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NLNG declares force majeure over NIMASA’s blockade

Jul 2, 2013

Nigeria’s export of gas has suffered a major setback as the Nigeria Liquefied Natural Gas (NLNG) said yesterday it had declared force majeure on its exports of liquefied natural gas as a blockade by the Nigerian Maritime Administration and Safety Agency (NIMASA) over a tax dispute, which entered its second week. The blockade, which has…

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CBN, others strategise on power financing

Jul 2, 2013

The Central Bank of Nigeria (CBN) and other stakeholders in the financial services sector have begun brainstorming on a banking industry funding strategy for the power sector, which will grant the template a quasi-regulatory status. They are also expected to consider inputs from key non-bank stakeholders such as the Bureau of Public Enterprises (BPE), Nigerian…

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Petrol scarcity hits Abuja, Minna as NUPENG goes on strike

Jul 2, 2013

Long queues of motorists resurfaced in most petrol filling stations in the Federal Capital Territory and Minna, Niger State capital, on Monday following the commencement of a three-day warning strike by the Nigeria Union of Petroleum and Natural Gas Workers. The strike is scheduled to end on Wednesday (tomorrow), after which the union plans to…

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NNPC assures of adequate stock of petroleum products during NUPENG strike

Jul 2, 2013

The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday assured that it has adequate stock of petroleum products. The Corporation stated that it is doing all it could to reduce the impact of the disruption on the supply of petroleum products as result of the NUPENG strike. The Corporation noted that while it is…

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Elumelu’s Heirs Holdings commits $2.5bn to Obama’s Power Africa initiative

Jul 2, 2013

As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony O. Elumelu is committing US$2.5 billion to the power sector in Africa. The investment is being made through his pan-African proprietary investment company Heirs Holdings (http://www.heirsholdings.com) – the single largest investor included in the White House statement…

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NLNG vs NIMASA: FG asks court to vacate order

Jul 1, 2013

The Federal Government has asked a Federal High Court sitting in Lagos, to vacate the ex-parte order granted against it in the dispute between Nigeria Liquefied Natural Gas, Ltd, NLNG and Nigeria Maritime Administration and Safety Agency, NIMASA, over non-payment of statutory levies and charges the maritime regulatory agency claims were due to it from…

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NUPENG begins three-day warning strike

Jul 1, 2013

The National Union of Petroleum and Natural Gas Workers (NUPENG) Monday commenced a three-day warning strike to protest alleged inhuman treatment on members by management of Chevron, Agip and Shell Petroleum Development Company (SPDC). The strike is also to protest the refusal of National Association of Road Transport Organisation (NARTO) to implement the signed collective…

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PPMC re-streams vandalised pipeline at Atlas Cove

Jul 1, 2013

The Pipelines and Products Marketing Company, PPMC, a subsidiary of NNPC, says it has repaired and re-streamed the vandalised pipeline in Ilado community, Atlas Cove, Lagos. Mr Nasir Imodagbe, Manager, Media Relations and External Affairs, made this known in an interview with the News Agency of Nigeria, NAN, in Abuja. NAN recalls that vandals had…

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Seplat Seeks LSE, NSE Dual Listing

Jul 1, 2013

In a bid to raise its financial capital-base, Nigerian indigenous oil company Seplat is seeking a dual listing on the London Stock exchange (LSE) and Nigerian Stock Exchange (NSE), following a trend amongst local oil firms. Seplat – which recently acquired oil assets from Royal Dutch Shell Plc in the Niger Delta region – is…

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NSCDC arrests 473 oil thieves in six months

Jun 28, 2013

A total of 473 suspected oil thieves have been arrested by the anti-vandal team of Nigeria Security and Civil Defence Corps (NSCDC) at the end of the first half of year 2013. In the data made available to Daily Trust, 155 suspects were arrested in Rivers State while Lagos and Akwa-Ibom states accounted for 84…

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