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Nigeria’s power distributors owe service providers N263bn

Jul 10, 2019

Power distribution companies owe service providers, including the Transmission Company of Nigeria, a total of N263bn, our correspondent has learnt. The service providers in the power sector are the Nigerian Electricity Regulatory Commission, the Nigerian Bulk Electricity Trading Plc, the Transmission Service Provider, the System Operator and the Market Operator. The TSP, SO and MO…

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Nigeria takes lead in pirate attacks against vessels – IMB Q2 Report

Jul 10, 2019

Despite Nigeria’s effort to curb the menace of pirates attacks on vessels particularly in the Gulf of Guinea, Nigeria has continued to lead other countries of the world that are bedevilled by the negative impact of pirates. In the report of the International Maritime Bureau, IMB, January – June 2019, Nigeria led the table of…

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Lack of new investments degrades Nigeria’s oil sector infrastructure – Report

Jul 10, 2019

The dearth of new investments in the oil sector has resulted in the degradation of infrastructure, causing frequent breakdowns, a report has revealed. CSL Stockbrokers Limited, a research and financial advisory firm, stated this in its economic outlook for the second half of the year, titled: “Walking on Eggshells,” that was obtained yesterday. The dearth…

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Lekoil mulls NSE listing as oil output seen to triple

Jul 10, 2019

Nigerian oil and gas production company Lekoil Ltd. is contemplating a listing on the West African nation’s stock exchange as it boosts output by more than threefold over the next three years, Chief Executive Officer Lekan Akinyanmi said. The energy firm, which trades on the London exchange, is “seriously considering” offering shares in Nigeria, Akinyanmi…

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Oando CEO urges stakeholders to invest in Nigeria’s oil & gas sector

Jul 9, 2019

Oando Plc Group Chief Executive Wale Tinubu has urged indigenous oil and gas companies to invest in the business now that the prices of oil are low. He advised the Federal Government to embrace Public-Private Partnership (PPP) in local refining. According to him, “there is a lot indigenous capacity that can provide solution to refineries.…

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Nigeria’s economy loses N100bn to maritime workers strike

Jul 8, 2019

Three days strike action embarked upon by the Maritime Workers Union of Nigeria (MWUN) over wages owed dockworkers by the International Oil Companies (IOCs) has caused over Nigeria economy  over N100 billion in revenue loss. MWUN had on June 13 issued a 14- day ultimatum to the Federal Government to prevail on the International Oil Companies (IOCs),…

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Nigeria’s oil revenue records another monthly decline of N62bn

Jul 7, 2019

The shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation led to another monthly drop in the gross oil revenue that comes to the federation. Latest data from the Central Bank of Nigeria showed that the country’s oil receipts dropped to N410.18bn in May 2019, shedding N62.2bn when compared to the N472.38bn…

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DPR seals several LPG stations in Lagos

Jul 7, 2019

THE Department Of Petroleum Resources (DPR) on Thursday sealed two Liquefied Petroleum Gas (LPG) stations in Lagos safety reasons. The first was Petrocam in Ayobo, Alimosho Local Goverment Area of Lagos. It was totally sealed by DPR officials for allegedly operating without approval; operating in a residential area, and in a building under direct high…

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We’re not getting forex at N305/$1 – Oil marketers

Jul 7, 2019

The Major Oil Marketers Association of Nigeria has said its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit, also known as petrol. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than a year as private oil…

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Ninth Assembly will pass Petroleum Industry Bill soon – New Senate President

Jul 7, 2019

The Senate President, Dr. Ahmad Lawan, has given an assurance that the age-long Petroleum Industry Governance Bill (PIGB) will be given priority by the Ninth National Assembly. He said necessary machinery has been set in motion towards ensuring passage of the contentious bill very shortly. Lawan, who made this disclosure while receiving in audience the…

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