Nigeria: N149bn revenue lost to gas faring in 11 months

Ike Amos 01 January 2016, Sweetcrude, Abuja – Using the Nigerian Gas Company’s average natural gas price of $3 per 1,000 cubic feet of gas, Nigeria loses $746.37 million, an equivalent of N149.27 billion to gas, as oil and gas companies in the country flared 248.79 billion cubic feet (BCF) of gas in 11 months, between […] More »

Nigeria loses N57bn to pipeline vandalism, oil theft

Ike Amos 31 December 2015, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, has disclosed that the country lost N56.68 billion to pipeline vandalisation, crude oil and petroleum products theft between January and November 2015. The NNPC, in its Monthly Financial and Operations Report for November 2015, stated that in the period under review, […] More »

Govt will create 1m jobs in 2016 – Osinbajo

31 December 2015, Abuja –  The Federal Government will create no fewer than one million direct jobs in 2016, the Vice President, Prof. Yemi Osinbajo, has said A statement issued by Laolu Akande, his Senior Special Assistant (SSA) on Media and Publicity, quoted Osinbajo as saying that another one million poor Nigerians would benefit from the […] More »

Oil workers flay proposed PIB, reject layoff plan

31 December 2015, Abuja – Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have condemned the proposed Petroleum Industry Bill (PIB), describing it as anti-labour. Besides, the workers vowed to resist the plan by the Federal Government to retrench workers, especially employees of the Nigerian National Petroleum […] More »

Oil prices slide by one per cent on 2016 weak outlook

31 December 2015, Abuja –  Crude oil futures fell around half a dollar yesterday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices. Crude prices have plunged by two-thirds since mid-2014 as soaring output […] More »

Forex scarcity may affect banks’ eurobond obligations

31 December 2015, Abuja – Foreign exchange scarcity rocking the financial system may not have been over yet, as pending corporate bond debts, particularly banks, and its coupon repayments now pose a greater challenge to the lenders. Specifically, the nation’s deposit money banks have about $3.4 billion worth of eurobonds issued in the last few […] More »

Nigeria’s foreign reserves drop to $29.13b – CBN

31 December 2015, Lagos – The Central Bank of Nigeria, CBN, on Friday said that the nation’s foreign exchange reserves declined to 29.13 billion dollars as at Dec. 29. The bank said on its Website that the drop represented 2.43 per cent from 29.31 billion dollars recorded as at Dec.23 The foreign reserves have been […] More »

PENGASSAN flays PIB

31 December 2015, Abuja –The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has condemned the proposed Petroleum Industry Bill (PIB), describing it as anti-labour. The workers vowed to resist the plan by the Federal Government to retrench workers, especially employees of the Nigerian National Petroleum Corporation (NNPC) as a result of the […] More »

NSCDC convicts eight vandals, arrest 30 in Edo

31 December 2015, Benin – The Edo command of the Nigeria Security and Civil defense Corps (NSCDC) said it has successfully convicted eight vandals and arrested a total of 30 from January 2015 to December 2015. The states commandant, Walter Akubuiroh disclosed this in Benin. He said aside the eight cases that were successfully prosecuted by […] More »

Oil cartel blackmailing Buhari’s government – Oyegun

31 December 2015, Abuja -The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has said that oil cartel and their cronies who are resistant to change are out to blackmail and sabotage government efforts at addressing the perennial fuel scarcity. In his New Year message to Nigerians, Oyegun said it was heartwarming […] More »

Opposition criticizes fuel pump price reduction

*Says govt must explain position on subsidy removal Oscarline Onwuemenyi 31 December 2015, Sweetcrude, Abuja — The Peoples Democratic Party, PDP, has criticized the new pump price of petrol as announced by the Federal Government, describing it as very meagre and cannot justify the claim on subsidy removal by the All Progressives Congress, APC, led […] More »

Fuel price slash too little to cheer, says PDP

31 December 2015, Abuja – The Peoples Democratic Party (PDP) has described the ‘new’ pump prices of petrol as announced on Tuesday by the federal government as very meagre and cannot justify the claim on subsidy removal by the All Progressives Congress (APC)-led administration. The party said the move was nothing but a continuation of the […] More »

Ghana fixes power deficit that caused years of blackouts

31 December 2015, Abuja – Ghana’s government said on Wednesday it had fixed an electricity supply deficit that caused years of frequent blackouts that hurt businesses and angered voters ahead of an election next year. The power cuts, known as “dumsor” in Ghana, have been a hot political topic with many residents suffering 24-hour blackouts. President […] More »

