Fuel subsidy: ‘Focus on inflation, high interest, exchange rates’

30 June 2015, Lagos – The Federal Government has been urged to exercise caution in thecall for the removal of petroleum subsidy, and instead focus onaddressing all the economic bottlenecks sabotagingNigeria’s common wealth. An economist,Mr. Henry Boyo, argued that the direct removal of subsidy will serve as a great disincentive to the economic wellbeing of […] More »

Oando divests 60% downstream equity for $461m

Kunle Kalejaye 01 July 2015, Sweetcrude, Lagos – Oando Plc, an indigenous energy group, has agreed to divest 60 percent equity stake of its downstream business to HV Investments, HVI, for US$461 million. HV Investments is a joint venture owned by Helios Investment Partners and the Vitol Group. A statement signed by Oando’s Head of […] More »

NERC may stop Discos’ charges to unmetered electricity consumers

30 June 2015, Abuja – The Nigerian Electricity Regulatory Commission (NERC) on Tuesday disclosed that it will likely excuse electricity consumers who have not been metered by their distribution networks from paying electricity rates soon. NERC stated in Abuja that its intention to exempt unmetered customers from paying electricity rates was due to alleged reluctance […] More »

My government “ll protect oil pipelines to boost national income – Buhari

30 June 2015, ABUJA – President Mohammadu Buhari, Tuesday, assured that his government would ensure adequate protection of oil and gas installations across the country to prevent vandalism, oil thefts and piracy. He said that the country has lost so much to the vices, stressing that the situation has tremendously affected the economic fortunes of […] More »

OPEC daily basket price close at $58.24/b

30 June 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 58.24 dollars a barrel on Monday, compared with $59.14 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 »

Oil continues to fall

30 June 2015 – Oil futures hovered below three-week lows on Tuesday after Greeks took to the streets to protest against austerity following a bank shutdown, keeping investors away from riskier assets and putting Brent crude on course for a second month of declines. Brent crude futures were down 16 cents at $61.85 a barrel […] More »

Financial market products & services update

30 June 2015, Sweetcrude, Houston – Local and international financial market products and services update. NIGERIA: In a landmark directive, President Muhammadu Buhari has ordered all revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), […] More »

Prepare for electricity tariff hike, EKEDC tells customers

30 June 2015, Lagos – The management of Eko Electricity Distribution Company, EKEDC,has urged consumers within its franchise network to prepare for adjustment in electricity tariffs. The Chief Executive Officer, EKEDC, Mr Oladele Amoda, stated this at a stakeholders’ meeting with electricity consumers from the 11 Business Units under its jurisdiction in Lagos. The meeting […] More »

Stakeholders attribute NNPC Board dissolution to infractions

30 June 2015, Abuja – vPresident Muhammadu Buhari’s decision to dissolve the Board of the Nigerian National Petroleum Corporation, NNPC, has been applauded as a major step towards sanitising the Nigerian oil and gas industry and the NNPC in particular. Many see the Corporation as lacking in transparency, amid allegations of corruption which the Board […] More »

PIB: House of Reps passed pseudo bill – Ex-Committee chair

30 June 2015, Port Harcourt – The Petroleum Industry Bill, PIB, passed by the 7th House of Representatives at the expiration of its tenure may have been a pseudo bill, as the one approved by the Federal Executive Council under former President Jonathan’s administration was not the one passed over to the National Assembly. Indications […] More »

Buhari asked to dump Jonathan’s PIB

30 June 2015, Abuja – It is not yet Uhuru for the Petroleum Industry Bill (PIB) as the APC transition committee has advised President Muhammadu Buhari to jettison the version proposed by the Goodluck Jonathan administration. In its place, the committee said “Dr. Rilwanu Lukman’s version” should be passed into law by the national assembly. […] More »

Govt probes N3.8trn missing oil funds

30 June 2015, Abuja – A panel of four governors was, Monday, constituted to probe the affairs of the Nigerian National Petroleum Corporation, NNPC, following revelations that the corporation withheld N3.8 trillion of the N8.1 trillion generated from oil receipts. The committee comprising governors of Gombe, Edo, Akwa Ibom and Kaduna states is also to […] More »

Buhari orders NNPC, FIRS, others to close illegal revenue accounts

30 June 2015, Abuja – President Muhammadu Buhari on Monday, again, ordered all federal government’s revenue generating agencies to remit all monies in their custody, from time-to-time, into the consolidated revenue fund. The agencies include the NNPC, FIRS, NPA, NIMASA, NLNG, NCS, CBN, among others. Buhari gave the order during the inauguration of the National […] More »

