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Nigeria finally signs African free trade area pact

Jul 7, 2019

African superpower Nigeria has signed an agreement which aims to increase trade between African countries. This leaves Eritrea as the only African country not to be part of the trading bloc. Nigerian President Muhammadu Buhari signed the landmark agreement at the African Union (AU) summit in Niger. The first step is to cut tariffs for…

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Forte Oil’s new management says it will not delist from NSE

Jul 5, 2019

The new management of Forte Oil Plc said the company is not going to delist on the Nigerian Stock Exchange (NSE) or to buy out the minority shareholders through Mandatory Tender Offering (MTO). Chief executive officer of the company, Mr. Olumide Adeosun, disclosed this in an interactive session with journalists in Lagos to unveil the…

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Stakeholders seek alignment in policies, implementation for adequate local content growth

Jul 5, 2019

The Chief Executive Officer, Marine Platforms, Taofik Adegbite, has called for alignment in policies, and implementation in order to sustain the local content drive in Nigeria. This, he said, would help foreign companies to create avenues for locals to benefit from their investments in the host country. Speaking during a panel discussion at the 2019…

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Local content fund defaulters to face EFCC for prosecution

Jul 5, 2019

In the next few days, the International Oil Companies (IOCs) and their local counterparts are facing prosecution for not remitting their Nigerian Content Fund to the Nigerian Content Development and Monitoring Board (NCDMB), the Board’s Executive Secretary, Mr Simbi Wabote, has said. The NCDF is one percent of every contract awarded to any contractor, sub-contractor,…

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Shell tasks FG on PIB, other stakeholders on increased collaboration

Jul 4, 2019

The Managing Director, Shell Nigeria Exploration and Production Company, SNEPCo, Bayo Ojulari, has urged the Federal Government to pass the Petroleum Industry Bill (PIB), and address cost competitiveness challenges to aid investments flow into the oil and gas sector Just as Egina that was built by anotheroil major, Total, Ojulari noted that Bonga southwest Akparo…

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Warri Refinery shut by protesting youths, workers

Jul 4, 2019

Hundreds of youths and members of staff of the Warri Refining and Petrochemical Company on Wednesday shut down commercial activities at the Warri Refinery in Ekpan, Uvwie Local Government Area of Delta State, over alleged management’s failure to regularise their engagements. The protesters drawn from across the Niger Delta states vowed to continue with their…

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NNPC says it has paid $833.57m debt to Mobil Producing Nigeria

Jul 4, 2019

The Nigerian National Petroleum Corporation, NNPC, Wednesday, said it has fully settled the total amount owed to Mobil Producing Nigeria, MPN, with a payment of $833.57 million. This, according to a statement by the NNPC in Abuja, was barely two years after the corporation signed a Vash-call Repayment Agreement with its Joint Venture, JV, partners…

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Two killed, several others injured in Lagos pipeline fire

Jul 4, 2019

Two suspected vandals have been killed and several others injured following a pipeline explosion in Ijegun area of Lagos state in the early hours of Thursday. It was learnt that the incident occurred after hoodlums attempted to vandalise a pipeline that pumps fuel from Atlas Cove to Mosimi that passes around the area. A resident…

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Oil marketers received $3.6bn to import fuel – NNPC

Jul 4, 2019

The Nigerian National Petroleum Corporation (NNPC) said the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers to import petroleum products into the country contrary to claims by the marketers that they had no access to FX for imports. The Chief Operating Officer, Downstream of the NNPC, Mr. Henry…

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Nigeria to sign African free trade agreement – Presidency

Jul 3, 2019

The Federal Government has expressed its readiness to sign the African Continental Free Trade Area (AfCFTA) agreement in the forthcoming African Union Summit in Niamey, Niger. The News Agency of Nigeria (NAN), reports that the ordinary and extraordinary session of the AU summit is scheduled to hold from July 4 to July 7. The First…

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