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House: NNPC figure on crude oil sales, a ruse

Sep 30, 2013

Following the release, last Thurday, of its crude oil sales from January to July this year, the House of Representatives Committee on Finance has dismissed the $20.9 billion the Nigerian National Petroleum Corporation (NNPC) said it generated on behalf of the federation for the seven-month period, calling it a “ruse”. In a statement issued exclusively…

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Minister’s Consent and Assigning Interest In An Oil And Gas Asset

Sep 29, 2013

Acquiring an Oil and Gas asset in Nigeria is subject to a variety of rigorous rules, the main purpose of which is to prevent fraud and general malpractice. A potential investor in the oil and gas industry, intending to acquire an oil and gas asset within Nigeria would be granted an interest in either an…

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Kidnapping, oil theft down in Delta – Uduaghan

Sep 27, 2013

Delta State governor, Dr. Emmanuel Uduaghan, yesterday, said that kidnapping, piracy and oil banditry have reduced, while security has improved tremendously in the state. He stated this in Asaba when he met with traditional rulers and Local Government Transition Committee Chairmen in the state. He added that the setting up of the Special Task Force,…

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Brent headed for third weekly loss

Sep 27, 2013

Brent crude oil dropped below $109 a barrel on Friday, heading for its third straight weekly loss, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East. The US and Russia have agreed on a draft UN Security Council resolution aimed at eliminating chemical weapons in Syria.…

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House promises to pass PIB into law

Sep 27, 2013

Chairman of the committee on Petroleum Resources (Upstream), Hon Ajibola Muraino, yesterday assured that the House of Representatives will pass the Petroleum Industry Bill (PIB) into law. Muraino, who spoke while the Committee was at the Nigerian National Petroleum Corporation (NNPC), Abuja, for its oversight functions, the lawmakers are fine- tuning the bill in accordance…

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CBN resumes direct intervention to save naira

Sep 27, 2013

In a bid to save the naira, the Central Bank of Nigeria has resumed direct intervention by selling dollars to end users in the market. Our correspondent gathered on Thursday that the regulator took the decision in order not to devalue the naira. There had been speculation that the CBN would devalue the naira, thereby…

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Government plans weekly meetings over oil theft

Sep 27, 2013

The Federal Government has begun holding a weekly meeting with stakeholders in the oil and gas industry with a view to devising holistic approach to stop oil theft and pipeline vandalism. Speaking yesterday when the House of Representatives Committee on Upstream Petroleum led by its chairman, Muraina Ajibola, paid a working visit to the Nigerian…

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FG explains delay in payment of disengaged staff of PHCN

Sep 27, 2013

The Permanent Secretary, Ministry of Power, Godknows Igali, yesterday, explained that the delay in payment of the entitlements of disengaged staff of the Power Holding Company of Nigeria, PHCN, was to ensure that no mistakes were made. In an interview with newsmen after a meeting with Vice President Namadi Sambo at the Presidential Villa, Igali…

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UK court rejects document linking Ibori to Oando shares

Sep 27, 2013

The hunt by the Crown prosecution for the hidden assets of former Delta State governor, James Ibori, suffered a set-back yesterday at the Southwark Crown Court, United Kingdom (UK), when the judge, Mr. Anthony Pitts, upheld an objection that a vital document linking Ibori to a substantial holding of the shares of Oando Oil Plc…

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NERC meets power firm investors over rules

Sep 27, 2013

Ahead of the proposed transfer of the privatised electricity firms to their new owners on October 1, the Nigerian Electricity Regulatory Commission was on Thursday set to meet with the core investors in the 15 power companies carved out of the Power Holding Company of Nigeria. The Chairman, NERC, Dr. Sam Amadi, who disclosed this…

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