Budget 2015: Nigerians divided over fuel subsidy removal

30 April 2015, Lagos – Nigerians are sharply divided over the removal of fuel subsidy in the 2015 budget. While some okayed the move arguing that it would help the government address the problems in the oil sector, others said removing fuel subsidy without consultation with stakeholders and putting cushioning measures in place would hurt […] More »

Fuel marketers collected N500bn oil subsidy in five months – Govt

30 April 2015, Abuja – The Federal Government on Thursday said it had so far paid oil marketers N500bn within the last five months as fuel subsidy. The Minister of Finance, Dr Ngozi Okonjo-Iweala, said this in a statement by her Special Adviser on Communications, Mr Paul Nwabuikwu. Giving a breakdown of the amount paid […] More »

Probe PHCN, privatised assets, TMG tells Buhari

30 April 2015, Abuja – A civil rights organisation, Transition Monitoring Group, on Thursday called on the President-Elect, Maj. Gen. Muhammadu Buhari (retd.), to thoroughly investigate all the national assets privatised by the Peoples Democratic Party-led government in Nigeria. In doing so, the organisation said the incoming administration should beam its searchlight on the defunct […] More »

Senate approved N143bn for fuel subsidy in 2015 budget

30 April 2015, Abuja – The Senate Committee Chairman on Finance, Senator Ahmed Makarfi, on Thursday said it was untrue that no provision was made for fuel subsidy in the 2015 budget which was passed by the lawmakers few days ago. Makarfi, who made the clarification in Abuja during a chat with journalists, also gave […] More »

Aviation fuel, petrol scarcity leaves passengers stranded

30 April 2015, Lagos – Hundreds of commuters were left stranded at airports and bus stops across major cities in the country on Wednesday as a result of the scarcity of petroleum products, especially Premium Motor Spirit (petrol) and aviation fuel (Jet A-1) to fuel commercial airplanes and motor vehicles. As the scarcity of petrol […] More »

Consumers seek further cut in electricity tariff

30 April 2015, Lagos – Power consumers under the aegis of the recently established Nigeria Electricity Consumers Advocacy Network have called for reduction in electricity tariffs. The NECAN made the call on Wednesday in Abuja during its maiden press briefing on what it ought to achieve in the Nigerian electricity supply industry. The group’s steering […] More »

30 April 2015, Lagos – Hundreds of commuters were left stranded at airports and bus stops across major cities in the country on Wednesday as a result of the scarcity of petroleum products, especially Premium Motor Spirit (petrol) and aviation fuel (Jet A-1) to fuel commercial airplanes and motor vehicles. As the scarcity of petrol […] More »

Don’t sell govt’s equity in oil JVs – RMAFC

30 April 2015, Abuja – The Revenue Mobilisation, Allocation and Fiscal Commission has urged the President-elect, Maj.Gen. Muhammadu Buhari (retd.), not to sell the country’s equity in Joint Venture partnerships with International Oil Companies. In a statement made available to our correspondent in Abuja on Wednesday, the Chairman of RMAFC, Mr. Elias Mbam, described the […] More »

Govt pays N165bn debt to oil marketers

30 April 2015, Abuja – The Federal Government on Thursday said it had paid N156 billion debt to oil marketers in line with its commitment to prioritise payments in spite of revenue constraints. This is contained in a statement by the Special Adviser to the Coordinating Minister and Minister of Finance, Mr Paul Nwabuikwu, on […] More »

Blame PDP govt for fuel scarcity – Atiku

30 April 2015, Abuja – ormer Vice President, Alhaji Atiku Abubakar has attributed the current fuel scarcity to the misrule of the People’s Democratic Party, PDP. Atiku who spoke to Journalists yesterday after a private meeting with the President-Elect, Gen. Muhammadu Buhari at the Defence House in Abuja said they the hallmarks of PDP were […] More »

Urhobo militant group blows up gas trunklines in Delta

30 April 2015, Ughelli – Urhobo militant group, Urhobo Gbagbako, yesterday, claimed responsibility for two explosions that rocked two major gas trunklines belonging to the Nigerian Petroleum Development Company, NPDC, located on the boundaries of Afiesere and Ekredjebo communities and Otedo and Edjovwe communities both in Ughelli North and Ughelli South Local Government Areas of […] More »

