The Confounding Case of Petro Union Oil and Gas Limited
Published 10/18/2020 in Nigeria
Africa Press-Nigeria: Since the commencement of the President Muhammadu Buhari-led administration in 2015, the anti-graft war has been a major fixture in the government’s agenda, having been a key component of the administration’s pre-election promises to the Nigerian people, others being insecurity and economic improvement. However, the administration’s performance in these three focus...read more ❯
339 Foreign, Local Firms Bid to Sell Nigeria’s Crude Oil Grades
Published 10/17/2020 in Nigeria
Africa Press-Nigeria: At least 339 crude oil trading companies applied for the sale and purchase of Nigerian crude oil grades contracts spanning 2020 to 2022 by the close of the bidding process at noon yesterday. Last month, the Nigerian National Petroleum Corporation (NNPC), invited “interested and credible companies” to participate in the open tender. It described credible...read more ❯
New gas projects opening up northern Nigeria for industrial expansion – Clarke Energy MD
Published 10/17/2020 in Nigeria
Africa Press-Nigeria: Clarke Energy, a leading energy solution provider, says gas projects such as the Ajaokuta–Kaduna–Kano (AKK) pipeline, is spurring interest in expanding industries in the northern part of Nigeria. Yiannis Tsantilas, the company’s managing director, said some companies are developing new plants or expanding older ones to take advantage of gas infrastructure...read more ❯
Anonymous confirms hacking CBN
Published 10/17/2020 in Nigeria
Africa Press-Nigeria: The websites of the Central Bank of Nigerian (CBN) and the Economic and Financial Crimes Commission (EFCC) have been hacked. Anonymous, a band of unknown individuals, has claimed responsibility, with a threat to seize control of more government websites. Earlier on Friday, they took over the Twitter handle of the National Broadcasting Commission (NBC). The...read more ❯
With 13.71% Inflation, Analysts List Ways to Grow Economy
Published 10/17/2020 in Nigeria
Africa Press-Nigeria: Abuja — Analysts yesterday called on the federal government to leverage on the COVID-19 pandemic and incentivise local food production, especially agribusiness, to boost the economy as headline inflation increased to 13.71 per cent in September from 13.22 per cent in the preceding month. They said the support for local production would boost employment generation and...read more ❯
CBN Invests N120bn to Revive Textile Sector
Published 10/16/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) yesterday said it had invested over N120 billion across the Cotton, Textile and Garment (CTG) value chain since the inception of its intervention programme in the industry. CBN’s Deputy Governor in charge of Corporate Services, Mr. Edward Adamu, said at a meeting with stakeholders in the CTG sector in Abuja that over 320,000 farmers...read more ❯
World Bank advises Buhari government
Published 10/16/2020 in Nigeria
Africa Press-Nigeria: The World Bank has advised President Muhammad Buhari’s administration to strengthen the education system and ensure transparency in Nigeria. The President, David Malpass, gave the counsel at the 2020 Annual Meetings press conference. He spoke while stating the position of the World Bank regarding human capital in Africa, Nigeria in particular. “We have an...read more ❯
Inflation increased by 13.71 per cent in September
Published 10/15/2020 in Nigeria
Africa Press-Nigeria: The consumer price index (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. The National Bureau of Statistics (NBS) disclosed this on its “CPI and Inflation Report September 2020,” on Thursday. It said the CPI is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent. According to the report,...read more ❯
NNPC releases 2019 audited financial statement
Published 10/15/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS). It shows 99.7 percent reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. The publication comes five months after NNPC made its 2018 AFS public. NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted the Chief Financial...read more ❯
How N3.85trn Capital Budget'll Be Spent - Finance Minister
Published 10/14/2020 in Nigeria
Africa Press-Nigeria: The Federal Government is to spend an aggregate sum of N3.85 trillion on capital projects in the 2021 budget which represents N1.15 trillion higher than the 2020 provision of N2.69 trillion. At 29 percent of aggregate expenditure, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the government was now close to its policy target of 30 percent...read more ❯
Nigerian govt looking to ramp up oil reserves to 40bn barrels
Published 10/14/2020 in Nigeria