NNPC generates N8.1trn, remittes N4.3trn, pockets the balance”

29 June 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, generated about N8.1 trillion between 2012 and May 2015, but paid only N4.3 trillion to the federation account, Edo State governor, Adams Oshiomhole, said Monday, citing new details from the federal economic council meeting. The balance of the oil money — about N3.8trillion — […] More »

Zenith, First Bank, GTbank & six others make top 1000 global banks list

30 June 2015, Lagos – Nine Nigeria banks made this year top 1000 global banks. The top 1000 global banks was released Monday by the Banker magazine in London. The banks that made the top 1000 global banks which are the top 25 banks in Africa are Zenith, Ecobank, First Bank, Gtbank and Access Banks. Others […] More »

Ondo, Korean firm to build 550MW power plant

The Ondo State Government and a Korean firm, Kingline Development Limited, have concluded plans to boost industrialisation in the state with the construction of a 550-megawatts power plant valued at $500m (N99bn). The Chief Business Development Officer, Kingline Development Limited, Mr. Akinnola Fola, who disclosed this at a press briefing in Abuja on Friday, said […] More »

Dogara berates Akande over oil barons statement

29 June 2015, Abuja – The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Monday challenged the former All Progressives Congress Interim National Chairman, Chief Bisi Akande, to name the oil barons he alleged to have sponsored his (Dogara’s) election on June 9. Dogara described the allegations as “baseless and lacking in substance […] More »

Electricity consumers’ll pay efficient tariff – NERC

29 June 2015, Abuja – The Chairman, Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, has said that the commission will ensure that power customers pay only an efficient tariff. Amadi stated this in a statement on Sunday as he gave insight into the removal of technical losses as a component of the tariff chargeable by electricity […] More »

Govt appoints Ladan director of DPR

29 June 2015, Abuja – The Federal Government has appointed Mr. Mordecai Danteni Baba Ladan, as the Director of the Department of Petroleum Resources, DPR, to take over from Mr. George Osahon whose tenure elapsed June 19, 2015. According to a statement on the website of the DPR, Monday, the memorandum dated June 19, 2015 […] More »

NNPC explains alleged indebtedness to WRPC back- up workers

29 June 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC wishes to clear the air on the report that its subsidiary, the Warri Refining And Petrochemical Company,(WRPC) owes its back up workers a backlog of eight months salaries. A statement relewased by Ohi Alegbe, spokesman of the Corporation disclosed that “contrary to a report […] More »

llegal oil deal: Court adjourns trial of 14 foreigners

29 June 2015, Lagos -A Federal High Court in Lagos has further adjourned till July 7, 8, 9 and 10, 2015, the trial of 14 foreigners arraigned for allegedly dealing in petroleum products within the Nigerian territorial waters without lawful authority. The accused persons include citizens of Russia, Ukraine, Japan and the United Kingdom. They […] More »

Bayelsa elders, chiefs protest alleged secret sale of oil, gas reserves

29 June 2015, Yenagoa – Elders and chiefs of Nembe Kingdom in Nembe Local Government Area of Bayelsa State have sent a protest letter to President Muhammadu Buhari over alleged secret sale of oil and gas reserves in the area by Shell Petroleum Development Company, SPDC, without the involvement of the indigenes. However, efforts to […] More »

$1.85bn oil block sale: Jonathan govt never sold oil blocks – Group

29 June 2015, Lagos -Move on Nigeria, a civic and political action group that promotes democracy and good governance has faulted claim by the Secretary General of NEITI, MS Scot Clare that the Federal Government under President Jonathan sold an oil block for $1.85 billion and remitted only $100 million to the Federation Account. The […] More »

Fire guts Agip oil facility in Rivers

The Agip oil company centre in Ebocha in Ogba Egbema Ndoni LGA in Rivers was yesterday gutted by fire. According to a citizen reporter, Lukeson Oguchi, the fire started at about 11pm after a loud explosion. Vanguard is yet to ascertain the cause of the fire or number of casualties. Fire fighters are still battling […] More »

World markets tumble as Greece shuts its banks, imposed capital controls

29 June 2015, News Wires -World markets tumbled Monday as Greece shut its banks and imposed capital controls to halt a panic-driven run on ATMs, a day before Athens risked defaulting and possibly crashing out of the euro. But in a narrow ray of hope, creditors left the door open for a last-ditch debt deal […] More »

