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Nigeria losing N1.5bn daily to oil theft – Jonathan

Sep 11, 2013

The Federal Government on Tuesday said the country was currently losing between 60,000 and 80,000 barrels daily to crude oil theft. President Goodluck Jonathan gave the figure in Abuja while speaking at this year’s Annual Banking and Finance Conference. The conference with theme, ‘Upholding professionalism in the financial services industry: Supporting the economy,’ was organised…

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MEND extends hand to Nigerian government

Sep 10, 2013

The Movement for the Emancipation of the Niger Delta said it was ready to thwart oil sabotage in the region if the government listens to its position. MEND in April said it was launching a new campaign this year. The group wants Niger Delta communities to have more influence in the regional oil sector. It…

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Total SA removes Nigerian subsidiary from safety dashboard, as new MD takes over

Sep 10, 2013

Global headquarters of French oil major, Total group declared at the weekend that it had removed the name of its affiliate in Nigeria from its safety dashboard. President, Africa and mid-East, Total group, Momar Nguer, who disclosed this at a send forth party in honour of Francois Boussagol, former Managing Director, Total Nigeria Plc (TNP),…

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NERC tasks distributors on metering scheme

Sep 10, 2013

The Nigerian Electricity Regulatory Commission (NERC) has charged new owners of Distribution companies (Discos) to adopt the existing metering scheme or provide a better alternative. Chairman/CEO of the commission, Dr Sam Amadi said this at the weekend during a meeting with a team from the Bureau of Public Enterprises (BPE) led by its Director General,…

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Shell achieves zero lost time incidents

Sep 10, 2013

Shell Companies in Nigeria said they have worked 10 months without lost-time injury, surpassing the previous safety record set in the Pearl gas-to-liquid (GTL) project in Qatar in 2010. This means that staff and contractors of Shell Petroleum Development Company of Nigeria Ltd (SPDC), Shell Nigeria Exploration and Production Company (SNEPCo) and Shell Nigeria Gas…

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FG to checkmate technical incompetence in power sector

Sep 10, 2013

The federal government has set up a complementary technical framework to gauge and ascertain the level of compliance by participants to technical requirements in their operations within the Nigeria Electricity Supply Industry (NESI). The new hybrid framework, Electricity Management Services Company (EMS) is expected to complement the regulatory role played by the Nigerian Electricity Regulatory…

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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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