Category: Business

2nd Time In 5 Days: National Grid Collapses Again

ADEOLA YUSUF

Electricity supply dips by 97% to 88MW   The Nigerian Electricity transmission system also known as national power grid suffered another collpase on Tuesday, crashing the power supply by 97.1 percent from 3,152.7MW to 88MW. Platforms Africa reports that the partial collapse, which occurred between 11am and 12 noon, was the second time the grid collapsed in the last five days. READ ALSO: Power Minister Eyes 20,000 MW Generation Capacity In 3 Years National Grid Collapses, Plunges Nigeria Into Total Blackout Mohbad: Ekiti Private Radio Bans Naira Marley Songs NNPC…

Read More

Dangote Refinery Imports Crude As NNPCL Swaps Oil For Loans

ADEOLA YUSUF

The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’5 time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed. Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities. The Dangote refinery boss did not disclose the other entities receiving the oil company’s crude but NNPC disclosed last month it had entered into a $3bn crude…

Read More

Oil Hits $94 Per Barrel, Marketers Eye Fresh Petrol Price Hike

ADEOLA YUSUF

The rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar, might lead to a hike in the pump price of Premium Motor Spirit, popularly called petrol, oil marketers stated on Sunday. It was also gathered that the sharp rise in crude oil price to about $94/barrel and the crisis around forex, had warranted a gradual increase in the amount being quietly spent as subsidy on petrol by the Federal Government. Dealers in the downstream oil sector explained that the cost…

Read More

NNPC Tops Defaulters As Unremitted Revenue To Nigeria Hits $9.85bn – NEITI

ADEOLA YUSUF

. 80% of the financial liabilities are owed by the NNPCL as Federation earned $ 23.04 billion in 2021 with $ 13.2 billion or 57.27% of total revenue shared to the federating units after deductions     The total unremitted revenues to the Federation by some relevant government agencies and companies in the oil and gas sector in the year 2021 have risen to over $9.85bn, Platforms Africa reports. The figure and other vital pieces of information and data about Nigeria’s petroleum sector are contained in the 2021 Oil and…

Read More

Petroleum Minister Hails NCDMB On Skill Development Project, Urges Timely Completion

ADEOLA YUSUF

MINISTER of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has commended the Nigerian Content Development and Monitoring Board (NCDMB) for its intervention in the construction of the proposed Centre for Skills Development and Training (CSDT) at Omagwa, Ikwerre Local Government Area of Rivers State. The project, initiated by the Petroleum Technology Development Fund (PTDF) to promote acquisition of skills relevant to oil and gas industry operations, has been under construction since 2011. It received a much-needed boost with the entry of the NCDMB as co-financier after due negotiations with…

Read More

Africa’s First Chartered Accountant, Akintola Williams, Is Dead

ADEOLA YUSUF

The man and his Mien; 15 Things To know about Williams and his death 30 days after his 104th birthday    Africa and Nigeria’s first indigenous chartered accountant, Akintola Williams, is dead. Platforms Africa reports that the doyen of accounting died at the age of 104. According to a source, who does not want to be mentioned, Williams died at his house in Lagos, on Monday (today). READ ALSO: DSS Quizzes Another CBN Deputy Governor, Aisha Ahmad; Family Says She Is Safe And Sound, Not Detained NDLEA Intercepts 399 Kaduna-Bound…

Read More

NNPCL Kicks Against Oando’s Acquisition Of Agips’ Assets

ADEOLA YUSUF

As it did in the case of  Seplat Energy and ExxonMobil, the Nigerian National Petroleum Company Limited (NNPCL) is set to replicate the same scenario between Oando and Nigerian Agip Oil Company NAOC, the two parties that recently struck a deal that will see Oando acquiring NAOC’s Interest in OMLs 60,61,62 and 63. It has therefore written a letter to the managing  director of Nigerian Agip Oil Company and the Chief Operating Officer of Oando Oil Limited (OOL) stating its discontent with  the deal According to the NNPCL letter, it…

Read More

Tax: Nigerian Govt Earns N412.9Bn From Dangote Cement In 3 Years

ADEOLA YUSUF

Dangote Cement Plc, a subsidiary of Dangote Industries Limited, (DIL), paid a total of N412.9 billion into the coffers of the Federal Government as tax for 3 consecutive years. A total of N97.24 billion was paid by Dangote Cement in 2020, N173.93 billion in 2021 and N141.69 billion in 2022. This huge tax payment from only one of the conglomerate’s subsidiaries, re-affirms Aliko Dangote’s position that prompt and accurate tax payment is a duty for everyone who wishes to witness real growth and development. He posited that government cannot offer…

Read More

Matthieu Bouyer Is New CEO/MD, TotalEnergies Upstream Nigeria

ADEOLA YUSUF

TotalEnergies has officially announced the appointment of Mr. Matthieu BOUYER as the company’s new Chief Executive Officer and Managing of TotalEnergies Upstream Companies in Nigeria and representative of TotalEnergies Company in Nigeria effective August 21, 2023. A graduate of the Ecole Centrale in France, Matthieu BOUYER joined Total in 2005 through the Exploration & Production Facilities Engineer program. He held various high-level positions in Operations, Field Development, Engineering, and Project Management in Africa, Asia, France, and the Middle East. In 2015, Matthieu worked at the headquarters of the company as…

Read More

Nigeria Has Ended Borrowing – Finance Minister

ADEOLA YUSUF

+ What fuel subsidy removal has to do with it   The Nigerian Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation. The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja. He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving…

Read More