Business & Finance

N4.423bn debt: NEITI reveals PPPRA acknowledgment letter

Aug 12, 2013

The Nigeria Extractive Industries Transparency Initiative on Sunday released a letter sent to it by the Petroleum Products Pricing Regulatory Agency, acknowledging the draft audit report of NEITI. This, it said, showed that the PPPRA was informed of its N4.423bn debt to the federation, arising from over-recovery collected from independent oil marketers between 2008 and…

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PPPRA urges NEITI to desist from confusing the public over audit report

Aug 9, 2013

The Petroleum Products Pricing Regulatory Agency, PPPRA has appealed to the Nigeria Extractive Industries Transparency Initiative, NEITI, to desist from confusing the public further on its audit report which said that the PPPRA should remit N4.423 billion to the Federation Account. Reacting to NEITI’s statement affirming that it stood by its controversial audit report, the…

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Shell Nigeria contradicts parent company, says it lost $250m not $700m

Aug 8, 2013

Shell Nigeria, Wednesday, denied claims that its parent company, Royal Dutch Shell, lost $700 million (N112 billion) in second quarter 2013, due to crude theft and other sundry issues in Nigeria, saying that the actual amount lost to operational difficulties in Nigeria is $250 million (N40 billion). The statement by Shell spokesperson, Mr. Precious Okolobo…

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OPEC daily basket price closed at $105.56/b

Aug 7, 2013

The price of OPEC basket of twelve crudes stood at 105.56 dollars a barrel on Tuesday, compared with $106.43 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), Iran Heavy (Islamic Republic of Iran), Basra…

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NEITI confusing Nigerians with audit report – PPPRA

Aug 7, 2013

The Petroleum Products Pricing Regulatory Agency on Tuesday said the Nigerian Extractive Industries Transparency Initiative was confusing the public with its recently released audit report of the oil and gas industry covering the period 2009 to 2011. While appealing to NEITI to desist from confusing the public further, the PPPRA said NEITI appeared to have…

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Oil majors still investing in economy despite challenges associated with Nigeria

Aug 6, 2013

For some time now, oil giants, such as Shell, Total, ENI and Chevron, have been complaining about the difficulties of working in the Niger Delta, but as the Associated Press reports, they are sinking more money into the country Nigeria is something of a trouble spot for the oil industry. Though Africa’s largest oil producer,…

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NEITI reiterates stance on authenticity of its report

Aug 6, 2013

The Nigeria Extractive Industries Transparency Initiative (NEITI) Monday affirmed its stance on the authenticity of its recent  audit report on the activities in the country’s  oil and gas industry. NEITI in response to the condemnation of the report, particularly by the Petroleum Products Pricing and Regulatory Agency (PPPRA), stated that all the companies and government…

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DPR generates N470bn revenue in first six months of 2013

Aug 6, 2013

The Department of Petroleum Resources has said it has surpassed its revenue target for the first half of 2013 by over N86bn by generating over N470bn within the period. This came to light during an oversight visit by the House of Representatives Committee on Petroleum (Upstream) to the DPR headquarters in Lagos on Monday. The…

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FG seeks $450m from Islamic Development Bank for power sector

Aug 5, 2013

The Federal Government has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. A statement on Sunday quoted Vice-President Namadi Sambo as making the request on behalf of the government in Makkah, Saudi Arabia, when he…

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Nigerian economy faces serious threats from oil sector – Ecobank report

Aug 5, 2013

A report by Ecobank Group warned last week that Nigeria’s debt situation would remain vulnerable to any unexpected large drop in oil prices. The report also pointed out that Nigeria’s debt would remain susceptible to other macroeconomic shocks, even as it urged the federal government to properly manage the situation. The Ecobank report said: “Nigeria’s…

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