Oil dips on Japanese data

30 April 2015 - Oil prices slipped away from five-month highs in early Asian trading on Thursday as Japanese factory output weakened for the second straight month. Japanese industrial output fell 0.3% in March adding to mounting evidence of an export-driven economy struggling to regain momentum amid slowing global growth. Brent crude futures dropped 41 […] More »

Equatorial Guinea scores multiple investment agreements with Chinese companies

30 April 2015, Sweetcrude/APO, DALIAN, China – The Government of Equatorial Guinea, represented by the Ministry of Mines, Industry and Energy (http://ift.tt/1C9Br2O), has announced the signing of multiple memoranda of understanding on April 30 with Chinese companies covering large areas of cooperation in the electricity and industrial sectors. The agreements were made during the Equatorial […] More »

Seven Energy commences crude oil production from Stubb Creek

30 April 2015, Sweetcrude, Lagos - Seven Energy International Limited (“Seven Energy”), the independent Nigerian integrated gas development, production and distribution company, and its subsidiary company Universal Energy Resources Ltd, announce the commencement of crude oil production from the Stubb Creek Field, in Akwa Ibom State, following approval to embark on delivery of oil through […] More »

OPEC daily basket price close at $60.92/b

30 April 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 60.92 dollars a barrel on Wednesday, compared with $60.41 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Financial market products & services update

30 April 2015, Sweetcrude, Houston - Local and international financial market products and services update. NIGERIA: The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Wednesday said the federal government would disburse N156 billion to oil marketers today in order to arrest the fuel shortage nationwide. Speaking to journalists in […] More »

Fallng oil prices threaten my agenda – Buhari

30 April 2015, Abuja -President-elect, General Muhammadu Buhari yesterday painted a gloomy picture in the economic development of his administration as he said that the decline in the revenues due to fall in oil prices poses a great threat to his administration’s development agenda. Buhari who visited the newly elected Senators and House of Representatives […] More »

Govt to pay oil marketers N156bn on Thursday

29 April 2015, Abuja – The Federal Government on Wednesday expressed concern over the fuel scarcity being witnessed in some parts of the country, stating that oil marketers would on Thursday receive the sum of N156bn as payment for fuel subsidy. The Minister of Finance, Dr Ngozi Okonjo-Iweala, stated this while speaking during an interview […] More »

Dangote to list on London Exchange next year

29 April 2015, Lagos – Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, has said his company will be ready to list on the London Stock Exchange by the end of 2016. Dangote, in a video interview with Bloomberg published on Tuesday, said, “I think we will list in London. What we are […] More »

Fidelity Bank posts N4bn profit for Q1

29 April 2015, Lagos – Fidelity Bank Plc has declared a profit after tax of N4.003bn for the first quarter of 2015, a 5.6 per cent increase on the N3.790bn it posted as PAT for the same period of 2014. In a filing with the Nigerian Stock Exchange the lender reported a 12.5 per cent […] More »

NNPC: Our report is a review, not a forensic audit—PWC

29 April 2015, Abuja – The forensic audit conducted by Price WaterhouseCoopers, PWC, on NNPC to ascertain the veracity of the alleged missing $20 billion from the Federation account is generating furore and counter claims among stakeholders. PWC had qualified the audit saying it did not obtain needed information from NPDC a subsidiary of NNPC. […] More »

Fuel scarcity hits Lagos, Abuja

…As NNPC blames fuel scarcity on NARTO, PTD strike 29 April 2015, Lagos – A day after the expiration of the three-day deadline given by Major Marketers Association of Nigeria, MOMAN, to stop lifting petroleum products due to debts owed them by the Federal Government, fuel scarcity has hit Lagos and environs. The crisis worsened as […] More »

Financial market products & services update

29 April 2015, Sweetcrude, Houston - Local and international financial market products and services update. NIGERIA: Following fears about the possible outcome of the just concluded general elections and reversed economic growth due to dwindling oil prices, aggregate capital inflow into Nigeria fell considerably by $1.82 billion in 2014. The Central Bank of Nigeria (CBN) […] More »

OPEC daily basket price close at $60.41/b

29 April 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 60.41 dollars a barrel on Tuesday, compared with $61.06 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

DESOPADEC Bill splits Delta oil communities

    29  April 2015, Asaba – Oil communities in Delta State are at  “war”  over a bill by the governor, Dr. Emmanuel Uduaghan, to the Delta State House of Assembly, to streamline the operations of the Delta State Oil Producing Areas Development Commission, DESOPADEC. The bill for a law to provide for the establishment […] More »