Africa Press-Nigeria: The Department of Petroleum Resources (DPR) said Nigeria aspires to expand its oil reserves alongside its condensates enormously to 40 billion barrels by 2025, London-based energy and commodities intelligence provider, S&P Global Platts, reported Tuesday. Sarki Auwalu, the DPR head, said the Nigerian government would accomplish the grand ambition by way of...read more ❯
We Can’t Continue To Run Economy The Way We Are Doing —Fayemi
Published 10/14/2020 in Nigeria
Africa Press-Nigeria: Governor Kayode Fayemi of Ekiti State and current chairman of the Nigeria governors Forum (NGF) speaks on the clamour for fiscal federalism, devolution of powers, activities of self-determination groups in the country, insecurity, among other knotty national issues in this interview with journalists. KUNLE ODEREMI brings part of it: WHAT would you consider the gains,...read more ❯
NNPC to flood service stations with gas to fuel vehicles by December – Kyari
Published 10/13/2020 in Nigeria
Africa Press-Nigeria: As the Federal Government de-emphasises use of petrol to power automobiles, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, on Monday assured that all its service stations nationwide will be flooded with compressed natural gas in December, for easier access to consumers. Kyari gave the assurance at the 3rd Valuechain Annual...read more ❯
Nigeria sets new target to raise oil reserves to 40 billion barrels
Published 10/13/2020 in Nigeria
Africa Press-Nigeria: Lagos, Nigeria — Nigeria's oil industry regulator, the Department of Petroleum Resources, said Oct. 13 that the country is now aiming to increase its oil reserves, including condensates, substantially to 40 billion barrels by 2025. Nigeria crude reserves, which stood at 38 billion barrels in 2015, have steadily declining over the past five years due to a...read more ❯
FG announces resolutions, reliefs for Nigerians
Published 10/12/2020 in Nigeria
Africa Press-Nigeria: The suspension of the new electricity tariff has been extended by one week. James Momoh, Chairman, Nigeria Electricity Regulatory Commission (NERC) confirmed this on Monday. He spoke when the ad hoc Technical Committee on Electricity Tariff submitted its interim report at a bilateral meeting between Federal Government and the Organised Labour. Momoh said the week...read more ❯
OPEC's Major Milestones Throughout Its 60 Years
Published 10/12/2020 in Nigeria
Africa Press-Nigeria: Established by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela in 1960, the Organisation of Petroleum Exporting Countries (OPEC) celebrates its 60th anniversary this year, as it remains a pivotal part of the oil industry. Today, OPEC consists of 13 members; Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE and...read more ❯
Buhari govt, Labour resume meeting over fuel
Published 10/11/2020 in Nigeria
Africa Press-Nigeria: The Federal Government and Organised Labour will resume negotiations over the hike in the price of fuel and electricity tariff. Representatives of both the federal government and organised labour will meet at 7 pm on Sunday. This was disclosed by the Deputy Director, Federal Ministry of Labour and Employment, Charles Akpan. “The Honorable Minister and Labour is...read more ❯
NNPC engages marketers on gas for fueling of vehicles
Published 10/11/2020 in Nigeria
The Nigerian National Petroleum Corporation (NNPC) has engaged petroleum products marketers on the sale of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for fueling power generating plants and vehicles respectively. A source, who sought anonymity, told The Nation at the weekend that “the head of the gas subsector of the NNPC is hosting us (petrol retail stations) owners in...read more ❯
AfCFTA take-off: Nigeria remains most sought-after bride
Published 10/11/2020 in Nigeria
Africa Press-Nigeria: Ahead of the planned takeoff of the much hyped African Continental Free Trade Agreement (AfCFTA) in January 2021, for the rest of the continent, one way to succeed with the scheme is to court the cooperation and support of Nigeria. In this report, Charles Okonji examines the issues surrounding the country’s participation in the scheme INDICATIONS are that the...read more ❯
NNPC engages marketers over gas for vehicles
Published 10/10/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has engaged petroleum products, marketers, on the sale of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for fueling power generating plants and vehicles respectively. A source, who sought anonymity, told The Nation at the weekend that “the head of the gas subsector of the NNPC is hosting us (petrol...read more ❯
CBN, Zamfara have no gold-mining agreement ­­­—Govt
Published 10/10/2020 in Nigeria
