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FG seeks $450m from Islamic Development Bank for power sector

Aug 5, 2013

The Federal Government has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. A statement on Sunday quoted Vice-President Namadi Sambo as making the request on behalf of the government in Makkah, Saudi Arabia, when he…

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Nigerian economy faces serious threats from oil sector – Ecobank report

Aug 5, 2013

A report by Ecobank Group warned last week that Nigeria’s debt situation would remain vulnerable to any unexpected large drop in oil prices. The report also pointed out that Nigeria’s debt would remain susceptible to other macroeconomic shocks, even as it urged the federal government to properly manage the situation. The Ecobank report said: “Nigeria’s…

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Ogoni indigenes urge govt to implement UNEP report

Aug 5, 2013

Indigenes of Ogoniland, an oil rich area in Rivers State, have urged the Federal Government to implement the recommendations of the United Nations Environmental Programme on their community. They decried the government’s neglect of the report two years after it was published, and stressed that nothing had been done to clean up the environmental pollution…

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GTBank, Mainstream Energy seal $170m financing facility

Aug 5, 2013

Mainstream Energy Solutions Limited has signed a $170m medium-term syndicated acquisition facility to part-finance the concession of the Jebba Power Station and Kainji Power Station, both of which are owned by Kainji Hydro Electric Plc. The syndication, which was carried out on Friday, was fully underwritten by GTBank, which also acted as the Mandated Lead…

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Chevron’s second quarter profits dive

Aug 3, 2013

Chevron’s second-quarter earnings were cut by 25% year on year as lower prices and production as well as higher operating costs dented the bottom line of the US giant. The company reported quarterly earnings of $5.4 billion on Friday, compared with $7.2 billion a year earlier, as revenue dropped to $55 billion from $60 billion…

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ExxonMobil experiences drop in profits by 57%

Aug 3, 2013

ExxonMobil has reported a 57% drop year-on-year in second quarter profits. The US supermajor posted net incomes of $6.9 billion for the past three months, compared to $15.91 billion during the same period last year. ExxonMobil said that when the prior-year divestment earnings of $7.5 billion – led by a $5.3 billion profit on a…

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Nigeria earned $69bn from Shell in four years – Mutiu Sunmonu

Aug 2, 2013

Shell companies in Nigeria, SCiN, have raked in revenues worth $69 billion into Federal Government’s coffer in four years, the Managing Director of Shell Petroleum Development Company, SPDC, and country chair of Shell Companies in Nigeria, Mr Mutiu Sunmonu, has said. Sunmonu, who disclosed this, Thursday in Lagos, said the money represents taxes and royalties…

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Brent crude futures tops $110

Aug 2, 2013

Brent crude futures climbed above $110 per barrel for the first time since early April on Friday, as upbeat economic data raised the prospects for better global oil demand amid supply disruptions in Africa and Iraq. US manufacturing grew in July at its fastest pace in two years, while a China industrial index beat expectations…

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Edo communities demand direct control of 13% derivation proceeds

Aug 2, 2013

Oil producing communities in Edo State, have demanded for the direct control of proceeds from the 13 per cent derivation fund to them, calling on President Goodluck Jonathan to direct the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, to discontinue forthwith, the payment of the fund to the state government. In a letter to the…

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Shell invested N45bn in the Niger Delta in 2012

Aug 2, 2013

Shell Petroleum Development Company Plc, SPDC, said it invested $281.2 million (N44.99 billion) in the Niger Delta in 2012. Speaking at the launch of its ‘Let’s Go’ advertising campaign, in Lagos, Mr. Mutiu Sunmonu, Chairman, Shell Companies in Nigeria and Managing Director, SPDC, said the funds were invested in alleviating certain environmental issues in the…

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