HongXing Steel Company pledges improved workers’ welfare

31 December 2015, Lagos – The Deputy Managing Director, HongXing Steel Company Limited, Mr. Fen Zhengke has assured workers of the company that management would continue to come up with initiatives and policies that will improve their welfare and safety in the organisation. Zhengke, who represented the Managing Director/Chief Executive of the steel manufacturer, Mr. Andy Lu, […] More »

NUPENG to suspend fuel supply to LASG over N224m debt

31 December 2015, Lagos – The National Union of Petroleum and Natural Gas (NUPENG) on Wednesday said the it would stop supplying petroleum products to Lagos State Government over N224 million debt. The South-west Chairman of the union, Mr. Tokunbo Korodo, told the News Agency of Nigeria (NAN) in Lagos that the debt arose from a […] More »

Abuja EDC endorses removal of fixed charge from new electricity tariff

*Plans full metering of customers within four years Oscarline Onwuemenyi 31 December 2015, Sweetcrude, Abuja – The Abuja Electricity Distribution Company, AEDC, said it welcomed the new electricity tariff regime unveiled recently by the Nigerian Electricity Regulatory Commission, NERC, even as it expressly endorsed the removal of fixed charges for all classes of customers by […] More »

Financial market products & services update

31 December 2015, Sweetcrude, Houston – Local and international financial market products and services update. NIGERIA: The United States, US, government has restated its commitment to help Nigeria and its neighbours to counter terrorism acts by Boko Haram. A statement issued by the US Embassy in Abuja, yesterday, however, said that much still needed to […] More »

ΩÅThe two major unions in the oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union of Petroleum and Natural Gas employees, on Wednesday expressed divergent views on the marginal reduction in the pump price of petrol. The Federal Government had on Tuesday announced a reduction in the price of petrol by N1 per litre at filling stations being run by the Nigerian National Petroleum Corporation and N0.5 at outlets of independent marketers.

31 December 2015, Abuja – The naira weakened against the United States dollar at the parallel market on Wednesday. The local currency closed at 262 against the greenback two days after it rose from 265 to 260. Currency analysts had predicted that the naira would remain weak against the dollar at the parallel market until the […] More »

PENGASSAN, NUPENG differ on new petrol price

31 December 2015, Abuja – The two major unions in the oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union of Petroleum and Natural Gas employees, on Wednesday expressed divergent views on the marginal reduction in the pump price of petrol. The Federal Government had on Tuesday […] More »

FG, states, LGs owe electricity firms N45bn

31 December 2015, Abuja – The debt owed the 11 power distribution companies by the three tiers of government has risen to N45bn, according to the latest data compiled by the Association of Nigerian Electricity Distributors. It was learnt that the debt, which rose from N32bn some months ago to the present N45bn, was accumulated by […] More »

Mixed reactions trail reduction in pump price of petrol

31 December 2015, Abuja – Mixed reactions,  yesterday, trailed the announcement by the Petroleum Products Pricing Regulatory Agency (PPPRA)  that petrol will now sell for N86.50 in January 2016 with some Nigerians hailing the decision while others argued that it was nothing to celebrate. In its reaction, the opposition Peoples Democratic Party (PDP), described the […] More »

‘NASS unaware of fuel subsidy removal, electricity tariff hike’

31 December 2015, Abuja – Leader of the House of Representatives, Mr Femi Gbajabiamila has said that the National Assembly is not aware of the fuel subsidy removal and the hike in electricity tariff, noting that the Federal Government is yet to communicate its decision to the Assembly. Giving a report of activities of the House […] More »

Nigeria: Govt pays marketers N40.27/l as subsidy for kerosene

Ike Amos 31 December 2015, Sweetcrude, Abuja – The Federal Government has kept mum on its plans for Kerosene in the year 2016, as subsidy for the commodity rises to N40.27 per litre. This was in spite of the Federal Government’s clear cut policy for Premium Motor Spirit. Specifically, the government is subtly contemplating removing […] More »

How LPG regulation lapses trigger incessant explosions

30 December 2015, Lagos – The reoccurring phenomenon of gas explosions across the country has once again triggered concerns about the level of efforts put in place by the regulatory agencies to monitor and enforce strict compliant with rules and standards of operating in the industry, particularly the Liquefied Petroleum Gas (LPG) sub sector. The […] More »

NCDMB seeks increment in line pipes investments

30 December 2015, Yenagoa – The Nigerian Content Development and Monitoring Board (NCDMB) has charged investors in line pipes used in the oil and gas sector to accelerate their investments towards closing the existing gaps in the local supply chain. A statement by the Public Affairs Supervisor of NCDMB, Obinna Ezeobi, quoted the Executive Secretary of the […] More »

