The Senate, on Thursday, issued a seven-day ultimatum to the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to, within one week, end queues in fuel stations across the country. The resolution followed the unanimous adoption of an interim report of the joint committee
BUSINESS
The House of Representatives on Thursday passed the Petroleum Industry Governance bill through its third and final reading. The final report of the bill with the long title “A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry and for Related Matters (HBs. 477, 878 and 1053)” which […]
Oil prices on Thursday hit their highest since December, 2014 after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per […]
The Senate Ad-Hoc Committee investigating Local Content and cost variation on the $16 Billion Egina Deep Sea oil project has discovered an huge variation of about N500 million from what the Federal Government through NAPIMS approved for a component of the project and the amount Total Upstream Nigeria Limited, the main operator of the project […]
The Federal Government has given approval to the Bank of Industry to recover the N17.5bn outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund. NERFUND is currently having liquidity challenges owing to its huge non-performing loans portfolio. The instrument of approval was given through a Memorandum of Understanding signed on Wednesday in
The Nigerian National Petroleum Corporation (NNPC) posted $239.10 million from the export of crude oil and gas in November, 2017. The sales record was revealed in the November 2017 edition of the Monthly NNPC Operations and Financial Report which also indicated that figure to be 25.68 per cent lower than the previous month performance. The […]
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