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Oil spills: Shell, communities negotiate compensation package

Sep 10, 2013

Shell officials on Monday began talks in Port Harcourt with representatives of the Bodo community on compensation and cleanup, five years after one of the worst oil spills in the country’s history, the Associated Press reported. Some experts say two oil spills that started in 2008 led to the largest loss of a mangrove habitat…

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New revenue sharing formula ready soon – RMAFC

Sep 10, 2013

The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mr. Elias Mbam, on Monday assured Nigerians that a new revenue sharing formula among the three tiers of government would be ready before the end of the year. He said this while addressing journalists in Minna, Niger State, shortly after meeting with stakeholders in the state as…

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NERC introduces N25,000 levy on generators; Sets new guidelines for importation

Sep 10, 2013

The Federal Government is set to reap billions of naira from the importation of generating sets, as the Nigeria Electricity Regulatory Commission, NERC, has introduced a N25,000 charge per unit of 100KVA generator imported into the country. The NERC, in its recently released, ‘Guidelines for obtaining Clearance Certificate for the importation of generating sets and…

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Sanusi justifies diversification of Nigeria’s reserves

Sep 10, 2013

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday justified the central bank’s decision to diversify the country’s reserve base from the United States dollar by investing in China’s Renminbi, saying the move had paid-off two years after. He said Renminbi, also known as Yuan had since been appreciating in…

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PENGASSAN serves strike notice over insecurity

Sep 10, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria has threatened to go on strike if the Federal Government does not intervene in the increasing level of insecurity in the Niger Delta. PENGASSAN, which condemned the recent killing and abduction of oil workers in the Niger Delta, wrote to President Goodluck Jonathan asking him…

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Brent falls by more than 1% as traders reclaim risk buy

Sep 10, 2013

Brent crude oil futures fell more than 1% on Monday as concerns of an imminent strike on Syria eased, and traders reduced positions taken amid fears of supply disruption in the Middle East. US President Barack Obama will give a televised address to the nation on Tuesday, making the case for intervention. “Brent is coming…

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OPEC daily basket price stood at $112.10/b on Friday 6th of September 2013

Sep 9, 2013

The price of OPEC basket of twelve crudes stood at 112.10 dollars a barrel on Friday, compared with $111.47 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Former militant leader accuses JTF of having high stake in stolen crude

Sep 9, 2013

Ex – Niger Delta militant, Ebikabowei Victor Ben, aka Boyloaf has explained reason behind the unending oil theft in the Niger Delta region, alleging that between 75 and 80 per cent of  cases of stolen crude, especially in Bayelsa State were perpetrated by the Joint Task Force (JTF. He however justified the stealing of crude…

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Navy arrest suspected 10 oil thieves in Bayelsa, impound vessel

Sep 9, 2013

The Nigerian Navy on Sunday in Yenagoa announced that it has impounded an oil vessel with a 10-member crew, including a Cameroonian national over alleged oil theft. A statement by the Central Naval Command said the captain of the vessel could not tender relevant documents when he was apprehended. The vessel was impounded offshore Brass…

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SURE-P empowers 1,080 persons in Niger Delta – Coordinator

Sep 9, 2013

Zonal Coordinator, Delta South Senatorial District of the Subsidy Reinvestment Programme (SURE-P), Alhaji Isa Clark, says the programme has empowered 1,080 poor people in the Niger Delta. Clark said this in an interview with the News Agency of Nigeria (NAN) in Asaba. He said that the 1,080 persons were empowered under the Community Services Women…

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