Tariff hike: Fading hopes and power supply expectations

30 December 2015, Lagos – Nigerians cannot help but be tired of promises and power outages especially at a critical time when the crude oil prices is doing more harm to the economy and the consumers are awaiting February 2016 to begin higher tariff on electricity they hardly enjoyed. However, the expectations of consumers appeared […] More »

Stock market investors count losses

30 December 2015, Lagos – As stakeholders in the nation’s stock market looks forward to the formal closing of trade tomorrow, many of them are highly disappointed that they are ending the year with losses. When    the market opened for trading in January 2015, hopes were high, that after a  suffering a decline of 16 per […] More »

Nigeria’s external reserves fall by 15% to $29.342bn in 2015

30 December 2015, Lagos – Nigeria’s external reserves has so far depreciated by 15 per cent this year at its current value of $29.342 billion, compared with the $34.493 billion it was at the beginning of the year (January 5, 2015). This, represents a decline by $5.151 billion so far this year. But industry sources told […] More »

Total Nigeria boosts safer road transportation of petroleum products

30 December 2015, Lagos – Total Nigeria has installed two high-tech driving simulators at its Truck Drivers Training School and Inspection Centre in Ibadan and its Head office in Lagos. According to the company, the move is part of its commitment to improving road safety with the broad objective to replicate and model real-life driving conditions […] More »

NSE reviews composition of market indices

30 December 2015, Lagos – The Nigerian Stock Exchange (NSE) has concluded a review of its indices with changes in three of the indices, while others remained unchanged.   The three indices that witnessed changes are the NSE 30 Index,  NSE Insurance Index and NSE Pension Index. For instance in the NSE 30 Index, Fidelity Bank Plc, […] More »

2016 budget highlights decline in oil sector

30 December 2015, Lagos – Barring any further adjustments in the key parameters in the 2016 Appropriation Bill, next year’s budget will unarguably pass as one with the lowest projections for daily oil production as well as the oil benchmark price in five years. In the 2016 Appropriation Bill presented by President Muhammadu Buhari to a […] More »

Reduce $38 oil benchmark, TUC tells FG

30 December 2015, Lagos – The Trade Union Congress of Nigeria, Rivers State Council, has highlighted the need for the Federal Government to review downward the $38 per barrel proposed as the benchmark crude oil price for the 2016 budget. The Chairman, TUC Rivers State, Mr. Chika Onuegbu, who conveyed the union’s “serious concerns about the […] More »

NNPC selling crude oil without export certificate – NACCIMA

30 December 2015, Abuja – The Nigerian National Petroleum Corporation has been exporting the country’s crude oil without an export certificate of origin issued by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, the body has said. According to the Vice President, NACCIMA, Mr. Billy Harry, the NNPC does not apply for the […] More »

Knocks, kudos for FG’s N2.2tn borrowing plan

30 December 2015, Lagos – Economists and finance experts have expressed divergent opinions on the proposal by the Federal Government to borrow N2.2tn to finance the deficit envisaged in the 2016 Appropriation Bill tabled before the National Assembly by President Muhammadu Buhari last week. For the total budget proposal of N6.08tn, the Federal Government expects N3.86tn […] More »

Fire guts Galaxy TV, petrol tanker in Lagos

30 December 2015, Lagos – No fewer than seven people cheated death on Tuesday in the Lekki tollgate area of Lagos State after a white Iveco truck suspected to be loaded with fuel burst into flames. This is just as the Galaxy Television station on Fatai Atere Way, Mushin, was affected by another fire. PUNCH Metro […] More »

NDDC contractors protest non-payment for jobs completed

30 December 2015, Port Harcourt – Contractors handling projects for the Niger Delta Development Commission, NDDC, in the region, yesterday, staged a peaceful protest at the commission’s head office on Aba Road, Port Harcourt, Rivers State, over alleged non-payment for contracts executed. Speaking under the aegis of Contractors Association of NDDC, President of the body, […] More »

Lagos, NSCDC disagree over bunkerer’s prosecution

30 December 2015, Lagos – The Lagos State Government and Nigerian Security and Civil Defense Corp, NSCDC, yesterday disagreed over the mode of prosecuting suspected oil bunkerers in the state. The argument arose following the arrest of one Nwevo, a suspected oil bunkerers who was apprehended in Ogba, Ikeja by the council security officials and handed […] More »

