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Ibori owns one-third of Oando – UK prosecutor

Sep 18, 2013

It was a startling revelation at a London court Tuesday at the hearing on the confiscation of assets of the former Governor of Delta State, James Ibori, as he was said to be owner of almost one-third of Oando Oil Plc. On the second day of the ongoing hearing at the Sourthwark Crown Court, London,…

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Oil spill: Ogoni community drags Shell to London court

Sep 18, 2013

Following a disagreement on the amount to be paid as compensation over the 2009 major oil spill that devastated their environment, the people of Bodo community in Gokana Local Government Area of Rivers State have again dragged Shell Petroleum Development Company  (SPDC) Limited before a London Court. The action was as a result of the…

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Eastern Electric heads to court over Enugu Disco

Sep 18, 2013

The intrigues over the privatisation of Enugu Electricity Distribution Company yesterday assumed a new dimension as Eastern Electric Limited, the reserve bidder for the asset has approached a Federal High Court sitting in Abuja to restrain the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) from handing over the asset to…

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4 oil firms, 2 CEOs arraigned over N2.9bn fuel subsidy scam

Sep 17, 2013

The last may not have been heard about the fuel subsidy scam by some oil companies as the Special Fraud Unit of the Nigeria Police Force, have charged four companies and two Managing Directors/Chief Executive Officers to court for allegedly obtaining N2.9 billion from the Federal Government under false pretence of importing petroleum products into…

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FG loses N1.45 trillion oil revenues in nine months

Sep 17, 2013

The federal government has lost no less than N1.45 trillion in revenues from exportation of crude oil to the international market in the last nine months, recent data from the National Bureau of Statistics have shown. Data on external trade for the second quarter 2013 shows that estimated revenues from the sale of crude oil…

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Nigeria’s oil exports decline at slower pace in second quarter

Sep 17, 2013

Oil exports in Nigeria, Africa’s largest crude producer, declined at a slower pace in the second quarter compared with the previous three months, the statistics agency said. Crude shipments fell 11 percent to 2.7 trillion naira ($16.6 billion) last quarter, after dropping 26 percent in the first three months of the year, National Bureau of…

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October 1 handover: 40,000 PHCN staff ready for sack – NUEE

Sep 17, 2013

The Nigerian union of Electricity Employees (NUEE), said at the weekend that its over 40, 000 members who are workers of the Power Holding Company of Nigeria (PHCN) are not afraid of sack. What is important now, they stressed is for the Federal Government to pay their full entitlements, instead of threatening them with sack.…

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Nurturing Nigerian content to reality in the oil and gas sector

Sep 17, 2013

Three years after the Nigerian Content Act was enacted, Ejiofor Alike writes that while Nigerian indigenous entities are increasingly finding their feet in many fields of the oil and gas business, foreigners are still handling the largest chunk of the industry jobs The Nigerian Content Act, which was signed by President Goodluck Jonathan on April…

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Developing Ogogoro Island as Nigeria’s oil and gas facilities maintenance hub

Sep 17, 2013

The signing of contract, last week, between Digisteel Integrated Services Ltd and Dredging International Services Nigeria for the development of Ogogoro Island as an offshore facilities fabrication and maintenance centre is indicative of increasing indigenous capacity in areas hitherto dominated by foreign companies. Chika Amanze-Nwachukwu writes One notable achievement recorded by President Goodluck Jonathan within…

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Stakeholders advocate youth empowerment to tackle oil theft

Sep 17, 2013

Stakeholders in both the downstream and upstream sectors of the oil and gas industry have canvassed for the development of sustainable entrepreneurship among the Nigerian youths as a panacea to the current wave of oil theft and pipeline vandalism ravaging the country. According to these experts, youths should be exposed to the investment and professional…

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