Category: Oil & Gas

Obasanjo, Yar’Adua, Jonathan, Buhari Spent N14 Tr On Fuel Subsidy In 16 Yrs

ADEOLA YUSUF

NEITI releases audit report, says Nigeria’s loss to crude oil thieves, Saboteurs hit N16.25 trillion in 11 years.   Nigeria has spent $74.39 Billion which tranIates to N13.7 trillion on fuel subsidy from the years 2005 to 2021, the Nigeria Extractive Industry Transparency Initiative (NEITI) has declared. Platforms Africa reports that the time frame falls within the second term of ex-President Olusegun Obasanjo, a part of the term of late Umaru Yar’Adua, the term of ex-president Goodluck Jonathan, and the two terms of former president Muhammadu Buhari. READ ALSO: BREAKING:…

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BREAKING: NNPC Borrows $3bn Emergency Loan

ADEOLA YUSUF

Why we borrowed the loan from Afrexim Bank – Kyari   The Naira on Wednesday got some relief as the Nigerian National Petroleum Company Limited (NNPCL) signed a commitment letter and term sheet with the Afrexim Bank for an emergency $3bn crude oil repayment loan. Platforms Africa reports quoting a very brief statement from the NNPCL, which confirmed that the signing was conducted in the bank’s headquarters in Cairo, Egypt. READ ALSO: Kenya Reinstates Fuel Subsidy After Months of Violent Protests 5 MDs In 10 Years: Abuja DisCo Gets New…

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96 Crew-Member Seplat’s Oil Rig Capsizes, Kills One, Three Missing

Ganiyu Amodu

Tragedy struck in Ovhor area of Delta State on Tuesday, when an oil rig belonging to Seplat Energy Capsized with 96 crew-members on board. Platforms Africa reports that 96 Crew Member were on board when the tragedy struck. of the crew members were rescued safely, while one died and three others were still missing as at press time. The swamp drilling oil rig- “Majestic” capsized on its way to a drilling location in Ovhor in Delta State. Chief Executive Officer, Mr. Roger Brown, confirmed the incident, saying an emergency response…

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Wabote Advocates Corporate Governance for Indigenous Oil Firms

Efe Wellington

. NCDMB Boss lauds Aradel Holdings   Indigenous oil and gas companies must instill principles of corporate governance in their operations if they are to grow and achieve sustainability, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said. Speaking virtually on Friday at the ceremony marking the rebranding of the Niger Delta Exploration and Production (NDEP) into Aradel Holdings, the Executive Secretary rued that many local oil and gas companies have died because they do not adhere to corporate governance principles.…

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Subsidy: Labour Dares Tinubu, Begins Nationwide Protest Today

Aliyu Aliyu

… Police ordered watertight security   The much anticipated Labour Protests will start today across the country as part of the efforts to make the Nigeriqn Government reverse its decision on the removal of subsidy. The parties involved have not been able to find common ground despite engaging themselves in a series of meetings for two consecutive days. The two-day meeting between the Federal Government and the organised labour ended in a deadlock on Tuesday, and the Nigerian Labour Congress and the Trade Union Congress leaders have vowed to go…

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Strike. Subsidy, Others: Full Text of Tinubu’s Address to Nigerians

ADEOLA YUSUF

My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for…

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EXCLUSIVE: Prepare, Fresh Petrol Price Hike Imminent, Oil Hits $81pb

ADEOLA YUSUF

. Nigeria to rake in more revenue, citizens to pay more for fuel as crude oil sets for biggest monthly gain since early 2022 + Projected price you will buy petrol before end of August   Nigerians are to experience a fresh hike in prices of Premium Motor Spirit (PMS), also known as petrol, in August, Platforms Africa reports. This, which is Imminent, baring any unforseen circumstances, will be the third upward adjustment of the petrol price in the last 62 days. Africa’s biggest exporter of crude, which doubles as…

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IPMAN, Others Laud Polaris Bank, Emadeb Energy for 20,000 mt Petrol Import

ADEOLA YUSUF

How Polaris Bank set record, funded Emadeb Energy Service Ltd petrol cargoe imports with N13 billion   The Independent Petroleum Marketers Association of Nigeria (lPMAN) has commended Polaris Bank, Nigeria’s leading digital commercial Bank and Emadeb Energy Services Limited, one of Nigeria’s leading indigenous players in oil and gas, for their collaborative efforts and strategic partnership that resulted in the recent importation of 20,000 metric tonnes of premium motor spirit (petrol) into the country. The National Operations Controller of lPMAN, Mr. Mike Osatuyi, speaking exclusively to PLATFORMS AFRICA, described the…

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Tension As Oil Company, Host Community Bickers

Abibat Babalola

. . . Community Decry Threat To Eliminate Son       There is a palpable tension as an oil and gas host community, Ogbele and its corporate tenant, Aradel Holdings PLC, formerly Niger Delta Exploration & Production PLC bicker over unfulfilled agreement, threat to son’s life, amongst others. The bickering if under played might reduce the oil and gas estimated production for the year, which had been on the soaring side in recent years, as the host community is poised to explore all legal means to get what is…

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Why Insurance Contributed Only 0.32% GDP To Nigeria’s N202Trn Economy

Abibat Babalola

At Oriental News Summit, oil, insurance stakeholders bemoaned low level of compliance with mandatory insurance provisions     Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, has decried the low level of compliance with the mandatory insurance provisions as provided by the Nigerian Constitution. Yusuf disclosed this while speaking at the 2023 Oriental News Summit with the theme Building Local Content Synergy between the Oil and Gas and the Insurance sectors in Nigeria on Thursday, July 20, 2023. He said that this was one…

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