Pirates take over Akwa Ibom waterways

29 April 2015, Uyo – seven months running, sea bandits have been on the prowl in the waterways of Ibeno Local Government Area, Akwa Ibom State, attacking fishermen, impounding their equipment, including speedboats and collecting huge ransoms for the release of the confiscated items with Police and Navy unable to come to their rescue. While […] More »

igeria spends N612bn on JV operators —NEITI report

29 April 2015, Lagos  –  The Federal Government, through the Nigerian National Petroleum Corporation, NNPC and the National Petroleum Investment and Management Services, NAPIMS, spent N612 billion, while it paid $3.1 billion as cash calls for its joint venture operations, according to the 2012 audit report of the nation’s oil and gas industry just released […] More »

Senate passes 2015 Budget

28 April 2015, Abuja – The Senate, Tuesday, passed the  sum of N4.493 trillion budget  for the  2015 fiscal year, but with an increment of  N135.4 billion above what the executive arm of government earlier prepared and submitted to  the National  Assembly  for approval. The passage followed the adoption of the report of the Senate […] More »

NUPENG urges NNPC to use state depots to ease Apapa gridlock

28 April 2015, Lagos -The National Union of Petroleum and Natural Gas Workers (NUPENG) on Tuesday appealed to the Nigerin National petroleum Company (NNPC) to make use of its depots in other states to ease Apapa traffic gridlock. Mr Tokunbo Korodo, Chairman, South-West chapter of the union, made the appeal in an interview with newsmen […] More »

NNPC’s Missing $20bn: I’ve nothing to hide, says Jonathan

28 April 2015, Abuja – The presidency and the ruling Peoples Democratic Party (PDP), yesterday, said they were ready for any probe the incoming administration of President-elect, Major-General Muhammadu Buhari (retd) would undertake. The Presidency was responding to Buhari’s resolve to probe the reported Nigerian National Petroleum Corporation (NNPC) missing $20 billion and allegations by […] More »

Atiku Abubakar urges Buhari to reverse PHCN privatisation

28 April 2015, Abuja - Former Vice President, Atiku Abubakar, has advised the in-coming government of Gen. Muhammad Buhari (Rtd), to reverse the current privatisation exercise of the Power sector for Nigeria to move on. Atiku made this statement at the 36th Kaduna International Trade Fair’s Seminar organised by the Kaduna Chamber of Commerce, Mines and […] More »

620 million Africans live without electricity – AfDB

28 April 2015, Abuja - Nearly 60 percent of Africans have no access to reliable energy and over 620 million people live without the benefits of an electricity connection, according to highlights of an African Development Bank (AfDB) report expected to be released today. The report titled ‘The Development Effectiveness Review on Energy’ is the […] More »

Traders seen mispricing oil as spending slump signals crunch

28 April 2015 - Oil traders are mispricing crude futures for later this decade because they’re underestimating how a collapse in spending will affect supplies, according to consultants who advise energy producers and analysts. Prices could rise to about $100 a barrel by 2019, about 34 percent above where Brent crude oil futures for that […] More »

Tribunal rejects Ivory Coast request that ten project be suspended

28 April 2015 - A request by Côte d’Ivoire that Ghana be ordered to suspend all oil exploration and exploitation in the disputed zone of the West African TEN Project was rejected at the weekend by the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg, Germany. ITLOS ordered […] More »

Financial market products & services update

28 April 2015, Sweetcrude, Houston – Local and international financial market products and services update. NIGERIA: Anxious to debunk claims that he has something to hide in relation to the allegation that $20 billion was unaccounted for by the Nigerian National Petroleum Corporation (NNPC) during his tenure, President Goodluck Jonathan on Monday ordered that the […] More »

Oil falls on expected inventory build

28 April 2015 - Oil fell more than 1% on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed. US commercial crude stockpiles were expected to have risen for a 16th straight week last week, up […] More »

Subsidy scam: Forensic audit of NNPC reveals $1.28bn missing

28 April 2015, Lagos - FOLLOWING a Presidential directive, the Federal Ministry of Petroleum Resources, yesterday, released the Forensic Investigative Audit conducted by PriceWaterCoopers into the allegations of unremitted Funds into the Federation Accounts by the NNPC. Among other things, the report revealed financial improprieties amounting to $1.28 billion in payment for petrol and kerosene […] More »

