Tag: Featured

NNPC Posts Impressive 10 Years GLA Claim Ratio

Damilola Olonade

The Nigerian National Petroleum Corporation (NNPC) Group Life Assurance (GLA) scheme claims ratio for the last 10 years have shown a strong and sustained claims settlement, according to investigations. Analysis of the Corporation’s GLA claim settlement over the first three years shows the highest claims collected under the scheme was in 2011 with N2.09 billion over a premium of N2.42 billion, followed by N1. 88 billion as against a premium of N 2. 69 billion in 2010 and N1.51 billion claims on a premium of N2.03 billion in 2012. In…

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Confusion as Nigeria’s PPMC announces two petrol ex-depot prices within 12 hours

Damilola Olonade

. It is N151.56 per litre, no, it is N147.67 per litre – Agency says in two seperate correspondences to depots A Nigerian government agency, Pipelines and Products Marketing Company (PPMC) has announced two different depot prices for Premium Motor Spirit (PMS) also known as petrol within 12 hours interval. The announcement which caused a serious confusion in the downstream sub-sector of the country’s oil industry has spontenously soared the pump price of the product to as high as N161 per litres. A Lagos, Nigeria-based New Telegraph newspaper has earlier…

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Ghana’s President Akufo-Addo, John Mahama in 3rd time election battle

Damilola Olonade

Ghana President Nana Akufo-Addo from New Patriotic Party will contest against former President John Mahama for the third consecutive time. Ghana’s governing New Patriotic Party (NPP) has picked incumbent Akufo-Addo as its presidential candidate in this year’s election, setting up the third consecutive head-to-head battle against former President John Dramani Mahama. Akufo-Addo, 76, unseated Mahama in 2016 with 53.8 percent of the vote, cementing the West African nation’s reputation as a leading democracy in a region that has earned notoriety for political instability. Akufo-Addo will contest the December 7 poll…

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Nigeria labour union threatens Nationwide Strike over Electricity Tariff Hike

Damilola Olonade

The Nigeria Labour Congress (NLC) has urged the Nigeria Electricity Regulatory Commission (NERC) to take decisive action on the plan by DisCos to hike electricity tariff in the country. NLC President, Ayuna Wabba, who on Tuesday, September 1, in Abuja made the call in a statement obtained by Platforms  Africa, said that the organised labour would mobilise Nigerian workers to resist the increase in electricity tariff by the Abuja Electricity Distribution Company (AEDC), effective from September 1. The statement entitled: “Increase in Electricity Tariff by Abuja DISCOs – a taunting…

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Nigeria slashes LNG Train 7 investment by $2bn

Efe Wellington

The pragmatic implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has saved Nigeria the sum of US$2bn in the Engineering Procurement and Construction (EPC) contract for Nigeria LNG Train 7 Project. Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, according to a  statement, dropped the hint at the weekend during the 2020 Annual Capacity Building Workshop organised by the Board for the Judiciary. “The workshop was held via zoom and it drew over 117 participants, including Justices of the…

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Nigeria hints of gas royalty, corporate income tax reduction in new PIB

Damilola Olonade

Nigeria has reduced royalty and corporate income tax on gas in new version of the Petroleum Industry Bill (PIB). The country’s minister in charge of the oil, Timipre Sylva, who said this during a webinar hosted by the Nigerian Association of Petroleum Explorationists (NAPE) monitored by Platforms Africa, noted that this tediction was a part of incentives to aid the development of gas in the country. The proposed bill was expected to be submitted before the legislators within a few weeks. “It establishes an attractive fiscal framework for gas that…

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IOC’s Ready To Contribute To PIB – Total MD

Efe Wellington

Managing Director of Total Upstream Companies in Nigeria, Mr. Mike Sangster, has declared the readiness of International Oil Companies (IOCs) to contribute to the success of the Petroleum Industry Bill (PIB). Speaking at the Nigeria Energy Industry Transformation Summit, (NEITS), organised by The Society of Petroleum Engineers, SPE, Nigeria Council, Sangster like other stakeholders beamed spotlights on Cleaner energy, Gas, and the Petroleum Industry Bill, PIB as the industry safer. In his sponsor’s remark at the summit, the Managing Director of Total Upstream Companies in Nigeria, Sangster declared the Total…

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Lekoil heightens hunt for lenders’ $100m Ogo oilfield drilling investment

Damilola Olonade

Nigerian Energy Company, Lekoil Limited needs to raise around $100 million before it can start drilling in its Ogo oilfield, its chief executive said in a statement made available to Platforms Africa. Lekoil reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo sits, after it discovered a $184 million loan it wanted to use for the purchase was fraudulent. Chief Executive Lekan Akinyanmi said the company was able to finance much of the Ogo preparation work with cash from its producing field,…

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New service reflective tariff will enable heavy investment in infrastructure – EKEDC

Damilola Olonade

Leading electricity utility company in Nigeria, Eko Electricity Distribution Company (EKEDC), has declared that the new service reflective tariff would enable the company invest heavily in its infrastructure. EKEDC, which announced that it began effecting a Service Based Tariff from September 1st, 2020, noted that this was in line with regulatory requirements. According to the statement signed by the Company’s Corporate Communications General Manager, Godwin Idemudia, the review is aimed at projecting a service reflective tariff that will enable the company invest heavily in its infrastructure. He explained that the…

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Why $18bn NLNG dividend scam must be probed – Lawmakers

ADEOLA YUSUF

Nigerian lawmakers have instructed the country’s most senior accountant to investigate payments totalling $18 billion as dividends from Nigeria’s investment in Nigeria Liquefied Natural Gas (NLNG) between 2004 and 2019, a Senate statement said. NLNG is a consortium between state-run Nigerian National Petroleum Corporation (NNPC), Eni, Total and Royal Dutch Shell. An NLNG spokeswoman did not immediately respond to a request for comment. The Senate, parliament’s upper house, has ordered the accountant general to investigate the dividend payments, it said in a statement issued on Thursday, without giving details of…

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