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Nigeria’s debt/GDP ratio moves to 35%, edges closer to fiscal ceiling

Aug 21, 2013

Following the upsurge in borrowings by the federal and state governments, the Asset Management Corporation of Nigeria (AMCON) and public agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria’s public debt to GDP ratio has moved to 35 per cent, only 5 per cent short of the fiscal ceiling of 40 per cent, a…

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Alison-Madueke, Nebo, others to meet on Thursday, August 22, over PIB

Aug 21, 2013

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Minister of Power, Prof. Chinedu Nebo, lawmakers, top officials and regulators in the oil and gas industry will converge on Lagos on Thursday to chart course for the passage of the Petroleum Industry Bill (PIB) and other issues. The event, which is the yearly August conference of the National…

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Oando reduces total debt by 18%

Aug 21, 2013

Oando Plc  has  announced an overall debt reduction  in the last twelve months from N289 billion to N236 billion, indicating a difference of N53 billion. According to a statement by  the company, the reduction was achieved through the active restructuring activities the Group has embarked on over the last 12 months, even as it has…

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Conoil Plc records profit of N1.6 Billion at half year

Aug 21, 2013

Conoil Plc has said it recorded 255 per cent increase in profit after tax from N450.9 million in 2012 to N1.6 billion at as half year-ended June 30, 2013. The company added the performance demonstrated its resilience to overcome the overwhelming challenges in the downstream oil sector. It declared a whopping N1.98 billion as profit…

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Navy parades four suspected pirates in Lagos

Aug 21, 2013

The Nigerian Navy on Tuesday paraded four suspected sea robbers who had allegedly hijacked a barge (huge boat) MV Crow, on August 14, 2013 at Escravos River located on the Gulf of Guinea. The PUNCH had reported that the men of the Nigerian Navy killed some sea robbers during a 30-minute gun duel on August…

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RMAFC Commissioner wants states, LGs to diversify revenue base

Aug 21, 2013

A Commissioner in the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Alhaji Saidu Fawu, has urged states and local governments to diversify their resource bases to reduce over-dependence on federal allocations. Fawu, who represents Gombe State at the commission, said this when he addressed newsmen in Gombe on Saturday.He spoke on the forthcoming August 19,…

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UK court awards $110.5m against Malabu for breach of agreement

Aug 20, 2013

A High Court of Justice in London, the United Kingdom, has awarded $110.5million to Energy Venture Partners Limited, EVP, against Malabu Oil and Gas Limited. The court also dismissed counterclaim by Malabu on the grounds that the claim was a breach of agreement and unmeritorious. EVP, a firm registered under the laws of the British…

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Support gathers for PIB, as IOCs commit further to Nigeria – Membere

Aug 20, 2013

The Petroleum Industry Bill (PIB) is approaching its third reading, but its secure passage out of the legislative mire and into law is not yet guaranteed. The chance of failure, though, is now getting slimmer. This is because the coalition of support behind the bill is growing – it is now very cross-party in character.…

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Alison–Madueke tasks operators on nuclear regulations

Aug 20, 2013

The Minister of Petroleum Resources,Mrs. Diezani Alison-Madueke, has called on operators and service providers in the oil and gas industry to cooperate with the Nigerian Nuclear Regulatory Authority, NNRA, in its mandate to ensure effective monitoring of nuclear application in the industry. Delivering a Keynote Address at the Technical Meeting on Regulating Nuclear Application in…

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Need for oil majors to list on the NSE as Shell, Chevron, others declare $38.76bn dividend

Aug 20, 2013

Nigerians were once again the losers, as six international oil companies — Royal Dutch Shell, ConocoPhilips, Chevron, Total, Eni and ExxonMobil — paid their shareholders a dividend of $38.76 billion (N6.201 trillion) in 2013. The dividends were for the 2012 financial year, which was approved by their respective shareholders a couple of weeks ago. The…

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