IMF calls for further currency depreciation in Nigeria

28 April 2015, Lagos - THE International Monetary Fund, IMF, yesterday called for further currency depreciation in Nigeria and seven other oil exporting West African countries. Recall that the Nigeria’s currency, naira, has depreciated officially by 28 percent from N155 to a dollar since November last year to N197 at the close of business yesterday […] More »

OPEC daily basket price close at $61.06/b

28 April 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 61.06 dollars a barrel on Monday, compared with $60.95 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Power: Tougher times head for Nigeria

…Egbin generation drops to 300MW 28 April 2015, Lagos – Following the significant decline in power supply witnessed across the country in the last couple of days and the untold hardship it has brought upon Nigerians, there are indications that the power situation is far from improvement. Vanguard learnt that power generation had dropped from […] More »

Nigeria spends N612bn on JV operators —NEITI report

28 April 2015, Lagos - The Federal Government, through the Nigerian National Petroleum Corporation, NNPC and the National Petroleum Investment and Management Services, NAPIMS, spent N612 billion, while it paid $3.1 billion as cash calls for its joint venture operations, according to the 2012 audit report of the nation’s oil and gas industry just released […] More »

Energy firms borrow N548bn from UBA

28 April 2015, Lagos - United Bank for Africa Plc’s, UBA, exposure to the energy sector stood at N548.35 billion for two years, 2013 and 2014. According to the information obtained from bank’s Annual Report and Accounts for the 2014 financial year, the energy sector accounted for 27.26 per cent of its total loans and […] More »

Buhari urged to prioritise renewable energy sources

27 April 2015 - The Minister of Power, Prof. Chinedu Nebo, has urged the incoming government to prioritise renewable energy sources to curb the incessant attack on gas pipelines by vandals. In a statement from the Ministry of Power, Nebo urged the in-coming administration to open its doors to other sources of energy, such as […] More »

CBN orders banks to publish names of debtors from end of July

27 April 2015, Abuja - Following an earlier warning to chronic bank debtors in the country to pay up their debts, the Central Bank of Nigeria, CBN, on Friday directed deposit money banks (DMBs) to publish the list of delinquent borrowers whose debts have remained non-performing in at least three national daily newspapers from the […] More »

Gas supply to facilitate 560MW additional generation capacity into the grid

27 April 2015, Sweetcrude, Lagos - Seven Energy International Limited (“Seven Energy”), the indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 MW Calabar National Integrated Power Project (“NIPP”). The commercial delivery of gas to Calabar NIPP commenced in March 2015, and is being executed through Accugas, a wholly-owned subsidiary […] More »

N256.2bn debt threatens fuel importation

27 April 2015, Lagos — There are indications that the nation may be heading for another fuel scarcity few weeks to the May 29, handover to the incoming Muhammadu Buhari administration, as the Major Marketers Association of Nigeria, MOMAN, has threatened to stop importation due to government’s inability to pay N256.2 billion debt. The Executive […] More »

Win the APO Energy Media Awards & attend the Africa Energy Forum

*The deadline for entries is 1 May 2015 27 April 2015, Sweetcrude/APO, DAKAR, Senegal – APO (African Press Organization) (http://www.apo-opa.com), the sole press release wire in Africa and the global leader in media relations relating to Africa, announced today that entry is now open for the 2015 APO Energy Media Awards (#APOEnergyMediaAward). APO will offer […] More »

Financial market products & services update

27 April 2015, Sweetcrude, Houston - Local and international financial market products and services update. NIGERIA: President-elect Muhammadu Buhari has said that his administration will revisit the $20 billion money alleged to have been unremitted by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account. The allegation on the missing $20 billion was first […] More »

NDPHC board re-jigs management ahead of phase II start off

27 April 2015, Sweetcrude, Abuja - The Niger Delta Power Holding Company, NDPHC, board has advised the general public to disregard reports insinuating that the board was making spirited attempts to make hurried appointments ahead of May 29 for a promised seamless handover by the present administration. This was contained in a statement issued and […] More »

OPEC daily basket price stood at $60.95/b

27 April 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 60.95 dollars a barrel on Friday, compared with $59.14 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Nigeria: Govt seeks embedded plants to check poor power Supply

27 April 2015 - The Federal Government is seeking for more embedded power plants scattered across the country to check the alarming poor electricity supply. The Minister of Power, Prof. Chinedu Nebo, made this known yesterday while signing a pact with two investors, Winners Power Gardens Ltd and Alphamax Consortium who are working on a […] More »