Legal & Regulatory

National oil companies with $3.1trn in assets dangerously under-scrutinised – NRGI

Apr 27, 2019

The Natural Resource Governance Institute (NRGI) Thursday launched the National Oil Company (NOC) database in Washington DC, as part of its goals to fill the gaps in knowledge and understanding of the growing amount of information about natural resource governance globally. The event, which had stakeholder representations from the international development institutions, civil society organisations…

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U.S. probing Glencore’s operations in Nigeria, two others

Apr 26, 2019

The United States Commodity Futures Trading Commission is investigating a global oil trading firm, Glencore Plc, for alleged ‘corrupt practices’. The Swiss-based company’s activities in Nigeria, the Democratic Republic of Congo, and Venezuela are being looked into under the ongoing investigation. Reuters, on Thursday, quoted Glencore as saying that the CFTC was investigating whether the…

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Oil service firm sues NCDMB, ExxonMobil over local content breaches

Apr 24, 2019

An indigenous oil servicing company in Akwa Ibom State, The Pioneer Divers Int’l Limited, has dragged the Nigeria Content Development and Monitoring Board to court for alleged breach of local content laws. In a suit number HEK/96/2019, filed before the Akwa Ibom State High Court in Eket, the plaintiff, Divers International Limited, through its lead…

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Midwestern Oil & Gas loses bid to stop enforcement of consent judgment

Apr 23, 2019

A Delta State High Court, Sapele has struck out the “Stakeholder Interpleader” suit filed by an indigenous oil company, Midwestern Oil and Gas Company Limited to forestall the enforcement of a consent judgment of the Federal High Court, Lagos against it. The respondents are Seistech Energy Limited, Sapele Power Plc and the Nigeria Electricity Liability…

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DPR seals five petrol stations in Bayelsa for selling fuel above approved price

Apr 21, 2019

As part of its measures to bring stability to price of petrol, the Department of Petroleum Resources (DPR) has shut down five filling stations in Yenagoa, Bayelsa State, for selling above government approved price. A team of DPR officials led by its Head of Operations in Bayelsa field office, Mr Ibinabo Jack, paid unscheduled visits…

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Nigerian senators reject bill seeking to phase out petrol cars by 2035

Apr 20, 2019

Nigerian senators on Wednesday rejected a bill aiming to phase out petrol vehicles and introduce electric cars in the country in 2035. The bill, first read on April 10, was not considered for a second reading by the lawmakers. In his lead debate, sponsor of the bill, Ben Murray-Bruce, said the move would serve two…

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DPR clamps down on sale of LPG in shops, homes

Apr 19, 2019

The Department of Petroleum Resources (DPR), has said it would clamp down on illicit retailers of Liquefied Petroleum Gas (LPG) popularly known as cooking gas in Rivers State. DPR’s Port Harcourt Zone Operations’ Controller, Mr Bassey Nkanga, hinted of a planned clampdown on the sideline of LPG stakeholders’ meeting in Port Harcourt on Thursday. He…

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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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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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