Category: Oil & Gas

Cooking Gas Price Skyrockets To N12,000 Per 12.5Kg

ADEOLA YUSUF

+ Real reason there is no end in sight to price surge yet The cost of cooking gas, also known as Liquefied Petroleum Gas (LPG) has drastically increased across the country. This has, according to checks by Platforms Africa, been blamed on Russian- Ukrainian war that has caused a lot of disruption to the supply chain of the product. The Nigeria LNG which has been very active in the production and supply of the commodity cannot produce all that is needed domestically. The larger chunk of  the  LPG needed in the…

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NCDMB Begins $40m Women Fund’s Disbursement

ADEOLA YUSUF

“15 applications have been received and three have been approved and the disbursement of funds would soon start.” The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to set a minimum percentage of females that must be included in any human capacity development (HCD) programme or initiative that it will approve for the Nigerian Oil and Gas Industry. The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, stated this on Tuesday at the 2nd Nigerian Women in Oil and Gas Conference. He said the Board would work on…

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BREAKING: Fuel Queues Resurface In Lagos, Ogun

Abibat Babalola

“There is no fuel. This is beside the fact that we have not had light for the past three days”   Fuel queues have surfaced in parts of Lagos, Nigeria’s commercial capital, and its neighbouring Ogun state, leaving passengers stranded across the state. A survey by Platforms Africa on Monday indicated that many filling stations have run out of stock while the few selling have long queues. The same situation was observed in Abeokuta, Ogun state capital, Ota, and other parts of the state. READ ALSO: BREAKING: Buhari Hikes Fuel…

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New Jersey Court Orders Arbitration in Akinyanmi Vs Lekoil Cayman Suit

Efe Wellington

The New Jersey court hearing the application challenging the hostile ouster of Lekan Akinyanmi as the Chief Executive Officer of Lekoil Cayman Limited, on June 14, 2022, ordered a stay of all proceedings in the matter pending the arbitration the court has ordered. Akinyanmi, Chief Executive Officer of Lekoil Nigeria Limited, filed an action in the Superior Court of New Jersey on September 24, 2021, with case number MER-L-001733-21, claiming breach of contract in the termination of his employment contract through a process fraught with irregularities and for which he…

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TotalEnergies Marketing Raked In N341bn In 2021, Paid N7.54bn Dividends

Ganiyu Amodu

TotalEnergies Marketing Nigeria Plc has said that it raked in N341,346,345 revenues as of 31st of December, 2021 as the company declared payment of N7.54 billion dividends to shareholders. Chairman of TotalEnergies, Mr. Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company in Lagos, maintained that TotalEnergies Marketing distributed the sum of #1.36 Billion as interim dividends, representing #4.00 (Four Naira only) per share for the year ended 31st December, 2021. READ ALSO: BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden Nigeria, Six Others…

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BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden

ADEOLA YUSUF

Though the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known as subsidy payable on the product. Nigerian President Muhammadu Buhari has approved the hike in transporters freight rate with effect from June 1, 2022. Platforms Africa reports that though the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known…

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Lonadek Boss, Ibilola Amao, Now Nigerian Academy of Engineering Fellow

Ganiyu Amodu

Prestigious Engineering Academy announces Investiture of Engr. Prof. Azikiwe Peter Onwualu as President, induction of 10 prominent engineers as fellows + Full names   The Nigerian Academy of Engineering has announced the induction of the Chief Executive Officer of Lonadek Oil and Gas, Dr. Adenike Ibilola Amao, and nine other prominent engineers in Nigeria as fellows of the prestigious academy. Platforms Africa reports that President of the Academy, Engr. Alex O. Ogedegbe, who announced this through an invitation document, listed names of other inductees to include; Engr. Prof Akindele Folarin…

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Nigeria Outlaws Offshore Insurance For Foreign, Local Oil Firms

ADEOLA YUSUF

NCDMB inks deals with NAICOM, addresses Loopholes in implementations of NOGIC Act particularly sections 49 and 50, which deals with insurance of oil and gas activities   The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM) have signed insurance services guideline which will oblige the oil and gas industry to patronize the local insurance sector, thereby retain spend in the economy. Platforms Africa reports that the guidelines will also address loopholes that have been identified while implementing the provisions of the Nigerian Oil and Gas…

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Malabu: UK Court Dismisses Nigeria’s $1.7bn Claims Against JP Morgan

ADESUPO OSOSANYA

Nigeria argued that there were enough “red flags” for JP Morgan to have halted the transfers.   Nigeria has lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011. In the judgement delivered on Tuesday, the Business and Property Courts of England and Wales Commercial Court said there was no proof that Nigeria was defrauded in the deal. The Nigerian government had sued JP Morgan on the ground of “Quincecare duty”, alleging that the bank “ought to…

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Foreign Direct Investment Flows Into Africa Hit record $83bn

Abibat Babalola

The first and the last; how Southern, West, East and North Africa countries shared the FDI Foreign Direct Investment (FDI) to African countries hit a record $83bn in 2021, according to UNCTAD’s World Investment Report 2022 published on June 9. This was more than double the amount reported in 2020, when the Covid-19 pandemic weighed heavily on investment flows to the continent. Despite the strong growth, investment flows to Africa accounted for only 5.2 percent of global FDI, up from 4.1 percent in 2020. READ ALSO Nigeria’s Oil Revenue Sinks…

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