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NCDMB disburses $160m from $200m Intervention Fund to indigenous firms

Aug 20, 2019

The Nigerian Content Development and Monitoring Board (NCDMB) yesterday disclosed that $160 million has been accessed by indigenous oil and gas companies in Nigeria from its $200 million Nigerian Content Intervention Fund (NCIF). The board also stated that in line with its 10-year strategic plan, it has set a target to ramp up compliance to…

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NEITI says oil, mining agencies frustrating national planning, public finance management

Aug 19, 2019

The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, accused Federal Government’s agencies in the mining and oil and gas industries of frustrating national planning, natural resource governance and public finance management. In a statement in Abuja, Executive Secretary of NEITI, Mr. Waziri Adio, expressed concerns over poor sectoral linkages among the agencies in data generation,…

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CBN to defend Nigeria’s reserves in wake of UK $9bn court ruling

Aug 19, 2019

Nigeria’s central bank will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria’s government, the bank’s head said on Monday. Such a sum would be one of the largest financial liabilities imposed on Nigeria…

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NDDC trailing oil firms over unpaid dues

Aug 18, 2019

The Paris Trust Limited, a firm responsible for the collection of unremitted statutory allocation to the Niger Delta Development Commission (NDDC) from oil and gas companies operating in the region, has said that the failure of the companies to pay their dues to the commission is impairing development in the region. The Principal Partner, Paris…

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Reps committee summons DSS, CBN, NNPC, Customs over dormant ports

Aug 18, 2019

An ad hoc committee of the House of Representatives has summoned heads of four government agencies to appear before in on Monday, August 19. This followed the ruling of the Chairman of the Committee, Yusuf Buba (APC-Adamawa) at a public hearing on Thursday in Abuja. The agencies invited to appear before the committee include the…

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Olokola deep seaport to boost employment, revenue

Aug 16, 2019

The Managing Director, Victory Energy Resources Limited, Mr. Sola Olatunji, has said the proposed Olokola Deep Seaport will boost employment opportunities and revenue for the country. He explained the project would create over a million jobs and a source for revenue for economic growth. He made this known during a chat with journalists in Lagos…

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UK court to allow firm seize $9bn in Nigerian assets over gas dispute

Aug 16, 2019

An Irish-owned firm was today granted court permission to seize up to $9bn (£7.4bn) in assets from the Nigerian government. A British judge said that Process and Industrial Developments Ltd (P&ID) can take 20 per cent of Nigeria’s foreign reserves. The move will likely raise concerns among foreign investors. The saga dates back to a…

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FG declines renewal of Shell’s OML 11 over national security

Aug 16, 2019

The Federal Government Thursday told an Abuja Division of the Federal High Court that its decision not to renew the operating license of Shell Petroleum Development Company (SPDC) was in the interest of the nation’s security. The oil giant in the legal action is seeking an order of the court to compel the Federal Government…

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Pirates shoot at LPG carrier offshore Nigeria

Aug 16, 2019

In another armed attack in the Gulf of Guinea, a gang opened fire on a merchant vessel. However, the 6,400 dwt Joseph Wisdom was able to escape. The crew on the Wisdom Marine vessel retreated to the citadel and the master took evasive action.   Source: Lloyds

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NCDMB establishes committee for Bayelsa Oil & Gas Park

Aug 15, 2019

The Nigerian Content Development and Monitoring Board has inaugurated a Community Interface Committee for the Nigerian Oil and Gas Park Scheme located in the Ogbia Local Government Area of Bayelsa State. The committee, according to a statement, was set up to enhance the interface between the communities, the contractors and the NCDMB. It said the…

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