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Lagos drags FG, Civil Defence Corps to court

Sep 4, 2013

The Lagos State Government yesterday instituted a law suit against the federal government and the National Security and Civil Defence Corps (NSCDC), for arresting residents over allegation of pipeline vandalism, which it said, could not be established. The Director of the Office of the Public Defender (OPD), Mrs. Omotola Rotimi, disclosed this in a statement,…

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Brent eases, holds above $114

Sep 4, 2013

Brent futures eased on Tuesday as worries over a military strike on Syria eased, but held above $114 per barrel as investors focused on prospects of a revival in demand growth with factory output across most of the world improving. Better data from Europe and China and a steady recovery in the US pointed to…

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OPEC daily basket price stood at $110.35/b on Monday 2nd of September 2013

Sep 3, 2013

The price of OPEC basket of twelve crudes stood at 110.35 dollars a barrel on Monday, compared with $111.55 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Crude oil theft occurs at well heads – NNPC

Sep 3, 2013

The Nigerian National Petroleum Corporation (NNPC) has said there was no recorded incident of crude oil theft at the export terminals, stressing that all the reported cases of crude oil theft occurred at the well-heads. Speaking recently in Lagos during an interactive session with oil and gas operators, the Group Executive Director (GED) in charge…

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PIB will attract investments when passed into law – Membere

Sep 3, 2013

Group Executive Director of the Nigerian National Petroleum Corporation, (NNPC), Abiye Membere, has said that the Petroleum Industry Bill (PIB) would attract investments if passed. Membere who stated this at the 2013 National Association of Energy Correspondents (NAEC) Conference held in Lagos said PIB would create a strong and independent regulator to develop and enforce…

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JTF impounds 2 oil laden barges, nabs 11 suspects

Sep 3, 2013

The Joint Task Force in the Niger Delta, code-named Operation Pulo Shield, has impounded two barges laden with illegally sourced crude oil on the Kasabobo creek in Southern Ijaw Local Government Area of Bayelsa State. Also, 11 suspected crude oil thieves were nabbed in Rivers an Delta states in the renewed offensive against illegal bunkering…

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CBN sells forex worth $258.5m

Sep 3, 2013

The Central Bank of Nigeria on Monday sold $258.5m (N40.06bn) worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System. The News Agency of Nigeria reported that the CBN sold $263.67m at the previous WDAS on August 28. Some dealers attributed the decrease in forex sales to the drop in oil price at the…

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Telcos, oil companies require more incentives to list on NSE

Sep 3, 2013

Boniface Okezie:  I think beyond calling on companies to be listed on the exchange, both the Nigerian Stock Exchange (NSE) and the Security and Exchange Commission (SEC) should be able to create an enabling environment for oil companies to list. It is not only about mere pronouncement for them to come and list, and not…

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Obasanjo advises RMAFC on revenue allocation formula review

Sep 3, 2013

A former President Olusegun Obasanjo on Monday in Abeokuta said the sharing of the nation’s revenue among the three tiers of government must be proportionate to the responsibilities they discharge. Obasanjo said it had become imperative that   the responsibilities of each of the tiers of government were quantified in order to ensure a fair and…

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OPEC daily basket price stood at $111.55/b on Friday 30th of August, 2013

Sep 2, 2013

The price of OPEC basket of twelve crudes stood at 111.55 dollars a barrel on Friday, compared with $112.80 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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