Africa Press-Nigeria: The Special Adviser to Governor Bello Matawalle on Media, Alhaji Zailani Baffa, has denied claims that the Central Bank of Nigeria is trading in gold with Zamfara State Government. Baffa was responding to a lawyer, Mr Joseph Onu Silas, who had reportedly said the Central Bank of Nigeria was trading in gold with the state government. But in a statement refuting the...read more ❯
Nigeria’s unemployment rate to hit 30% by December –PwC
Published 10/10/2020 in Nigeria
Africa Press-Nigeria: Nigeria’s unemployment rate is seen climbing to 30% by the end of the year as the pace of economic growth in Africa’s biggest economy slows further. Multinational professional services firm, PricewaterhouseCoopers (PwC), foresaw in its September economic alert publication obtained from its website on Saturday , that unemployment could soar to 28% in the third...read more ❯
Buhari’s 2021 budget proposal contravenes Fiscal Responsibility Act
Published 10/10/2020 in Nigeria
Africa Press-Nigeria: Former Nigerian vice president Atiku Abubakar has faulted the 2021 appropriation bill presented by President Muhammadu Buhari on Thursday before a joint session of the National Assembly. Abubakar said the bill clearly contravenes the Fiscal Responsibility Act. The president proposed N13.08 trillion expenditure for 2021. Buhari announced that total federally...read more ❯
Oil prices approach 11% weekly rise amid U.S
Published 10/9/2020 in Nigeria
Africa Press-Nigeria: Oil prices edged up on Friday, brightening the two benchmarks’ chances of recording their strongest weekly advancements since early June, following output shutdowns occasioned by a storm in the Gulf of Mexico and an onshore employees’ industrial action in Norway. Brent climbed up by 16 cents at $43.50 a barrel by 08:48 West Africa Time. U.S. West Texas Intermediate...read more ❯
CBN cautions business owners against fraudulent loan offers
Published 10/9/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) has cautioned business owners against fraudulent loan offers, especially through the social media. Mr Osita Nwanisobi, CBN Acting Director, Corporate Communications, gave the warning in a statement on Friday in Abuja. Nwanisobi said that the apex bank was aware that some fraudulent individuals send messages for such offers,...read more ❯
NNPC Chief Restates Support for Removal of Fuel Subsidy
Published 10/7/2020 in Nigeria
Africa Press-Nigeria: The Nigerian government stopped subsidising the price of premium motor spirit (PMS), popularly called petrol, because subsidy had over the years been a drain on public finances, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has again said. Mr Kyari spoke on Tuesday at the opening ceremony of the African Refiners'...read more ❯
Nigerian Senate demands new EFCC
Published 10/7/2020 in Nigeria
Africa Press-Nigeria: The Senate has called for a new, reformed and rebranded Economic and Financial Crimes Commission (EFCC). Chairman, Senate Committee on Anti-corruption and Financial Crimes, Suleiman Kwari, spoke on Tuesday at the commencement of the 9th Senate Legislative Anti Corruption Strategy Implementation Session. He advised that ninety per cent of investigation be done before...read more ❯
NNPC, stakeholders express concerns over E&P future
Published 10/6/2020 in Nigeria
Africa Press-Nigeria Nigerian National Petroleum Corporation (NNPC), and stakeholders in the upstream sector have expressed concerns over the impact of the Covid-19 on oil and gas exploration and production in the country, as major oil companies continue to reduce investment in the sub-sector. Recall that amid low crude oil price, the future of thousands of upstream projects estimated at...read more ❯
Maina missing, judge absent as money laundering trial postponed
Published 10/6/2020 in Nigeria
Africa Press-Nigeria: Absence of Justice Okon Abang and the Chairman of the defunct Pension Reform Task Team, Abdulrasheed Maina, stalled the latter’s trial for alleged money laundering at the Federal High Court, Abuja, on Monday. The Economic and Financial Crimes Commission (EFCC) arraigned Maina on multiple charges of money laundering to the tune of N2billion. He was absent in court...read more ❯
Oil prices fall due to increasing supplies
Published 10/5/2020 in Nigeria
Africa Press-Nigeria: Oil prices have dropped due to increasing supplies from other countries in response to the impact of unplanned supply outages in Nigeria and Canada. International Brent crude futures were 23 cents down and traded at $49.05 a barrel, while the US West Texas Intermediate crude futures plunged 16 cents at $48.15, Reuters reported. ABN Amro chief energy economist Hans...read more ❯
CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income
Published 10/5/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) said it expects Nigeria’s international reserves, which opened at $38.100 billion in January to close the year anywhere between $29.9 billion and $34 billion as Africa’s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, its biggest foreign exchange...read more ❯
Union Kicks As Chevron Dismisses 2,000 Staff
Published 10/3/2020 in Nigeria
Africa Press-Nigeria: The Petroleum and Natural Gas Senior Staff Association of Nigeria has said that it will be resisting plans by Chevron Nigeria Limited to sack 600 workers in the company. In addition, over 2,000 have been “constructively dismissed” and then asked to reapply for fresh jobs. The oil company has announced that it will be reducing its staff strength by 25 per cent as...read more ❯
Nigeria intensifies oil exploration in the Benue trough – NAPE
Published 10/3/2020 in Nigeria
Africa Press-Nigeria: President of Nigerian Association of Petroleum Explorationists(NAPE),Engr.Alex Tarka,has disclosed that there is significant oil exploration going on in the nation’s Benue trough despite the effect of COVID-19 on the nation’s economy. He also said the exploration is being executed by the Nigerian National Petroleum Corporation(NNPC) and attracting the attention of...read more ❯
Shell signs up to Oyo gas plan
Published 10/2/2020 in Nigeria
Africa Press-Nigeria: Shell will develop a gas master plan for the Nigerian state. The Oyo government said this was intended to aud industrial development and the state’s economic potential. The company will construct a pressure reduction and metering station (PRMS) and provide gas supply pipelines and distribution facilities. These will link the PRMS to local customers. The Shell unit...read more ❯
FUEL PRICE: Comparing Nigeria with Saudi Arabia is ridiculous —TUC
Published 10/2/2020 in Nigeria
Africa Press-Nigeria: The Trade Union Congress of Nigeria (TUC) on Thursday frowned at the comparison between Nigeria and Saudi Arabia by President Muhammadu Buhari in his Independence Day address. The President, TUC, Quadri Olaleye, stated this in a statement on Thursday, adding that the comparison was unnecessary, and “ridiculous” as Nigeria was not at par in all ramifications with...read more ❯
We Will Report You to Buhari, Group Tells CBN Governor
Published 10/2/2020 in Nigeria
Africa Press-Nigeria: The President of the Federated Commodity Association of Nigeria (FACAN), Victor Iyama, said his group will inform President Muhammadu Buhari of the grave legal and economic implications of wrongful implementation of the "unfettered access" to foreign exchange domiciliary account as contained in the Central Bank of Nigeria (CBN) circular of September 24, 2020. This was...read more ❯
Nigeria's cabinet proposes 3% economic growth target for 2021 budget
Published 9/30/2020 in Nigeria
Africa Press-Nigeria: LAGOS, Sept 30 (Reuters) - Nigeria’s cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said. The cabinet also plans to target a $40 per barrel oil benchmark and 1.86 million barrels per day of crude production in the budget, the aide said on his official Twitter account. Badly hit by the...read more ❯
NERC finally suspends electricity tariff hike
Published 9/30/2020 in Nigeria
Africa Press-Nigeria: The Nigerian Electricity Regulatory Commission (NERC) on Wednesday directed the 11 Electricity Distribution Companies (DISCOs) to suspend the Sept. 1 new tariff. The commission’s suspension order of the Multi Year Tariff Order (MYTO) 2020 signed by Prof James Momoh, NERC’s Chairman was released on its website on Wednesday. The suspension, which followed a joint...read more ❯
NLNG targets 350,000 MT of LPG by December
Published 9/29/2020 in Nigeria
Afirca Press-Nigeria: The Nigeria Liquefied Natural Gas (NLNG) Limited has said it is set to achieve the production of 350,000 metric tons of Liquefied Petroleum Gas (LPG) from a paltry of 75,000mt it was when it started some years ago. The company jointly owned by the federal government, operating through the Nigerian National Petroleum Corporation (NNPC), Shell Gas B.V, Total LNG and Eni...read more ❯
Reps receive bill to commercialize NNPC
Published 9/29/2020 in Nigeria
Afirca Press-Nigeria: President Muhammadu Buhari has transmitted the Petroleum Industry bill to the House of Representatives for passage. It would be recalled that in the 8th Assembly, a part of the PIB was passed by the legislature but the president declined assent due to disagreement on certain provisions in the bill. There has been reports that the new bill will scrap the Nigerian...read more ❯
CBN, BDCs And Exchange Rate Stability
