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Nigeria attains “satisfactory progress” status in extractive industry rankings

Mar 12, 2019

Nigeria has been credited with exceptional performance in two of the 33 criteria set for the 52 extractive industries transparency initiative (EITI) implementing countries for the attainment of ‘Satisfactory Progress’ status validation. The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, said this on Wednesday in Abuja. Mr Adio said the…

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Local firms major violators of local content act – Wabote

Mar 11, 2019

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said local firms flout the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act more than international oil companies (IOCs). He is surprised that indigenous operators who benefited from the Act are circumventing it. The NCDMB chief spoke with…

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Lekoil says it has completed redenomination of its Naira debt facilities

Mar 11, 2019

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, is pleased to announce the following debt facilities update. In 2018, as announced, the Company agreed in principle to refinance a portion of and redenominate its outstanding Naira debt facilities, totaling approximately 3.08 billion Naira, into United States…

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Nigeria imports 1.3 bn litres of fuel in first 2 months of 2019

Mar 8, 2019

Nigeria, in January and February, imported a total of 986, 492 metric tonnes of petroleum products representing 1,387,410,984.2 litres of fuel, data from the Nigerian Ports Authority Shipping Position revealed. Frozen fish topped the nation’s imports for the month of February, as the country reportedly imported 2.463 million metric tonnes of the product in the…

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NCDMB boss forecasts $25bn investment in Nigeria’s oil, gas sector in 2 years

Mar 8, 2019

The Federal Government yesterday said the nation’s oil and gas sector would attract $25 billion investment in the next two years. Engr.Simbi Wabote, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), who disclosed this in Lagos at a pre-event press conference of Nigerian Oil and Gas Opportunity Fair, NOGOF, said the…

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Baru urges DSDP partner firms to patronize NNPC’s shipping firm

Mar 8, 2019

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has advised partners involved in the Direct Sale Direct Purchase (DSDP) scheme of the corporation to patronise NNPC shipping subsidiary, NIDAS, to ensure profitability. He gave the advice to the two relevant subsidiaries: Crude Oil Marketing Division (COMD) and the NNPC Trading Ltd,…

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Insurance industry to key into N1.7trn investment in Nigeria’s oil & gas sector

Mar 7, 2019

The National Insurance Commission (NAICOM) said insurance industry will do everything within its powers to key into the $48 billion or N1.728trillion investments in the oil and gas sector to tap from the available opportunities and grow the sector. Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), had recently announced…

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EU to launch €30m energy investment fund in Nigeria

Mar 7, 2019

The European Union (EU) says it will launch a 30 million Euro sustainable energy investment fund in Nigeria. Mr Adekunle Makinde, a former National Chairman, Nigerian Institute of Electrical and Electronics Engineers (NIEEE) and co-Chairman of the forum, made this known in Lagos. Malinda said in a statement that the launch was part of the…

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Seplat annual pre-tax profit grows by 480%

Mar 7, 2019

Seplat Petroleum Development Company Limited has reported a 480 per cent growth in its pre-tax profit for the 2018 financial year. The financial statement, which was made available to the Nigerian Stock Exchange and London Stock Exchange on Wednesday, showed that the profit before tax increased from $41m in 2017 to $238m in 2018. The…

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Buhari approves NNPC’s operations budget for 2019

Mar 7, 2019

Meanwhile, President Buhari has approved the 2019 operations budget of the NNPC, the Group Managing Director of the corporation, Dr. Maikanti Baru, has disclosed. Though, Baru did not give the financial details of the corporation’s budget for 2019, he, however, stated that Buhari was gracious to approve it early enough. He was, however, silent on…

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