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Indigenous ship owners decry govt’s failure to enforce Cabotage Act

Aug 13, 2013

The Indigenous Ship Owners Association of Nigeria(ISAN) has deplored the Federal Government’s inability to enforce the Coastal and Inland Shipping Act 2003 (Cabotage Act) to enable them participate in crude oil lifting. Speaking with The Nation in Lagos, ISAN General Secretary Captain Niyi Labinjo urged the government to implement the law to give indigenous shipping companies…

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Agip loses 20,000bpd to oil theft

Aug 13, 2013

The Nigeria Agip Oil Company said on Monday in Yenagoa, Bayelsa State that it was losing 20,000 barrels of crude per day to oil theft. This, it said, necessitated the discussion initiated by the Bayelsa State Government with it on how to tackle the scourge. The tripartite meeting, according to a statement, had in attendance…

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Nigeria Sovereign Investment Authority considers monoline insurance to attract investors

Aug 13, 2013

The Nigeria Sovereign Investment Authority, NSIA, statutory fund manager for Nigeria’ s sovereign wealth fund, SWF, is working out arrangements for a monoline insurance system that will enhance the credit worthiness of investments and the flows of foreign portfolio and direct investments into the country. Monoline insurance refers to provision of guarantees against defaults in…

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JTF in efforts to rescue oil laden barge in Bayelsa State

Aug 13, 2013

The Joint Task Force, JTF, in the Niger Delta, yesterday, said efforts were on to rescue a crude oil-laden barge that ran aground in St. Nicholas River in Bayelsa State. Residents of Odioama Community in Brass Local Government Area of Bayelsa State, had reported that the barge sank in the river on Friday, adding that…

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Nigerian IT firm patents RFID solution for offshore oil industry

Aug 12, 2013

Nigerian indigenous IT firm Haynes-Worth International Ltd. has developed a radio frequency identification (RFID) tracker solution for the offshore oil and gas industry in the country. The firm insists that it is the sole and legitimate copyright owner of the solution. The company’s CEO, Joseph Afenikhena Imonikhe, said it has completed all the necessary obligations…

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GE to invest $60 million annually on locally sourced goods, services

Aug 12, 2013

The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engineer Ernest Nwapa, has said that the annual spending on locally sourced goods and services by General Electrics, (GE) Nigeria, is expected to rise to $60million (N9.6)billion from $4 million. Nwapa who was represented by Mr. Uduak Obot, NCDMB Zonal Coordinator, Akwa-Ibom at…

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NNPC withholds FG’s N1.65trn – NASS •We’re still investigating claims – NNPC

Aug 12, 2013

The National Assembly Budget and Research Office has stated that the National Petroleum Investment Management Services, a subsidiary of the Nigeria National Petroleum Corporation, has refused to remit N1.65trn to the Federal Government. The Fiscal Responsibility Act, 2007 requires revenue generating agencies of the Federal Government to remit 80 per cent of their operating surplus…

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N4.423bn debt: NEITI reveals PPPRA acknowledgment letter

Aug 12, 2013

The Nigeria Extractive Industries Transparency Initiative on Sunday released a letter sent to it by the Petroleum Products Pricing Regulatory Agency, acknowledging the draft audit report of NEITI. This, it said, showed that the PPPRA was informed of its N4.423bn debt to the federation, arising from over-recovery collected from independent oil marketers between 2008 and…

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Gunmen kidnap four Thai nationals in Rivers State

Aug 12, 2013

Gunmen kidnapped four Thai nationals as they travelled to a farm in Nigeria’s Rivers state, the local government said on Saturday. State commissioner for agriculture Emmanuel Chindah said by telephone that the gunmen stopped their vehicle on its way to Omida farms in the Buguma area of the riverine state on Friday. They kidnapped the…

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Ondo oil communities threaten mass action over direct payment from derivation fund

Aug 12, 2013

Following the footsteps of their compatriots in Edo State, oil producing communities in Ondo State have written to President Goodluck Jonathan and threatened to embark on mass action if their request for the direct payment of 13 per cent derivation funds is ignored. The signatories to the Ondo State oil producing communities letter to President…

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