Nigerian President Goodluck Jonathan and Chinese President Xi Jinping presided Wednesday over the signing of accords between their governments to facilitate $1.1 billion in low-interest loans for much-needed infrastructure in Nigeria. China, which is increasingly looking to Africa for oil and other natural resources, is offering Nigeria loans to help fund airport terminals in four…
Read MoreThe Federal Government says Community Services Women and Youths Employment, CSWYE, project of the Subsidy Reinvestment and Empowerment Programme, SURE-P, has generated no fewer than 116,000 jobs across the country. Speaking through the Minster of Labour and Productivity, Chief Emeka Wogu in Abuja, the government said a total of N3, 183,820,150.00 had been paid to…
Read MoreOne of the foremost traditional rulers in Bayelsa State (name withheld) is in the custody of the Joint (Military) Task Force (JTF) on the Niger Delta, Operation Pulo Shield, for allegedly sponsoring crude oil theft. The high-ranking traditional ruler was arrested along with three other persons for their alleged involvement in crude oil theft in…
Read MoreAs the National Assembly prepares to sit with the various stakeholders to harmonise their positions on the Petroleum Industry Bill (PIB), the feud between the federal government and the International Oil Companies (IOCs) over the fiscal terms proposed in the bill has deepened, especially with regards to gas development. Speaking Tuesday on behalf of the…
Read MoreThe blockade to Nigeria’s NLNG ships is still ongoing, despite a court order to end it. A Nigerian federal court once again issued an order for the maritime security agency to end a blockade which is costing an estimated $22 million a day. Justice M.B. Idris rejected an application against the ruling from the Nigerian…
Read MoreShell Companies in Nigeria and Chevron Nigeria Limited have canvassed local manufacturing of Line Pipes for use in Nigeria’s oil and gas industry, saying this is the only way the industry would attain the projected targets in the Nigerian Content Act. Speaking separately during a recent ground-breaking ceremony for Line Pipe Mill and Coating Facility…
Read MoreNigeria’s finance minister says President Goodluck Jonathan’s visit to China will finalize $1.1 billion in low-interest loans for much-needed infrastructure in Africa’s giant, from airports and roads to a hydropower plant. Minister Ngozi Okonjo-Iweala told The Associated Press she is also looking for Chinese investment and increased trade with Nigeria. She also said ‘‘China is…
Read MoreThe European Union has promised to commence an investigation into the Malabu oil deal scandal. This follows a letter by international extractive industry advocacy groups, Publish What You Pay (PWYP) and Zero Corruption Coalition (ZCC) have written the Italian and the Netherlands governments urging them to urgently institute an investigation into the Malabu oil deal…
Read MoreThe Federal High Court will rule today on a tax dispute between Nigeria Liquefied Natural Company (NLNG) and the Nigerian Maritime Administration and Safety Agency (NIMASA). But there is hint that NLNG is contemplating resolving the dispute out of court. The deadlock is costing $22 million (N4.48billion) a day in lost gas exports, according to…
Read MoreAfren increased its holding in First Hydrocarbon Nigeria (FHN) following the recent shareholder approval on the recommended acquisition of an additional interest in the company. Afren acquired an additional 23.3% beneficial interest in FHN. The acquisition of an additional 33,966,333 shares, representing around 23.3% of the outstanding share capital of FHN, from a combination of…
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