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JTF uncovers illegal armoury in Rivers

Sep 30, 2013

Fresh concern over security in the Niger Delta region heightened yesterday after the alleged discovery of an illegal armoury in a private residence in Bille Ttown, Degema Local Government Area of Rivers State. The arms were unearthed by troops of 130 Battalion attached to the Sector 2 of the Joint Task Force in the Niger…

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FCMB commits N44bn to power sector

Sep 30, 2013

First City Monument Bank has committed about $275m (N44bn) to the reform programme in the power sector. The figure was given by the Group Head, Project and Structure, FCMB Markets Limited, Mr. Robert Grant, during a special forum in Abuja on ‘Financing the power sector reforms for economic development.’ The forum, supported by the Central…

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JTF destroys 127 illegal refineries, arrests 29

Sep 30, 2013

The Joint (Military) Task Force in the Niger Delta says it has arrested 29 alleged oil thieves and destroyed 127 illegal refineries in the Niger Delta. In a statement on Sunday, JTF spokesman, Lt.-Col. Onyema Nwachukwu, said the suspects were arrested during the series of anti-oil-theft operations between September 16 and September 28. He added…

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Increased Dollar supply bolsters Naira

Sep 30, 2013

The naira appreciated against the United States dollar on Friday as a result of an increase in dollar supply at the Central Bank of Nigeria’s (CBN’s) regulated Wholesale Dutch Auction System (WDAS). Also, dealers said the traditional month-end sale of the greenback by some multinational oil companies also strengthened the nation’s currency. At the WDAS,…

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Nationwide blackout looms as PHCN workers begin strike October 2

Sep 30, 2013

The already deplorable power situation in the country may worsen as employees of Power Holding Company of Nigeria (PHCN) have threatened to stop the supply of electricity across the country by October 2 if the federal government goes ahead to handover the assets of the company to private investors today without the conclusion of payment…

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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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