Petrol Price: 50 Kobo reduction ‘too little to cheer’, says PDP

30 December 2015, Abuja – The Peoples Democratic Party (PDP) has described the ‘new’ pump prices of petrol as announced Tuesday by the Federal Government as a continuation of the All Progressives Congress (APC) government by deception. The PDP, in a statement by its National Publicity Secretary, Chief Olisa Metuh on Wednesday said beside its deceptive […] More »

Naira appreciates over Dollar by N1 at parallel market

30 December 2015, Lagos – The naira on Wednesday strengthened against the dollar as currency speculators feared that the apex bank might come up with policies that might be unfavourable to them in 2016. The Naira gained N1, an appreciation of 0.4 per cent, to exchange at N226 to the dollar as against its previous value […] More »

30 December 2015, Yenagoa—Ijaw Youth Council, IYC, worldwide, has commended President Muhammadu Buhari for commencing the process of reorganising the Niger Delta Development Commission, NDDC, with the appointment of an acting Managing Director for the commission, former Rivers State Commissioner of Information, Mrs Ibim Semenitari. President of IYC, Udengs Eradiri, in an interview in Yenagoa, said […] More »

Nigeria: Akah heads NERC, as govt delays appointment of new commissioners

30 December 2015, Abuja – One week after the tenure of the last seven commissioners of the Nigerian Electricity Regulatory Commission, NERC, ended, the Presidency is yet to announce their successors. For now, Dr. Tony Akah, the most senior official, is acting as head of the commission. The Daily Trust reports that the tenure of the […] More »

Ghana’s $1.5 billion Tema Port expansion project starts 2016

30 December 2015, Accra — Expansion works on the Tema Port will start next year. The first phase of the $1.5 billion project is expected to be done in about three years. The port is expected to handle thrice its current traffic of about one million Twenty-foot Equivalent Units (TEUs) when completed, according to marketing […] More »

Tanzania moves toward fossil fuels as hydropower dries up

30 December 2015, Dar es Salaam — As drought continues to cripple its hydropower plants, Tanzania is struggling to produce enough electricity – and is moving toward using more fossil fuels to make up the shortfall. Hydropower plants normally produce about 35 percent of Tanzania’s electricity needs, with gas and oil plants making up most […] More »

Naira appreciates over Dollar by N1 at parallel market

30 December 2015, Lagos – The naira on Wednesday strengthened against the dollar as currency speculators feared that the apex bank might come up with policies that might be unfavourable to them in 2016. The Naira gained N1, an appreciation of 0.4 per cent, to exchange at N226 to the dollar as against its previous […] More »

Financial market products & services update

30 December 2015, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: The federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Tuesday approved new pump prices of petrol starting from January 1 to March 31, 2016 under a revised pricing template. Under the new pricing template, the government […] More »

NLC vows to resist fuel subsidy removal

*Accuses govt of policy flip-flop Oscarline Onwuemenyi 30 December 2015, Sweetcrude, Abuja – Even as the Federal Government announced its approval of new petrol prices to take effect from the new year, the Nigeria Labour Congress, NLC, has cautioned the Government not to take Nigerians for granted over plans to remove fuel subsidy, warning that […] More »

Nigeria: Petrol to sell for N86/litre from January, 2016

*Marketers to sell at N86.50; *New price regime to last for 3 months *We’ll resist fuel subsidy removal with all our might — NLC 30 December 2015, Sweetcrude, Abuja — The Federal Government, yesterday, stated that effective January 1, 2016, Premium Motor Spirit, otherwise known as petrol, would be sold at N86 per litre by […] More »

Nigeria earns N127bn from export of drilling platforms, light vessels

Ike Amos 29 December 2015, Sweetcrudee, Abuja – The local content initiative of the Federal Government seems to have started to yield positive results, as data released from the National Bureau of Statistics, NBS, revealed that the country earned N126.77 billion from the export of floating or submersible drilling or production platforms, light vessels and […] More »

Nigeria: Tanker drivers express dismay, commit to end crises

Oscarline Onwuemenyi 29 December 2015, Sweetcrude, Abuja – The National Chairman of Petroleum Tanker Drivers, PTD Branch of NUPENG, Comrade Salimon Oladiti has expressed concern over the lingering fuel scarcity across the country, just as he commended federal government on efforts at addressing the problem. In a statement containing his Christmas and New Year message […] More »

Financial market products & services update

29 December 2015, Sweetcrude, Houston – Local and international financial market products and services update. NIGERIA: Nigeria earned N412.983 billion from the export of Liquefied Natural Gas, LNG, Liquefied Petroleum Gas, LPG, also known as cooking gas and other gaseous materials in three months, between July and September 2015, according to data obtained from the […] More »