6 fuel-laden ships arrive Lagos ports

29 June 2015, Lagos – Six ships laden with petroleum products are waiting to berth and discharge at jetties in Apapa and Tin-Can Island ports in Lagos. The Nigerian Ports Authority (NPA) disclosed this in its daily publication, `Shipping Position’, made available to newsmen on Monday in Lagos. The document also reported that a ship […] More »

Nigeria loses over N8trn annually in untapped gold – Ekosin

How would you rate the capacity of the Solid minerals sector in the nation’s economy? To talk about the capacity of the solid minerals sector in the country, how important it is and what it can contribute to the economy, let’s take our minds back to the past.  There was a time in the economic […] More »

Oil drops below $59

29 June 2015 – Oil prices fell in early Asian trade, with US crude dropping below $59 after Greece imposed capital controls as lenders refused to extend the country’s bailout. Brent crude for August delivery was down 81 cents at $62.45 a barrel early on Monday, after rising 6 cents to $63.26 a barrel on […] More »

OPEC daily basket price close at $59.14/b

29 June 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 59.14 dollars a barrel on Friday, compared with $59.58 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

29 June 2015, Sweetcrude, Houston – Local and international financial market products and services update. NIGERIA: The Federal Government has incurred a total sum of N56.784bn in petrol subsidy arrears since Muhammadu Buhari took over as President of the country on May 29, this year. According to data from the Petroleum Products Pricing Regulatory Agency, […] More »

IPMAN urges govt to build new pipelines for PH-Aba route

29 June 2015, Aba — The Independent Petroleum Marketers Association of Nigeria, IPMAN, Aba depot, has tasked the Federal Government to lay fresh pipes on the 54 kilometre Port Harcourt -Aba pipeline route to ensure regular supply of petroleum products to the South East and parts of North Central of the country. Chairman of IPMAN, […] More »

Neglect of solid minerals: Why Nigeria remains poor

29 June 2015, Lagos – Economists, geologists and surveyors have long agreed that under the Nigerian soil are wealth and riches untold. But majority of Nigerians are wallowing in poverty. The Nigerian Extractive Industries and Transparency Initiative, NEITI report suggests that there are about 40 different kinds of solid minerals and precious metals buried in […] More »

Anadarko planning to sell Mozambican LNG to Japan

29 June 2015, Maputo — The US company Anadarko Petroleum is in talks with a newly formed Japanese joint-venture vehicle Jera, which is set to become the world’s biggest buyer of liquefied natural gas (LNG), to sell long-term supplies from its planned LNG factory in the northern Mozambican province of Cabo Delgado, according to a […] More »

Tanzania: Farmers to lose water access as Tanzania’s hydropower runs dry

29 June 2015, Dar es Salaam — Tanzania, home to Mt. Kilimanjaro and the Serengeti National Park, has a tradition of protecting land for the sake of ecological diversity and beauty. Now the country has a new reason to add to its protected sites list: electricity. Faced with drought that has cut hydropower production in […] More »

Eskom to implement stage 2 load shedding

29 June 2015, Pretoria – Eskom will implement stage 2 load shedding from 16h00 today, which is likely to continue until 22h00 this evening. This is due to increased electricity demand as a result of the cold front that is currently sweeping through parts of the country as well as a shortage of generation capacity […] More »

Nigeria overtakes Saudi Arabia in crude oil export to India

29 June 2015, Abuja — India’s crude oil imports in May reportedly rose to see supply from Nigeria surge by nearly 200 per cent, making Nigeria the largest crude oil supplier to India for the month with 745,000 barrels per day (b/d) exported to India. Information gleaned Wednesday in Abuja from sources and compiled by […] More »

EFCC grants ex-minister Etete bail over $1.1bn Malabu fraud

28 June 2015, Abuja – For the second time in a week, the Economic and Financial Crime Commission has placed a former Minister of Petroleum, Dan Etete who is being investigated for a curious huge transfer made to Switzerland in relation to the dubious $1.1 billion Malabu Oil deal, on an administrative bail. The Economic […] More »

Power: Ondo plans $500m, 550Mw IPP to boost industrialisation

*As NERC links dip in power sector revenue to gas supply shortages 28 June 2015, Abuja – The government of Ondo State and a Korean firm, Kingline Development Limited, have sealed a deal that will lead to the construction of a 550 megawatts independent power plant worth $500 million and which is planned to support […] More »

Nigeria: Fitch assigns BB rating to Bank of Industry

28 June 2015, Lagos — Fitch Ratings has assigned Bank of Industry Limited (BOI) a Long-term Issuer Default Rating (IDR) of ‘BB-‘ with a Negative Outlook and a Short-term IDR of ‘B’. The rating agency also assigned BOI a National Long-term rating of ‘AA+ (nga)’ and National Short-term rating of ‘F1+(nga)’. According to a statement […] More »

