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Petroleum product tanker attacked at anchorage in Nigeria

Apr 18, 2019

Four persons armed with automatic weapons in a speed boat were seen approaching a San Pedro Pio product tanker, anchored at Bonny River’s inner anchorage in Nigeria. The report to the International Maritime Bureau revealed that two of the party managed to board the vessel and opened fire on the crew, aiming towards the accommodation…

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FEC approves $247.3m loan from French Govt, AfDB for electrification

Apr 18, 2019

The Federal Executive Council, FEC, yesterday approved $247.3 million loan facility from the African Development Bank, AfDB and French Government. Disclosing this while briefing State House correspondents after the FEC meeting presided over by President Muhammadu Buhari at the Council, Presidential Villa, Abuja, minister of Finance, Hajia Zainab Ahmed disclosed that the loans of $150…

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Nigerian Court orders arrests over Shell, Eni OPL 245 deal

Apr 18, 2019

A Federal Capital Territory (FCT) High Court in Jabi has granted the prayers of the Economic and Financial Crimes Commission (EFCC) for a warrant of arrest against Nigerian officials implicated in the controversial Malabu Oil scandal. The officials include Dan Etete, a former petroleum minister, and Mohammed Adoke, a former justice minister. Also declared wanted…

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Senate passes bill to prohibit gas flaring in Nigeria

Apr 18, 2019

THE Senate, yesterday, passed the bill for an Act to Prohibit Gas Flaring (prohibition and punishment) in Nigeria. The bill, which passed second reading in 2017, also contains provisions on inaccurate data collation and submission by the lessee, gas flaring fee, powers of the minister to make regulations, as well as repeal of the Associated …

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LADOL assures of safety in its facilities following shooting incident

Apr 17, 2019

Following an alleged killing of an operative of the Nigeria Security and Civil Defence Corp (NSCDC), by his colleague at the Lagos Deep Offshore Limited (LADOL) Free Zone, the company has reassured workers within its facility of safety. The shooting which reportedly caused serious injuries on a Samsung Heavy Industry (SHI) employee on site raised…

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NNPC’s financial records insufficient for government oversight – NRGI

Apr 17, 2019

A New York-based Natural Resource Governance Institute (NRGI) yesterday stated that the financial reports of the Nigerian National Petroleum Corporation (NNPC) do not contain systematic financial information that would enable the federal government to demand for accountability in its operations. In its latest report titled: ‘Resource Governance Index: From Legal Reform to Implementation in Sub-Saharan…

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Senate passes Power Sector Reform Act Amendment Bill

Apr 17, 2019

The Nigerian Senate has passed the Electric Power Sector Reform Act (Amendment) Bill, 2019. This followed the consideration of the report of the Senate Committee on Power, Steel Development, and Metallurgy, during plenary on Tuesday. The report was presented by the committee chairman and lawmaker representing Abia-South senatorial district, Senator Enyinnaya Abaribe. The billed was…

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Sahara Energy says it is not indebted to UBA

Apr 16, 2019

The management of Sahara Energy Resource Ltd., says the company has no outstanding facilities with the United Bank for Africa Plc (UBA), contrary to media reports sourced from a petition filed by UBA. Sahara Group management said on its website on Saturday that it has instructed its lawyers to take necessary steps to ensure UBA’s…

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Nigeria’s Excess Crude Account most poorly managed – NRGI Report

Apr 16, 2019

Nigeria’s Excess Crude Account (ECA) has been ranked as the most poorly governed among similar funds operated by resource-rich countries in Sub-Saharan Africa, a new report by the Natural Resource Governance Institute (NRGI) has shown. The report showed that Nigeria’s ECA ranked lowest among other sovereign wealth funds assessed by the NRGI, ranking last alongside…

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CBN offers N7bn lifeline as lenders shun mini-grid power financing

Apr 16, 2019

The Central Bank of Nigeria (CBN) has offered N7 billion loan facility for the mini-grid power sub-sector, which has been plagued by dearth of investment. The mini grid sector, a small, privately-owned and operated system with generation of up to 10 megawatts (MW) capacity and a network that distributes power to several customers, is a…

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