the Petroleum Technology Association of Nigeria (PETAN) in a bid to increase Nigeria’s oil production and revenue. Platforms Africa reports that the minister gave the assurance when he visited members of the Petroleum Technology Association of Nigeria (PETAN) in Lagos. Lokpobiri affirmed that the federal government is putting up measures to restore…

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NCDMB Receives $1m Return On Investment From NEDOGAS

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) on Monday received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments. The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management. Nedogas Development Company Limited (NDCL) is a joint venture company…

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KPMG, Deloitte Indicted In Exam Cheating Scandal, Fined $27 Million

ADEOLA YUSUF

▪️Banned For Life; Why KPMG Netherlands’ former audit boss Marc Hogeboom will never work for a firm that audits US public companies till he dies – PCAOB + Penalty, largest in US accounting regulator’s history   Hundreds of staff in KPMG’s Netherlands business, including senior partners and managers, cheated on professional exams, and the firm misled investigators about the misconduct, according to the US audit regulator. The Dutch arm of KPMG was on Wednesday fined $25mn by the Public Company Accounting Oversight Board (PCAOB), the largest penalty in the US…

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NIPCO Foresees Cheaper Rate For Auto Gas, Mulls 23 Stations’ Launch

ADEOLA YUSUF

. 4 In May, 19 Underway, Firm Releases Launch Template, Eulogises Govt, NNPCL   Relief is on the way for motorists in Nigeria as the Compressed Natural Gas (CNG) Emerges Cheaper than petrol. Currently, Cars, Taxis and Keke’s are to buy AutoCNG at NGN200/scm against the petrol price of NGN610/ltr in Lagos and NGN230/scm against the PMS price of NGN670/ltr in Abuja. To further ensure it’s available for Nigerians NIPCO Gas is planning 35 new CNG stations across the country in collaboration with the Nigerian National Petroleum Company Limited (NNPC).…

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