Tackling non-tariff barriers is key to economic growth – Kaberuka

28 June 2015, Sweetcrude, Lagos – African Development Bank President Donald Kaberuka paid a visit to Rwanda’s President Paul Kagame on June 23 to brief him on progress made since he was elected and re-elected as the Bank’s head in 2005 and 2010, respectively. Kaberuka thanked Kagame, the government, and the people of Rwanda for […] More »

Petrol tanker explodes kills five, injures 6 in Kebbi

28 June 2015, Kebbi – A fully loaded petrol tanker on Saturday exploded at Dabi in Kebbi, killing five people and injuring six others. The tanker was heading to Mahuta in Kebbi when the driver lost control of the vehicle on the hilly Dabai junction resulting in the fall of the vehicle and subsequent explosion. The […] More »

Tanker driver burnt in Edo auto crash

28 June 2015, Benin – A tow truck belonging to the Federal Road Safety Commission in Edo State and two other vehicles were burnt in an auto crash that involved a tanker on the Benin-Ore Road. The FRSC Sector Commander in Edo, Mr. Oluwasusi Familoni, who confirmed the accident in an interview with the News Agency […] More »

Revive coal industry, don urges Buhari

27 June 2015, Benin – Dr Albert Obanor, an Associate Professor of Mechanical Engineering at the University of Benin, on Saturday urged President Muhammadu Buhari to revive the coal industry in order to boost power supply. Obanor, who spoke in Benin at the annual public lecture of the Nigerian Institution of Mechanical Engineers, said that reviving […] More »

Electricity consumers poised for showdown with distribution company

*As Company incurs N80b imbalance penalty Oscarline Onwuemenyi 27 June 2015, Sweetcrude, Abuja – Electricity consumers are poised for a showdown with the Abuja Electricity Distribution Company, AEDC, over its plans to increase tariff. Relying on a recent newspaper publication where the Disco placed a notice to that effect, the consumers said the firm had […] More »

Russia’s Lukoil says Saudi Aramco wants to raise stake in Luksar

27 June 2015, News Wires – audi state oil company Saudi Aramco wants to raise its share in Luksar, a joint venture with Russia’s Lukoil, to 50 percent, the chief executive of the Russian company said on Wednesday. “They are interested in taking their share to 50 percent,” Vagit Alekperov, Lukoil CEO, told reporters. Lukoil has a majority […] More »

Australia’s Wesfarmers acquires 13.7% stake in Quadrant Energy for $100m

27 June 2015, News Wires – Australia’s Wesfarmers Limited (Wesfarmers) has announced that it has entered into an agreement to acquire a 13.7 percent interest in Quadrant Energy Holdings Pty Ltd. (Quadrant Energy). Brookfield Asset Management Inc and Macquarie Capital (a division of Macquarie Group Limited) announced April 9 an agreement to acquire Apache Corporation’s (Apache) […] More »

Statoil streamlines operating model, seeks cost efficiency

27 June 2015, News Wires – Statoil has announced it will streamline its operating model in order to become more cost efficient and fit for the future. The company plans to consolidate operations in mid and north Norway into one business cluster, dubbed Operations North. Statoil’s Technology, Projects & Drilling (TPD) TEX and TPD RDI […] More »

Buhari should sell stakes in oil, gas JVs

27 June 2015, News Wires – Nigeria’s new government should sell its stakes in joint ventures in the country’s energy industry, the chairman of Seplat Petroleum said, adding his company would be interested in buying, especially in the gas sector. Through Nigeria National Petroleum Corp (NNPC) the government owns shareholdings in a number of joint […] More »

Oil prices expected to go lower for longer – Survey

27 June 2015, News Wires – With key takeaways from a survey of mostly buy-side investors in hand, analysts at Robert W. Baird & Co. remain cautious on the exploration and production (E&P) sector, anticipating a “lower-for-longer” statement on crude oil pricing. “As a whole, E&Ps have successfully navigated the crude oil price downturn by focusing […] More »

Tullow pays $250m to settle Uganda tax dispute out of court

27 June 2015, London – Tullow Oil has agreed to pay $250 million to settle a tax dispute with the Ugandan government out of court, almost half of the sum the east African country had originally demanded in tax relating to a sale of oil licences. Legal proceedings have now been dropped, Tullow said on Monday. Shares […] More »