Published 9/28/2020 in Nigeria
Africa Press-Nigeria: The BDC sector has, for decades, remained a critical component of the Nigerian financial market, playing pivotal role in exchange rate stability and job creation in addition to supporting Nigeria’s growth agenda and the Central Bank of Nigeria (CBN’s) commitment to regulating the industry. Sulaimon Olanrewaju reports. African economies and businesses lose over...read more ❯
NNPC reassures oil marketers on forex availability
Published 9/28/2020 in Nigeria
Africa Press-Nigeria: The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has given assurance that the Central Bank of Nigeria(CBN) would make forex available to oil marketers. The NNPC GMD stated this at a downstream stakeholders’ meeting held at the NNPC Towers, Abuja at the weeked. Kyari, disclosed that concrete steps have been taken to...read more ❯
Nigerian Govt releases details of agreements with labour
Published 9/28/2020 in Nigeria
Africa Press-Nigeria: The Federal government on Monday made public the details of its agreements with organised labour. A statement on FG’s Twitter handle, said officials held consultation meetings with leaders of Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) on September 15, 24 and 27, 2020. The resolutions reached included establishment of Technical Committee on...read more ❯
Buhari govt reveals plans to lift 100 million Nigerians out of poverty
Published 9/27/2020 in Nigeria
Africa Press-Nigeria: The Federal Ministry of Science and Technology is working on plans to create the desired platform for the actualisation of President Muhammadu Buhari’s quest of lifting 100 million Nigerians out of poverty in the next 10 years. Dr Ogbonnaya Onu, the Minister said this in Abuja at the inauguration of a Technical Committee for boosting commercialization of the...read more ❯
SERAP gives Buhari ultimatum to prosecute 103 high-profile corruption cases
Published 9/27/2020 in Nigeria
Africa Press-Nigeria: Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to instruct Abubakar Malami, Minister of Justice and Attorney General of the Federation, to prosecute high-profile corruption cases. The organization said the high-profile cases include 103 files reportedly sent to Malami by the Economic and Financial Crimes Commission (EFCC)...read more ❯
Adamawa NLC To Join Nationwide Demonstration Against Petrol Price
Published 9/26/2020 in Nigeria
Africa Press-Nigeria: The Adamawa State chapter of Nigeria Labour Congress has directed its members to join the nationwide strike action to protest against the hike in the prices of petrol and electricity tariff in Nigeria by government. Chairman of the state chapter of the labour union, Emmanuel Fashe, told journalists in Yola, the state capital, on Friday that members of the movement had...read more ❯
Invest more in development research – TETFund tells government Inbox
Published 9/25/2020 in Nigeria
Africa Press-Nigeria: The Tertiary Education Trust Fund (TETFund) says increasing domestic investment in research would fast track development in the country. The University support fund now wants the federal government to increase its annual funding for Research and Development (R&D) to 1 billion dollars per annum. Speaking at the inauguration of a TETFUND standing committee on...read more ❯
LNG has come far but still has far to go
Published 9/25/2020 in Nigeria
Africa Press-Nigeria: The LNG industry has become increasingly diverse in the past 20 years. But it must not rest on its laurels and still has progress to make, says Tolu Longe, production support manager at Nigeria’s NLNG and 2020’s Vanguard winner in ExxonMobil’s Power Play awards. Longe has been involved in the LNG industry since 1998, after studies that took her from Nigeria via...read more ❯
NNPC records 67% export sales drop in July
Published 9/25/2020 in Nigeria
Africa Press-Nigeria: Crude oil export sales by the Nigerian National Petroleum Corporation (NNPC) recorded a decrease of 66.95 per cent in July compared to June 2020, the full issue of the corporation’s monthly financial and operation report has indicated. However, the national oil company explained that despite the shortfall, the crude oil export sales contributed about 65 per cent of...read more ❯
80% petrol tankers lack safety features –MOMAN
Published 9/24/2020 in Nigeria
Africa Press-Nigeria: About 80 per cent of the 10,000 petroleum tankers used for transporting products nationwide lack critical safety features needed for the safe transportation of such commodities by road, the Major Oil Marketers Association of Nigeria said on Thursday. MOMAN’s Chairman, Adetunji Oyebanji, disclosed this in Abuja at the ‘Truck Renewal Workshop’ organised by MOMAN...read more ❯